JAKARTA –Indonesia Commodity and Derivatives Exchange (ICDX), also known as the Indonesian Commodity and Derivatives Exchange (BKDI), anticipates the value of sharia subrogation transactions to reach IDR 3 trillion in 2025, an increase of 83.8% from IDR 1.632 trillion in 2024. Previously, in 2022, the transaction totaled IDR 1.075 trillion.

ICDX Director Nursalam said, “We are optimistic about reaching this goal amount, and the crucial phrase is how this subrogation transaction is widely socialized among parties, particularly in the sharia banking business. For this reason, we are holding a discussion on the mechanism for selling and purchasing receivable assets (subrogation transactions) by inviting stakeholders such as the National Sharia Council, the Financial Services Authority, and sharia banking industry players.”

Nursalam added, “In order to encourage the socialization of subrogation transactions, we launched a book on sharia transactions at this discussion event. The objective is that this book, produced by ICDX, would serve as a resource for the financial sector in terms of sharia commodities transactions. This book, prepared by Sharia economic specialists, provides Sharia financial procedures from many nations that may be changed and implemented in Indonesia.”

Seen in the picture, Andam DS, Syariah Advisor ICDX, Syamsul Aidi, Head of Shariah Adisory & Legal PT Bank CIMB Niaga Tbk, Dawud Arif K, member of the MUI National Sharia Council, Ardiansyah from OJK, Aminuddin Sharia Advisory & Governance PT Bank Permata Tbk and Zulfal, Head of Syariah Business Unit ICDX.

Meanwhile, Member of the National Sharia Council of the Indonesian Ulema Council, Dawud Arif Khan, said, “We really appreciate ICDX's efforts to disseminate information about sharia subrogation transactions. The discussion activity on the mechanism for selling and purchasing receivable assets (Subrogation) through the Sharia Commodity Exchange, as well as the publication of a book on sharia commodity transactions on the futures exchange, is very much in line with DSN-MUI's efforts to continue to develop the sharia economy, popularize the sharia economy, and syariahize the community's economy. We hope that ICDX will continue to do things like this, because increasing sharia financial literacy will in turn encourage the growth of sharia finance, and this requires cooperation and collaboration between all stakeholders.”

Syamsul Aidi Bachtiar, Head of Shariah Advisory & Legal at PT Bank CIMB Niaga Tbk (CIMB Niaga), said, "CIMB Niaga has been using ICDX for sharia subrogation transactions since 2022. We can get various advantages from this sharia subrogation transaction. First, accelerate business growth, particularly in Sharia banks and industries. Second, consider asset-based portfolio diversification. Third, customer centricity; and fourth, this sharia subrogation transaction is part of our attempts to promote sustainable financing."

Sharia subrogation transaction itself is the replacement of the old creditor's rights by a third party who pays the creditor. The characteristic of sharia subrogation transactions is that the third party who replaces the old creditor becomes the new creditor, then the debtor is obliged to pay the debt from the old creditor to the third party. This Subrogation Transaction can only be done on valid receivables based on Sharia and applicable laws and regulations Subrogation transactions in sharia financial institutions have been regulated in Fatwa DSN MUI No: 104/DSN-MUI/X/2016 on Subrogation based on Sharia Principles. The position of the fatwa is strengthened by the existence of article 26 of Law no. 21 of 2008 on sharia banking. (Rls)