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Bank Sinarmas to introduce Bank Nano Syariah

14 October 2022 09:17

JAKARTA – PT Bank Sinarmas Tbk (BSIM) introduces PT Bank Nano Syariah (BNS) as a follow-up to its spin-off plan of its sharia business unit establishment. Said new bank formation costs BSIm IDR 510 billion.

Frenky Titowijoyo, Director of Bank Sinarmas, revealed that other parties that are involved in this establishment of Bank Nano Syariah include PT Sinar Mas Multiartha Tbk (SMMA) and PT Asuransi Sinar Mas. “The establishment of BNS is a way to fulfil the requirements stated in Act No.21/2008 regarding Sharia Banking,” he added in the information disclosure quoted Friday (14/10).

According to Titowijoyo, the sharia business unit spin-off finally takes place after considering its capability to self-operate and its assets that will have reached a minimum level of 50% in 2023, or 15 years after the Sharia Banking Act first took effect.

Therefore, all current and non-current assets of sharia business unit of BSIM will be channelled to BNS, including all the existing users, as mandated in the Sharia Banking Act.

This spin-off will not significantly affect the company’s assets. Instead, they are predicted to continue proliferating in the next years to come. Until December 2022, BSIM’s total assets are estimated to reach over IDR 40 trillion, while its loan-to-deposit ratio will arrive at 42.37%, even growing to over 50% by the end of 2024. (LK/ZH)

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