CIMB Niaga Gets OJK Approval for Shariah Unit Spin-off

Regulatory Compliance Drive

PT Bank CIMB Niaga Tbk (BNGA) has officially received approval in principle from the Financial Services Authority (OJK) to spin off its Shariah Business Unit (UUS) into a new Islamic commercial bank named PT Bank CIMB Niaga Syariah. The approval was granted on January 14, 2026, as disclosed by the company in its material fact report to OJK and the Indonesia Stock Exchange (BEI) on January 15, 2026.

Compliance with OJK Regulations

The spin-off is part of CIMB Niaga's compliance with OJK Regulation No. 12/2023 regarding Shariah Business Units, which was partially revoked by OJK Regulation No. 2/2024 concerning the implementation of Shariah governance for Islamic commercial banks and Shariah business units. The regulation mandates conventional banks with Shariah units to separate their Islamic operations.

Implementation Timeline

CIMB Niaga's management stated that the spin-off plan had previously been approved by the company's General Meeting of Shareholders (RUPS) held on June 26, 2025. According to OJK requirements, CIMB Niaga must submit a business license application for the new Islamic bank within six months from the date of the approval in principle. The bank is currently preparing the necessary documents, including the separation deed that will be notarized as part of the licensing process.

Progress Update

CIMB Niaga's Director of Shariah Banking, Pandji P. Djajanegara, mentioned that the company is working simultaneously on fulfilling the documentation requirements requested by both OJK and Bank Indonesia (BI). The bank aims to complete the licensing process by the end of March 2026, enabling the spin-off to be finalized in May 2026 as previously estimated. The company had submitted its application for the principle approval to OJK in late July 2025 and was awaiting the regulatory green light by the end of 2025.