ICDX Facilitates SIKA Transactions Between BSI And UUS Maybank Indonesia

Photo: Doc. Antara

JAKARTA - CEO of the Indonesia Commodity & Derivatives Exchange (ICDX) Nursalam stated that his party facilitated the first transaction to purchase a Commodity Trading Certificate Based on Sharia Principles or SIKA between Bank Syariah Indonesia (BSI) and the Sharia Business Unit (UUS) Maybank Indonesia.

The existence of this transaction is certainly an important point and a new chapter in the Islamic finance industry in Indonesia, especially at this Islamic New Year's moment.

The transactions carried out by Bank Syariah Indonesia and the Sharia Business Unit of Maybank Indonesia are a follow-up to the MoU (Memorandum of Understanding) which was carried out some time ago.

"And in the future, there are several Islamic banks that will also make the same transactions," he said in an official statement, quoted from Antara, Tuesday, July 25.

Furthermore, SIKA's first transaction is said to be able to strengthen the monetary transactions of the sharia money market through commodity purchase transactions based on the murabahah / sale and purchase agreement with the installment system, besides that as well as deepening the Islamic financial market in Indonesia.

Through the sharia-based trading system in ICDX, said Nursalam, sharia banks that have excess liquidity and lack of liquidity can purchase commodities based on the murabahah contract with the installment system.

Director of Treasury & International BSI Mohammad Adib said that Indonesian Islamic banks have always been initiators and synergize with other market players in an effort to develop alternative Islamic financial market instruments.

"The company believes that the sharia economy must be driven by strong synergies between Islamic banks, both in terms of financial readiness and healthy liquidity, so that it is able to work on a higher share of the sharia market," Adib said.

Meanwhile, Head of Shariah Banking Maybank Indonesia, Romy Buchari, said that the sharia-based commodity trading transactions carried out by his party are expected to have a positive impact on the Islamic banking industry in Indonesia.

With this structure, the industry is considered to have a new alternative in obtaining liquidity and flexibility in the repayment schedule.

"This is an example of new breakthroughs in developing the sharia economy, in line with our M25+ (Maybank strategy) strategy to continue to strengthen the contribution of Indonesia's Maybank UUS in helping the growth of the Islamic financial industry in the country," said Romy.

SIKA is a certificate issued by the Sharia Commercial Bank (BUS) or UUS as proof of purchase of Commodity ownership sold by Commercial Participants with tough payments or installments based on Murabahah's contract.

SIKA was used as proof of an agreement to pay commercial participants toughly or installments. SIKA has been regulated in SEBI No.17/28/DKMP/2015 and Fatwa DSN No. 82/DSNMUI/XI/2011.

As of December 2022, it was recorded that the Islamic banking market share was IDR 802 trillion or 7.09 percent of the total conventional banking financing.

The government targets Islamic banking financial financing in 2024 to reach 20 percent of the total conventional banking financing or IDR 2,263 trillion.