JAKARTA – The shareholders of PT Bank Sinarmas Tbk (BSIM) discusses the possibility of a spin-off of the sharia business unit into an actual Sharia Commercial Bank. The plan will be mulled over during the next Extraordinary General Shareholders Meeting on June 14, 2022.
In the short prospectus quoted Friday (22/4), the spin-off of the sharia business unit into a sharia bank will go in accordance with Sharia Bank Law No.21/2008 Article 68, which requires the sharia business unit’s assets to reach at least 50% of the parent bank’s total assets and 15 years after the law first took effect. The separation of this business unit also aligns with the Sharia Banking 2020-2025 roadmap that aims to reinforce the sharia identity.
As of March 2022, BSIM’s authorised capital amounts to IDR 6 trillion and is completed with issued and paid-up capital of IDR 1.97 trillion. PT Sinar Mas Multiartha Tbk claims 59.99% of them, followed by PT Shinta Utama of 3.10%, Kingswood Union Corporation of 5.04%, and the public of 31.87%.
As of December 2022, the sharia business unit of BSIM reportedly had assets of IDR 7.97 billion, cash of IDR 1.38 trillion, and total assets of IDR 7.38 trillion. Its liabilities were in the form of wadiah savings of IDR 283.93 billion and non-profit-sharing investment funds of IDR 6.50 trillion, bringing total liabilities of IDR 7.38 trillion. (LK/ZH)