Bank BSN Partners with SMF for Asset Securitisation
PT Bank Syariah Nasional (Bank BSN) has partnered with PT Sarana Multigriya Finansial (SMF) to develop the securitisation of Sharia-compliant housing finance assets. This collaboration represents a new step in strengthening long-term funding sources while simultaneously increasing housing finance capacity for the public.
The agreement was marked by the signing of a memorandum of understanding regarding the exploration of housing finance asset securitisation transactions and the development of refinancing finance in Jakarta on Wednesday (3/6/2026).
Bank BSN President Director Alex Sofjan Noor stated that housing finance is characterised by its long-term nature, necessitating more sustainable funding sources. Through securitisation, the bank can strengthen liquidity without reducing its capacity for financing expansion.
“The housing sector remains one of the important pillars in supporting national economic growth due to its multiplier effect on various other business sectors. This synergy will strengthen Bank BSS’s Sharia-based housing finance capacity,” said Alex in a press release.
Alex noted that this move also supports the government’s 3 Million Houses Programme, which aims to expand public access to decent and affordable housing.
The partnership between BSN and SMF is not new; the two institutions have collaborated since 2008, when BSN operated as BTN Syariah. As of May 2026, the realisation of housing finance through various cooperation schemes reached 29,402 units with a value of Rp6.26 trillion. Of this total, home purchase financing dominated with 27,023 units valued at Rp5.39 trillion, while refinancing finance reached 1,602 units valued at Rp595 billion.
In 2026, commercial financing cooperation between the two institutions reached Rp1.65 trillion. Meanwhile, through the FLPP scheme, the financing distribution target for this year is Rp3.13 trillion, intended for approximately 73,700 low-income households (MBR).
SMF President Director Ananta Wiyogo stated that the track record of this cooperation serves as essential capital to move into a more strategic phase through Sharia asset securitisation.
“We believe that the development of Sharia securitisation plays a vital role in driving the deepening of the national Sharia financial market. We see very good long-term potential in BSN’s assets and hope that this securitisation transaction begins to materialise this year,” said Ananta.
Through this cooperation, both parties are exploring the issuance of Sharia Asset-Backed Securities in the form of Participation Certificates (EBAS-SP). This scheme allows a portfolio of high-quality Sharia housing finance to be transformed into investment instruments within the Sharia capital market.
For BSN, this mechanism can convert long-term financing cash flows into a new source of liquidity. For investors, EBAS-SP offers an alternative Sharia investment instrument with more measurable cash flows.
In addition to preparing the transaction structure, the cooperation also covers data and information exchange, human resource capacity building, strengthening securitisation literacy, and fulfilling legal, taxation, and credit rating aspects.
This securitisation initiative refers to Presidential Regulation Number 100 of 2022 regarding Secondary Housing Finance, Financial Services Authority (OJK) regulations, and DSN-MUI Fatwa Number 121/DSN-MUI/II/2018 regarding Sharia Asset-Backed Securities.