In early September 2025, Maybank Indonesia announced a significant strategic milestone: the potential spin-off of its Shariah unit into a standalone Islamic bank once its assets hit IDR 50 trillion. This move aligns with regulatory requirements under POJK No. 12/2023 and the bank’s ongoing “Syariah First” agenda. The commitment reflects not only regulatory compliance but also confidence in the growth trajectory of Islamic banking within Indonesia. This article delves into the context, implications, and outlook for the Maybank Indonesia Syariah spin-off.

Fueling Growth With Syariah First Strategy

Maybank Indonesia has long emphasized a “Syariah First” philosophy, even as a conventional banking entity. This strategy signifies a dedicated focus on Shariah-compliant products and services as a core growth driver. The spin-off plan stems from this approach, enabling the Shariah unit to evolve into a full-fledged Islamic bank, better positioned to serve a growing market of customers seeking ethical finance solutions.

The bank’s president director, Steffano Ridwan, stated that once the unit’s assets reach the IDR 50 trillion threshold, the spin-off will be triggered, targeting the year 2027. This timeline indicates Maybank’s expectation of strong asset growth in the coming years, reflecting both market demand and internal capability building.

Regulatory Requirements And Asset Growth

The regulatory framework in Indonesia mandates that if a conventional bank’s Shariah unit reaches either 50 percent of the parent bank’s total assets or IDR 50 trillion, it must separate into an independent Islamic bank. This rule is outlined in POJK No. 12/2023 concerning Unit Usaha Syariah compliance.

Currently, Maybank Indonesia Syariah’s assets are reported to be around IDR 42 trillion (as of late 2024), which is nearing the threshold. The bank is aware of this requirement and is strategically planning the spin-off process in alignment with the regulation.

Internal reports reveal that beyond regulatory compliance, Maybank Indonesia is conducting thorough analysis and feasibility studies to determine the optimal approach for transitioning the unit. Preparation includes ensuring adequate governance, infrastructure, branding, and customer transition mechanisms.

Why A Spin-Off Matters For Stakeholders

A full-fledged Islamic bank offers several advantages. For customers, it promises more focused Shariah compliance, tailored products, and potentially better customer service rooted in Islamic values. For the market, the creation of a new Islamic bank strengthens competition, innovation, and industry depth.

From a strategic perspective, a formal Islamic bank could attract new investors and partners looking to expand in the Shariah finance sector. It also positions Maybank Indonesia as a leader in Shariah banking, with branding and governance aligned exclusively with Islamic finance principles.

Lastly, the move could help streamline internal operations. Rather than running two distinct business models under one roof, Maybank can optimize resources, risk management, and financial planning via separate entities.

Preparing For The Transition

Transitioning a business unit into a standalone entity is no small feat. Maybank Indonesia is likely working through critical steps including legal separation, asset transfers, regulatory approvals, IT system segregation, staff training, operational restructuring, and customer communication.

Director of Shariah Banking, Romy Buchari, emphasized the importance of proper preparation. He affirmed that the bank is conducting analyses to determine the best approach, acknowledging that while the current asset base is below the mandated threshold, careful planning is underway to ensure readiness when the time comes.

This meticulous approach aims to avoid disruption for clients and maintain business continuity throughout the spin-off.

Looking Ahead To 2027 And Beyond

If all goes according to plan, Maybank Indonesia Syariah could stand alone as an Islamic bank by 2027, subject to asset availability and regulatory clearance. This timeline gives the bank sufficient runway to build infrastructure, governance, and operational capacity.

Looking ahead, the spin-off signals maturity in Indonesian Islamic finance. As the sector evolves, the emergence of new Shariah banks enhances diversity, innovation, and financial inclusion across the nation.

For Maybank, it opens avenues for expansion into Islamic investment, digital Islamic finance, and regional Islamic banking opportunities. For regulators, it demonstrates successful implementation of POJK No. 12/2023 in driving industry structural change.

Conclusion

The Maybank Indonesia Syariah spin-off represents a strategic, regulatory, and operational milestone. Anchored by the bank’s “Syariah First” philosophy, this initiative is designed to maximize growth opportunities, enhance service focus, and fulfill OJK’s requirements. With assets approaching IDR 50 trillion, the bank is preparing for a potential 2027 transition. This move positions Maybank as a forward-looking player in Indonesia’s Islamic finance landscape and underscores the sector’s growing vibrancy.