JABAR EKSPRES – Member of Commission XI of the House of Representatives (DPR) Musthofa supports the Financial Services Authority (OJK) to make rules for the spin off of Sharia Business Units (UUS) by 50 percent, in line with the passing of the Financial Sector Development and Strengthening Law (P2SK Law).
A company spin off is the separation of a certain part or parts of the organization’s business operations from the parent company so that it becomes its own entity. This separation process is done through the sale or distribution of new shares of an existing business or division of the parent company.
“With the enactment of the P2SK Law, Islamic banks need two things, namely a 50 percent spin off and spin off time provisions which are divided into three years where in the first year 20 percent, then in the second year 25 percent, and in the third year until it becomes 50 percent,” Musthofa said in an official statement received by Indonesia Window here on Sunday.
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Musthofa assessed that currently the sharia business units are still in a “warm-up” condition, where to own or start an Islamic banking business requires careful preparation because the banking business is a long-term business that takes a long time to achieve success.
Thus, if the Capital Adequacy Ratio (CAR) is low, the level of willingness is not good, the public will not trust the Islamic banking. For this reason, with the P2SK Law that has been passed, the hope is that all must move quickly to adjust,
He revealed that there were several complaints from PT Bank Syariah Indonesia or BSI in several regions, including that they did not have other Islamic banks that could be used as partners to compete. Thus, BSI has been working with cooperatives to help BSI perform better in the future.
