Bank BSN Partners with SMF for Asset Securitisation to Strengthen Long-Term Funding

PT Bank Syariah Nasional (Bank BSN) has partnered with PT Sarana Multigriya Finansial (Persero), known as SMF, to undertake the securitisation of housing finance assets. This strategic step is part of the company’s strategy to strengthen its medium- and long-term funding structure, while simultaneously increasing the capacity for Sharia-based housing finance in Indonesia.

The synergy was formalised through the signing of a Memorandum of Understanding (MoU) regarding the exploration of cooperation in housing finance asset securitisation transactions, as well as a Cooperation Agreement for the development of refinancing finance. The agreement was signed by the President Director of Bank BSN, Alex Sofjan Noor, and the President Director of SMF, Anker Wiyogo, at the SMF office in Jakarta.

Bank BSN President Director Alex Sofjan Noor explained that this collaboration is a vital step in introducing funding innovations to address the long-term nature of housing finance. Through this scheme, financial institutions can maintain an optimal balance between financing growth, liquidity management, risk management, and the principle of prudence.

“The housing sector remains one of the important pillars in supporting national economic growth because it has a multiplier effect on various other business sectors. This synergy will strengthen Bank BSN’s Sharia-based housing finance capacity,” said Alex on Wednesday, 3 June 2026.

This strategic move also serves as a concrete manifestation of BSN’s commitment to supporting the Government’s ‘3 Million Houses Programme’ to expand public access to decent, affordable, and sustainable housing.

The collaboration between SMF and BSN is a continuation of a long-term relationship established since 2008, when BSN operated as BTN Syariah prior to its transformation. The partnership between the two parties has continued to evolve, including involvement in the development of the Housing Finance Liquidity Facility (FLPP) programme since 2018.

Prior to agreeing on the securitisation exploration, BSN and SMF had already established a strong partnership through the Mudharabah Muqayyadah (MMQ) financing scheme, Tripartite cooperation with Tapera, and Bipartite cooperation. Specifically, the housing finance cooperation under the MMQ contract between BSN and SMF had recorded significant realisation as of May 2026, with total cumulative financing reaching 29,402 units with a value of Rp6.26 trillion.