Jakarta - BTN President Director Nixon LP Napitupulu said that BTN Syariah, the Sharia Business Unit (UUS) under PT Bank Tabungan Negara (Persero) Tbk (BTN) will become a Sharia Commercial Bank (BUS) in 2025.
"Every year, BTN Syariah records rapid business growth and has now reached a mature age ready to go further to serve more people who need decent and affordable housing. The time has come for BTN Syariah to go to the next level by becoming a sharia general bank," Nixon said in Jakarta, Saturday.
BTN Syariah, which will be 20 years old on February 14, 2025, has become a major player in the Indonesian property sector by controlling 28 percent of the national sharia-based housing financing market share as of October 2024.
Meanwhile, in the sharia subsidized housing financing market, BTN Syariah controls 90 percent. BTN Syariah also shows its potential to become a strong competitor in Indonesian sharia banking.
"The various achievements of BTN Syariah over the past two decades have further strengthened the foundation of this UUS to step into a new phase of becoming a sharia general bank through a strategic initiative in the form of a spin-off process that has been planned to be completed before the end of 2025," said Nixon.