Synergy of Three Sharia Banks in Managing Interbank Funds, Potential Transactions Nearly Rp 1 Trillion
Three national sharia banks have formed a collaboration to promote the deepening of the sharia money market. This partnership also aims to increase the efficiency and security of interbank transactions.
The collaboration is implemented through the use of the Sharia Interbank Fund Management Certificate (SiPA). The three participating banks are PT Bank Aladin Syariah Tbk, PT Bank Syariah Nasional (BSN), and PT Bank BCA Syariah. The agreement was signed on Wednesday (22/4/2025).
President Director of Bank Aladin Syariah, Koko Tjatur Rachmadi, stated that the SiPA instrument makes interbank transactions more efficient and secure. This scheme still follows sharia principles.
“The current SiPA potential from these three banks is actually nearly Rp 1 trillion in transactions,” he said in Jakarta on Wednesday.
He assessed that this synergy can strengthen counterparty certainty. Public trust in sharia banking is also expected to increase.
BSN President Director Alex Sofjan Noor mentioned that SiPA adds to the options for instruments in the sharia financial market. This instrument is also seen as strengthening interbank collaboration.
SiPA transactions use collateral in the form of Sharia State Securities (SBSN) and Bank Indonesia Sukuk (SukBI). This scheme makes transactions more transparent and secure.
Alex hopes this collaboration will help drive the market share of sharia banking. Currently, the market share is around 7 per cent. This figure still lags behind Malaysia’s 43 per cent.
“With SiPA, there’s a new instrument where the solidity of sharia banks can jointly drive the growth of the sharia market share,” he added.
This instrument also supports Bank Indonesia’s efforts to make the sharia financial market more active. Transaction capacity is expected to increase while maintaining good governance.
“The SiPA transaction collaboration with Bank Aladin Syariah enables us to expand the utilisation of sharia money market instruments collaboratively,” he stated.
Bank Indonesia data shows a continuous increasing trend in SiPA usage. Transactions in secured instruments, including SiPA, rose from zero in 2020 to around 34 per cent of the total Sharia Interbank Money Market transactions in 2024.
The average daily transaction reached about Rp 800 billion. This figure is projected to approach 40 per cent in 2025. This trend reflects the growing confidence in the industry towards instruments based on SBSN.