REPUBLIKA.CO.ID, JAKARTA – Subordinated Sukuk issued by PT Bank Syariah Indonesia Tbk (BSI) under the name PT Bank Syariah Indonesia Tbk Medium Term Subordinated Sukuk Mudharabah was recorded as oversubscribed 1.75 times with book building proceeds of IDR 350 billion.
Director of Treasury & International Banking BSI Moh Adib said, BSI closed 2023 by issuing medium-term subordinated mudharabah sukuk worth IDR 200 billion through a limited offering. Even though the offering was limited and subordinated, the issuance of the BSI Sukuk received a very good response from investors so that it was oversubscribed.
"This means that the investment product issued by BSI in the form of subordinated sukuk has received high trust from the public," said Adib, Monday (Dec.18, 2023).
The BSI Subordinated Sukuk received an AA(sy) id rating by PT Pemeringkat Efek Indonesia (Pefindo) with a profit sharing ratio to investors of 88.50 percent. This rating is the highest rating for subordinated sukuk, where the resulting rating is two notches below the company rating, id AAA(sy).
BSI issued this subordinated product to further strengthen its capital structure and increase productive assets, as well as to fulfill the company's obligations regarding its recovery plan after being designated as a systemic bank by the Financial Services Authority (OJK). This issuance completes a series of company activities in the capital market where after carrying out a rights issue at the end of 2022, the company has issued several securities in 2023, including EBAS-SP SMF-BRIS 01 together with PT Sarana Multigriya Finansial, Long Term Mudharabah Muqayadah Sukuk in the framework of BSI's collaboration with BP Tapera as the channeling bank, and finally the Medium Term Subordinated Sukuk Mudharabah.
"BSI is committed to continuing to encourage the development of the sharia capital market. Currently the company continues to explore other potentials, not limited to sukuk issuance but also other capital market businesses," said Adib.
Currently BSI is the only sharia bank that has a Custodian & Trustee business with total Assets Under Custody having reached almost IDR 83 trillion as of November 2023 or an increase of 75x since it started operating. BSI has also obtained permission for the RDN Online product, which will be an accelerator for BSI to increase investment accounts in the sharia capital market in the future. The company will also expand penetration by developing the provision of money market facilities and bank guarantees to securities companies as well as developing sukuk retailization to complement its capital market products.
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