CIMB Niaga Accelerates Islamic Unit Spin-Off as Indonesian Sharia Banking Market Grows

Jakarta — The Islamic banking unit (UUS) of PT Bank CIMB Niaga Tbk (BNGA) is drawing closer to its spin-off process with the proposed name PT Bank CIMB Niaga Syariah to establish an independent universal Islamic bank whilst bolstering competitiveness in Indonesia’s Islamic banking industry.

Sharia Banking Director at Bank CIMB Niaga, Pandji P Djajanegara confirmed that the UUS spin-off process is progressing positively and is on track to launch in May 2026.

The approval process with the Financial Services Authority (OJK) is currently underway and has already obtained in-principle approval in January 2026, with finalisation approval as a universal Islamic bank now being pursued.