Bank Jago (ARTO) Talks About Spin-Off of Jago Syariah
Jakarta, CNBC Indonesia – PT Bank Jago Tbk. (ARTO) has discussed the possibility of spinning off Jago Syariah. The digital bank acknowledged a desire to grow to a sizeable scale.
Waasi Sumintardja, Head of Sharia Business at Bank Jago, said both Bank Jago and its Sharia business unit are still young. Bank Jago was established in 2020, while Jago Syariah was launched in 2021.
He noted that the group would comply with the mandatory spin-off requirements once they are met, but the primary focus of Jago Syariah is to grow bigger.
“Because we are only four years old, we are still in the early stages,” Waasi told a media briefing at Bank Jago’s headquarters on Wednesday (4 March 2026).
He added that becoming large is not only about assets, but also the number of users and customer satisfaction. “For Jago and Jago Syariah, one of the most important things is the users and their satisfaction. Because the figures will follow,” he said.
He believes asset growth and scale will follow once the number of users and satisfaction increases. “We believe it will follow; more deposits lead to more financing, or more lending, but that comes later once customers truly trust Jago and Jago Syariah,” he said.
As of December 2025, Jago Syariah had nearly 2.4 million customers, up 16.5% year-on-year.
The goal-based saving principle is reflected in customers’ use of Kantong to manage finances according to financial goals, including for worship — from zakat and infak to umrah or hajj. More than 40,000 customers have started planning worship through Kantong Haji and Kantong Umrah.
Waasi added that Ramadan this year showed a unique pattern in Jago’s app usage. More than 68% of customers performed zakat and sadaqah during the pre-dawn to dawn period, and 53% of charity transactions were directed towards honouring orphans through the Jago Amal feature.
Meanwhile, Bank Jago’s financial report for September 2025 showed Jago Syariah assets at Rp2.86 trillion, while Bank Jago’s total assets stood at Rp34.49 trillion.