As a commodity futures exchange and clearing institution that has obtained permission from the Commodity Futures Trading Supervisory Agency (BAPPEBTI) - Ministry of Trade to organize the Sharia Commodity Murabahah Market, ICDX and ICH are now in facilitating sharia commodity contracts for Islamic financial institutions, especially sharia banking for their needs.
Last March, ICDX and ICH officially cooperated with the sharia business unit of PT Bank CIMB Niaga Tbk (CIMB Niaga Syariah) regarding sharia commodity transactions in the context of iB Indirect Auto Subrogation Financing, and which is a joint financing product for the transfer of vehicle murabahah financing receivables. (cars and motorcycles) owned by Multifinance Companies to Banks based on Sharia principles.
Following the provisions of the MUI DSN Fatwa No. 104/DSN/-MUI/X/2016 concerning subrogation based on sharia principles, the transfer of murabahah financing receivables is carried out through a buying and selling process (ba'i) with payment instruments (tsaman) using goods (sil'ah). The goods that become payment instruments are commodities whose procurement is carried out through the Commodity Exchange appointed by BAPPEBTI, the Ministry of Trade, namely ICDX, and the settlement of transactions is carried out by ICH.
“This collaboration marks a new era for the Indonesian economy where the Commodity Exchange for the first time collaborates directly with banking institutions in facilitating market needs. As we know that Indonesia is a country with the largest Muslim population in the world, this is expected to provide benefits for the development of Indonesia's sharia economy and even the world," said Director of ICDX, Nursalam, during the signing of the cooperation at Bank CIMB Niaga's head office last March.
In line with Nursalam, on the same occasion, the Director of Sharia Banking CIMB Niaga Pandji P. Djajanegara said, "This Indirect Auto iB Subrogation product can complement existing Sharia products so that the services provided by CIMB Niaga Sharia are more comprehensive. We would like to thank ICDX and ICH for this synergy so that we can present the new Indirect Auto Subrogation iB product as the first in the country's Islamic banking industry."
This collaboration also marks the commencement of the first sharia commodity transaction on the ICDX Commodity Exchange. In the future, ICDX and ICH hope that more Islamic banking institutions will participate in using Islamic commodity products as instruments for managing liquidity management.