Jakarta, 29 March 2023 - The ICDX Commodity Exchange officially facilitates Commodity Trading Certificates Based on Sharia Principles, or what is called SiKA. SiKA transactions are expected to fulfilling Islamic banking liquidity in Indonesia. SiKA itself is a sharia transaction that can only be traded through a commodity exchange, namely ICDX.
"Currently, Bank Syariah Indonesia (BSI) and Maybank Syariah are already members of ICDX and other Islamic banks are in the process of being able to also transact SiKA," said ICDX President Director, Nursalam. Previously, CIMB Niaga Syariah and CIMB Niaga Auto Finance were also members of ICDX and have been doing transactions since 2022 at the Sharia Commodity Murabahah Market.
With the existence of SiKA, it is hoped that it will further strengthen monetary transactions on the Islamic money market through commodity purchase transactions based on murabahah/buy and sell contracts with an installment system. This means that if there is a member of an Islamic bank who needs fresh funds to purchase commodities, he can make transactions through the SiKA scheme. The benefit is that the need for funds will be quickly met and will further strengthen the role of Islamic banks in Indonesia in terms of monetary balance.
"With this collaboration, will further expand and strengthen the structure of Islamic banking, both from a business aspect, and asset management, especially in terms of bank liquidity resilience. This strategic step can also be one of the supports to encourage the strengthening of the sharia monetary structure," said the Director of Treasury & International Banking of PT Bank Syariah Indonesia Tbk, Moh. Adib.
Commodity trading based on sharia principles or sharia commodities is a product innovation that has been developed since 2011 as a liquidity management and financing instrument for sharia financial institutions, especially sharia banking. Commodity sharia or abroad commonly known as commodity murabahah is a common product innovation for global sharia banking, and according to the Islamic Financial Services Board (IFSB), commodity murabahah contracts are the second most used contract by global sharia banking, namely 26% after the contract Murabahah of 41%.
ICDX has also succeeded in responding to challenges regarding taxation in sharia commodity transactions faced by the industry. This was resolved with the issuance of PP No. 44 of 2022 which regulates buying and selling transactions through a VAT-free or zero sharia commodity mechanism.
"Of course, we will not stop here, because ICDX as the organizer of the sharia commodity Murabaha market in Indonesia continues to make every effort to meet market needs and solve challenges in the development and implementation of sharia commodities in Indonesia," concluded Nursalam.
About Indonesia Commodity & Derivatives Exchange (ICDX)
The Indonesia Commodity & Derivatives Exchange (ICDX) is a commodity and derivatives exchange based in Indonesia. ICDX's vision is to become a global market exchange that improves national welfare, with a mission to become a benchmark for setting world commodity prices through Indonesian primary products. ICDX is an exchange supported by its members consisting of brokers and traders regulated by BAPPEBTI. ICDX members facilitate customer transaction services which include ICDX commodity futures trading contracts. Trades on ICDX will be settled, guaranteed, and cleared by the Indonesia Clearing House. For more information, please visit www.icdx.co.id
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