JAKARTA PT Bank Tabungan Negara Tbk (BBTN) has received government approval to separate the Sharia Business Unit (UUS) BTN Syariah and acquire Islamic commercial banks. This corporate action is expected to have a positive impact on the growth of BTN Syariah and the national Islamic finance industry.
This was conveyed by the Minister of State-Owned Enterprises (BUMN) Erick Thohir after attending the Indonesia Sharia Forum in Jakarta, Tuesday (27/5/2025). According to Erick, Indonesian President Prabowo Subianto has given approval for the spin-off plan. This approval allows BTN Syariah to acquire PT Bank Victoria Syariah (BVIS) as part of the UUS separation process.
Regarding this spin-off action, the Director at PT Reliance Sekuritas Indonesia Tbk (RELI), Reza Priyambada, said that this step would have a positive impact and facilitate BTN Syariah in working on market potential in the future. This spin-off also provides strategic benefits for its parent, BTN.
BTN Syariah will be more independent in reaching the market, funding, and network development. With the status as a stand-alone bank, BTN Syariah has the flexibility to determine future business strategies," said Reza when contacted in Jakarta, Monday (2/6/2025).
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He added that BTN Syariah will also be more aggressive in strengthening its position in the market, especially in the distribution of sharia-based home ownership loans (KPR). This spin-off will make it easier for BTN Syariah to establish wider cooperation, both with third parties and various merchants in the future.
For its parent, BTN (BBTN), Reza considers this step to be profitable because BTN is still the controlling shareholder. This spin-off is expected to have a positive impact on financial performance and the movement of BBTN stock prices on the stock exchange.
Meanwhile, the Director of Sharia Ecosystem Infrastructure of the National Committee for Sharia Economics and Finance (KNEKS), Sutan Emir Hidayat, assessed that the presence of new Islamic banks such as BTN Syariah will be a breath of fresh air for the national Islamic finance industry.
The presence of BTN Syariah as a new Islamic bank is expected to give a new color that will encourage the growth of the Islamic banking industry in the future. Moreover, BTN Syariah has shown positive performance so far," he said in Jakarta, some time ago.
He added that the transformation of BTN Syariah into a full Islamic bank could also encourage it to become a financial institution that is focused, inclusive, and has an impact. With a strong housing financing base, adequate infrastructure, ready teams, and large halal market potential, BTN Syariah is considered ready to take a central role in the Islamic Commercial Bank (BUS) industry in Indonesia.
In addition, Sutan highlighted the development of the digital business of BTN Syariah, which is considered to be able to meet the needs of Islamic digital banking which continues to grow in Indonesia. "Currently, Indonesia needs a comfortable and safe diversity of sharia banking services for the community," he continued.
Through this digital business, BTN Syariah can support government programs in digitizing schools, as is being proclaimed. BTN Syariah can also optimize its parent's digital facilities to strengthen services in the education sector.
BTN Syariah is also expected to focus on helping the development of the sharia ecosystem, one of which is through support for the Red and White Village Cooperative (Kopdes Merah Putih) through digitalization in various regions, especially in areas with great sharia market potential.
With the formation of BUS BTN Syariah, the national housing program launched by the government, especially in areas with a high share of sharia financing markets, can run more optimally and sharia market penetration can continue to be increased.
Until the first quarter of 2025, BTN Syariah recorded an increase in financing of 18.2%, from Rp39.1 trillion to Rp46.3 trillion. Total assets also jumped from Rp54.8 trillion to Rp61.2 trillion until the end of March 2025. Meanwhile, net profit increased from Rp164 billion to Rp199 billion.
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