Bambang Pamungkas
PT Bank Permata Tbk. (BNLI) is strategically navigating the complex landscape of regulatory compliance and market opportunity as it plans the spin-off of its Sharia Business Unit (UUS). Rudy Basyir Ahmad, the Director of Finance and Sharia Business Unit at Permata Bank, articulated the institution’s primary focus on fortifying its financial balance sheet and refining its business model before committing to a full separation. This approach underscores a commitment to sustainable and robust growth, ensuring the UUS is adequately prepared for independence and the heightened competitive pressures of Indonesia’s burgeoning Islamic finance sector.
The Regulatory Imperative: POJK 12/2023 and the Rp 50 Trillion Threshold
The imperative for Permata Bank’s UUS spin-off stems directly from the Otoritas Jasa Keuangan (OJK), Indonesia’s financial services authority. Under OJK Regulation (POJK) No. 12/2023 concerning Sharia Business Units, a UUS is mandated to separate and become a full-fledged Sharia Commercial Bank (BUS) if its assets reach 50% of the parent bank’s total assets or exceed a standalone threshold of Rp 50 trillion. This regulation, a significant step in strengthening Indonesia’s Islamic finance ecosystem, aims to foster greater autonomy, enhance governance, and unlock the full potential of sharia banking entities by granting them independent operational and strategic capabilities. The OJK has set a deadline of 2032 for all UUS to comply, providing a strategic window for institutions like Permata Bank to plan their transition carefully.
As of December 2025, Permata Bank Syariah’s assets stood at Rp 36.81 trillion, marking a slight decrease from Rp 37.41 trillion recorded in December 2024. This figure, while substantial, indicates that the UUS has not yet crossed the Rp 50 trillion threshold, nor has it reached 50% of its parent bank’s total assets, which were approximately Rp 247.6 trillion as of Q3 2025. This current position allows Permata Bank the flexibility to execute a well-considered strategy rather than being compelled by immediate regulatory triggers. Rudy Basyir Ahmad, speaking at a "Sharia Untuk Semua" (Sharia for All) media briefing on Wednesday, April 22, 2026, emphasized that the spin-off would proceed once the UUS’s assets demonstrate sustained growth and approach the Rp 50 trillion mark. "Our hope is to grow sustainably and stronger, so when we approach assets of Rp 50 trillion, we will certainly be ready to fulfill the OJK’s spin-off requirement," Rudy stated.
Permata Bank Syariah’s Strategic Roadmap: Diversification and Segment Focus
To achieve the desired sustainable growth and reach the asset threshold, Permata Bank Syariah is recalibrating its business focus. The strategy centers on expanding its footprint in what it identifies as prospective segments: retail, Small and Medium Enterprises (SMEs), and commercial banking. This targeted approach is designed not only to bolster its asset base but also to enhance its competitiveness within Indonesia’s increasingly crowded Islamic banking industry. The nation’s Islamic finance sector has witnessed robust expansion, attracting both domestic and international players, making differentiation and strategic positioning crucial for long-term success.
Rudy highlighted that Permata Bank Syariah’s existing financing portfolio has a significant concentration in corporate lending and KPR (mortgage financing). While these segments provide stability, the bank recognizes the need for greater diversification to mitigate risks and unlock new growth avenues. "We must strengthen how we can diversify our financing more, be strong in commercial, strong in SMEs, and also strong in retail beyond mortgages," Rudy explained. This strategic pivot involves actively building capabilities and market share in these new areas, which are often characterized by higher margins and broader customer bases. The emphasis on retail extends beyond financing to include strengthening its funding base, recognizing that a diversified and stable funding structure, particularly from retail segments, is fundamental for sustainable growth and liquidity management.
The Philosophy of Sustainable Growth: A Measured Approach to Independence
Permata Bank Syariah’s leadership is resolute in its decision not to rush the spin-off process. This cautious stance is rooted in a pragmatic understanding of economic realities and the inherent risks associated with overly rapid expansion without a solid foundation. Rudy Basyir Ahmad underscored that growth must be sustainable and healthy, rather than merely chasing arbitrary numerical targets. "It also depends on the economic situation. We could grow fast, or we might need to be more cautious. So, all of this will be adjusted. The important thing we must ensure is how we grow sustainably, not merely pursuing a certain number, but still growing healthily," he affirmed.
