02 November 2023

BCA Syariah Forges Partnership with the Ministry of Finance

Jakarta, November 2, 2023 - PT Bank BCA Syariah (BCA Syariah) and the Directorate of State Cash Management, Directorate General of Treasury of the Ministry of Finance held a partnership signing for the Wakalah Bi Al-Istitsmar State Sharia Securities (SBSN) Transaction.

The Wakalah bi al-istitsmar SBSN transaction is an investment instrument developed by the Directorate General of Treasury of the Ministry of Finance to optimize state cash management. This mechanism is formed as a form of support from the Directorate General of Treasury of the Ministry of Finance for the government's directive to encourage more inclusive Islamic banking.

Government and Islamic Bank Synergy - BCA Syariah Director Pranata (left) together with Director of State Cash Management Noor Faisal Achmad (center) and other BCA Syariah Directors signing the agreement for the implementation of the partnership for the wakalah bi al-istitsmar SBSN transaction, in Jakarta (2/10/23).

The partnership signing between BCA Syariah and the Ministry of Finance was carried out by BCA Syariah Director Pranata and Director of State Cash Management Noor Faisal Achmad at the Ministry of Finance building, Jakarta (2/11/2023).

Pranata said, "We strongly support the government's efforts to realize inclusive Islamic finance. The partnership formed today benefits both parties as it serves as an additional liquidity alternative for BCA Syariah, and on the other hand, this collaboration can add value to the state's cash investment."

BCA Syariah Director Pranata (center) and Director of State Cash Management Noor Faisal Achmad (left) taking a photo together after signing the partnership agreement between the Directorate General of Treasury of the Ministry of Finance and the counterpart bank.

The Directorate General of Treasury of the Ministry of Finance collaborated with four Islamic banks as counterpart banks to initiate the wakalah bi al-istitsmar SBSN transaction. The four counterpart banks are: BCA Syariah, Bank Syariah Indonesia, Bank Muamalat, Bank Sulselbar, and Bank Riau Kepri (BRK) Syariah.

Wakalah bi al-istitsmar is a power of attorney contract (muwakkil) in this case given by the Directorate General of Treasury of the Ministry of Finance to the counterpart bank as the recipient of authority (wakil or mutsmir) to manage (istitsmar) a certain amount of funds equal to the agreed transaction value and can accept collateral in the form of Sharia Securities (SBS) in the form of State Sharia Securities (SBSN). The inaugural transaction for this mechanism will take place in the fourth quarter of 2023.

Islamic Financial Transaction Cooperation

BCA Syariah's efforts to strengthen Islamic financial inclusion are demonstrated through the synergy between regulators and Islamic banking players. Previously, BCA Syariah signed a cooperation agreement on the Certificate of Fund Management Based on Sharia Principles between Banks (SIPA) with three Islamic Banks, namely Bank Sumselbabel Syariah, Bank Mega Syariah, and BTPN Syariah. The signing ceremony took place during the Indonesia Sharia Festival (ISEF) in Jakarta on October 27, 2023.

Financial Management Collaboration - Jap Wirianto Setiawan (left), Head of the Financial Planning Business Unit of BCA Syariah, taking a photo with other BCA Syariah Directors during the signing of the Certificate of Fund Management Based on Sharia Principles (SIPA) transaction in Jakarta (27/10/23).

SIPA is the development of the interbank money market based on Sharia principles developed by Bank Indonesia (BI) as an effort to maintain the adequacy of liquidity in the interbank money market based on Sharia principles. Collaboration and active participation of all parties are expected to accelerate the growth of Islamic finance in Indonesia.

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About PT Bank BCA Syariah

PT Bank BCA Syariah (BCA Syariah) is a subsidiary of PT Bank Central Asia Tbk., which began operating on April 5, 2010. As of September 2023, BCA Syariah's total assets have reached IDR 13.3 trillion, growing by 17.9% compared to the same period the previous year (YoY). BCA Syariah's financing disbursement amounted to IDR 7.8 trillion, growing by 6.1% YoY. Meanwhile, Third-Party Funds (DPK) reached IDR 10 trillion, an increase of 21% YoY. BCA Syariah now has 75 branch networks spread across the Jabodetabek, Surabaya, Semarang, Bandung, Solo, Yogyakarta, Bandar Lampung, Medan, Palembang, Banda Aceh, Panakukkang, Malang, Pasuruan, Kediri, and Banyuwangi regions.

 

PT BANK BCA SYARIAH

Corporate Communications & Secretariat Department

Business & Communication Unit

Address: Jl. Jatinegara Timur no. 72 East Jakarta 13310

Phone: (021) 850-5030 ext 1215/1216

Fax: (021) 850-9959

E-mail: bcas_humas@bcasyariah.co.id

Website: www.bcasyariah.co.id

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