Bank BSN and SMF Explore Sharia Housing Finance Securitisation

Jakarta (ANTARA) — PT Bank Syariah Nasional (Bank BUS) has entered into a partnership with PT Sarana Multigriya Finansial (Persero), also known as SMF, to explore transactions involving the securitisation of Sharia housing finance assets. This step was formalised through the signing of a Memorandum of Understanding (MoU) regarding the exploration of housing finance asset securitisation cooperation and an agreement for the development of refinancing finance in Jakarta on Wednesday (3/6/2026).

Bank BSN President Director Alex Sofjan Noor stated that this collaboration is an effort to strengthen medium and long-term funding sources while simultaneously increasing Sharia housing finance capacity. He noted that securitisation can assist banks in maintaining liquidity, managing risk, and supporting sustainable financing growth.

“This synergy will strengthen Bank BSN’s Sharia-based housing finance capacity and support the government’s 3 Million Houses Programme,” said Alex.

This partnership is a continuation of the relationship between SMF and BSN, which has existed since 2008. As of May 2026, the realisation of housing finance through the Mudharabah Muqayyadah (MMQ) scheme between the two institutions reached 29,402 units, with a cumulative value of Rp6.26 trillion.

SMF President Director Ananta Wiyogo stated that his institution is prepared to support the development of Sharia securitisation from the preparation stage through to implementation. He believes the instrument has the potential to deepen the national Sharia financial market and strengthen Indonesia’s capital market structure.

Through this exploration, both parties will study the issuance of Sharia Asset-Backed Securities in the form of Participation Certificates (EBAS-SP), using Bank BSN’s Sharia housing finance portfolio as the underlying assets. The scheme is expected to create new liquidity sources for the banking sector while providing alternative Sharia investment instruments for investors.

In addition to developing securitisation transactions, the cooperation also encompasses data and information exchange, human resource capacity building, the enhancement of securitisation literacy, and ensuring compliance with legal, taxation, rating, and transaction structure aspects in accordance with prudent banking principles.