This philosophy aligns with best practices in financial management, particularly in emerging markets where economic volatility can significantly impact growth trajectories. Indonesia, despite its robust economic fundamentals, is subject to global economic shifts, commodity price fluctuations, and domestic policy changes. A measured approach allows Permata Bank Syariah to build resilience, optimize its operational framework, and develop a comprehensive suite of competitive sharia-compliant products and services before assuming the full responsibilities and capital requirements of an independent Sharia Commercial Bank. This strategic patience aims to ensure that when the spin-off eventually occurs, the new entity will be well-equipped to thrive and contribute meaningfully to the broader financial system.
Broader Context: The Landscape of Indonesian Islamic Banking
Indonesia, home to the world’s largest Muslim population, possesses immense potential for Islamic finance. The government and the OJK have actively promoted the sector’s development, aiming to increase its market share and deepen its penetration. As of 2023, the total assets of Islamic financial institutions in Indonesia (excluding shares) reached approximately Rp 2,452.8 trillion (USD 160 billion), with a market share of around 10.99% of the national financial industry. While this represents significant growth, it still trails many other Islamic finance hubs globally, indicating substantial room for further expansion.
The OJK’s POJK 12/2023 is a critical component of this developmental strategy. By encouraging UUS to spin off, the regulator seeks to create stronger, more focused Islamic banks that can compete effectively with conventional institutions and offer innovative sharia-compliant solutions. This move is expected to foster greater specialization, improve capital efficiency, and enhance public trust in Islamic financial services. Other major banks, such as PT Bank CIMB Niaga Tbk. and PT Bank Tabungan Negara (Persero) Tbk., are also in various stages of planning or executing their UUS spin-offs, signaling a sector-wide transformation. CIMB Niaga Syariah, for instance, has publicly stated its intentions to comply with the regulation, while BTN Syariah is actively preparing for its separation, potentially through a merger or direct spin-off. These developments highlight the growing momentum towards a more independent and robust Islamic banking landscape in Indonesia.
Implications for Permata Bank, Customers, and Investors
The eventual spin-off of Permata Bank Syariah carries significant implications for various stakeholders. For Permata Bank as the parent entity, the spin-off could streamline its conventional operations while still maintaining a strategic partnership with the new independent Sharia bank. It might also free up capital that can be redeployed into its core conventional business. However, it also means potentially losing direct control over a growing segment.
For customers, the transition promises a more dedicated and specialized Islamic banking experience. A fully independent Sharia bank would likely have greater flexibility to develop tailored products, enhance customer service, and expand its branch network and digital offerings specifically for sharia-conscious consumers and businesses. This could lead to a wider array of financing options, investment products, and wealth management services that strictly adhere to Islamic principles.
For investors, the spin-off could unlock value by creating two distinct entities with clearer investment propositions. An independent Permata Bank Syariah would allow investors to directly participate in the growth of Indonesia’s Islamic finance sector, which often demonstrates resilience and unique growth drivers. However, it also means evaluating the new entity’s standalone financial strength, governance, and management capabilities. The current ownership by Bangkok Bank, one of Southeast Asia’s largest banks, provides a strong backing for Permata Bank. This institutional support is expected to extend to the UUS during its transition, offering stability and strategic guidance as it works towards independence.
Chronology of Key Developments and Future Outlook
The journey towards Permata Bank Syariah’s spin-off can be traced through several key points:
- Late 2023: OJK issues POJK No. 12/2023, mandating UUS spin-offs by 2032 if certain asset thresholds are met.
- December 2024: Permata Bank Syariah’s assets recorded at Rp 37.41 trillion.
- December 2025: Permata Bank Syariah’s assets recorded at Rp 36.81 trillion, indicating a slight dip but still a substantial base.
- April 22, 2026: Rudy Basyir Ahmad publicly outlines Permata Bank’s strategic approach, emphasizing sustainable growth and diversification before the spin-off.
- Future: The bank will continue its focus on retail, SME, and commercial segments, aiming to cross the Rp 50 trillion asset mark through sustainable growth.
In conclusion, Permata Bank is pursuing a deliberate and cautious strategy for the spin-off of its Sharia Business Unit. By prioritizing the strengthening of its balance sheet, diversifying its financing portfolio, and focusing on sustainable, healthy growth, the bank aims to ensure that Permata Bank Syariah is not merely compliant with regulatory mandates but is also robustly positioned to thrive as an independent Sharia Commercial Bank. This measured approach, informed by economic conditions and a long-term vision, underscores Permata Bank’s commitment to fostering a resilient and impactful Islamic finance presence in Indonesia.
