ICDX Records Sharia-Based Commodity Transactions Of IDR 2.01 Trillion In 2024

Illustration. (Photo: Doc. Antara)

JAKARTA - Indonesia Commodity & Derivatives Exchange (ICDX) or the Indonesian Commodity and Derivative Exchange (BKDI) recorded sharia-based commodity transactions in the country throughout 2024 of IDR 2.01 trillion.

"The number of transactions in 2024 has increased by 66 percent compared to 2023 with total transactions reaching Rp1.2 trillion," said ICDX President Director Fajar Wibhayadi in an official statement in Jakarta, quoted by Antara, Wednesday, January 8.

Based on this total value, Sharia Subrogacy transactions for the purchase and sale of receivables amounted to 81.1 percent with a nominal value of Rp1.63 trillion and a Commodity Trading Certificate transaction Based on the Interbank Sharia Principle (SIKA) 18.9 percent or Rp380 billion. Several banks that have utilized this transaction scheme are the Sharia Business Unit of PT Bank CIMB Niaga Tbk, PT Bank Syariah Indonesia Tbk, PT Bank Jabar Banten Syariah, PT Bank Muamalat Indonesia, Syariah Business Unit PT Bank Permata Tbk, and Syariah Business Unit PT Bank Maybank Indonesia Tbk.

Fajar considers the increase in this type of transaction is proof of the high interest of the banking industry in utilizing these transactions. The increase in the value of this transaction is also considered to reflect the market's response to Islamic commodity products in Indonesia. Since the first transaction in 2022 until the end of 2024, the accumulation of transactions has reached IDR 4 trillion.

"In 2025, ICDX will continue to carry out literacy and education to the public, especially in the banking sector to strengthen this sharia transaction. We hope that future sharia commodity transactions will continue to grow, seeing the continued development of the sharia economy both nationally and globally. We are optimistic that by 2025 the transaction value will be able to reach IDR 4 trillion," he said.

Sharia Economic Observer from the Islamic University of Nusantara Bandung Yoyok Prasetyo added that the growth in sharia commodity transactions is good news for the development of the sharia economy in Indonesia.

"As one of the countries with the highest number of Muslim populations in the world, it is appropriate that the sharia economy in Indonesia in the future can become a global sharia economic tool. For this reason, it is necessary to be aware and efforts of all economic actors, including the banking industry, to continue to innovate regarding the use of this sharia transaction," said Yoyok.