REPUBLIKA.CO.ID, JAKARTA -- The Financial Services Authority (OJK) ensures that the establishment permit for Sharia Bank Muhammadiyah (BSM) will be issued soon. The Muhammadiyah community organization aims for the bank to be launched in 2025, with an initial capital of at least Rp 100 billion.
“Yes it has been (processed). Yes, the rich are ready to get out of this (permission), soon. Maybe this month is out, I think,” Chief Executive Officer of OJK Banking Supervision, Dian Ediana Rae told reporters quoted on Thursday (3/7/2025).
Dian explained that Muhammadiyah will first establish the Bank Pemanyaan Rakyat Sharia (BPRS) as an initial prototype. The BPRS business scheme is still under study, whether it will be directed into a general commercial bank or a close loop, limited to members of Muhammadiyah.
“Muhammadiyah will first issue a name called BPRS, but it will be a real prototype. So whether they will later move towards the big commercial bank they are thinking about,” Dian said.
According to him, OJK gives Muhammadiyah full flexibility to develop the business model of sharia banks according to the characteristics of the organization. Muhammadiyah will transform BPRS Matahari Artha Daya belonging to Prof. Dr. Hamka University of Muhammadiyah (Uhamka) in Ciputat, South Tangerang, as a shell of the establishment of a sharia bank. Another BPRS belonging to Muhammadiyah will be a shareholder in the bank.
“After that it will be transformed. Actually change the name first, continue then new everything else. Later hopefully it can be so. Later it may be until the public bank as well,” Dian explained.
Deputy Chairman of the Economic, Business, and Tourism Council (MEBP) of PP Muhammadiyah, Mukhaer Pakkanna, emphasized that the establishment of the bank was carried out through the transformation of one BPRS, not through the merger of all BPRS owned by Muhammadiyah.
"So what was taken was Uhamka's BPRS, transformed into book 1 and so on. That was transformed and has been approved by the OJK. One was taken, not a merger," said Mukhaer, Wednesday (6/25/2025) last week.
He said that Muhammadiyah has 17 BPRS throughout Indonesia. One BPRS is used as the main magnet, while other BPRS can join as shareholders, forming a collective force in the Muhammadiyah sharia bank.
"BPRS Matahari Artha Daya is the one that (becomes) the bank later, then (other BPRS) join. So other BPRs can hold shares in the new bank. One is the magnet. So that one is transformed into a bank. After that the others will also join. So it's not a merger, yes. It will merge," said Mukhaer.
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