Boosting Islamic Financing to Defuse Housing Backlog ‘Ticking Time Bomb’

In recent years, housing financing, particularly sharia mortgage, has garnered increasing interest among home seekers. This trend can be attributed to the fixed-rate nature of sharia mortgage financing, which provides stability throughout the financing period.

Yanita Petriella

20 Feb 2024 - 21.17
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Boosting Islamic Financing to Defuse Housing Backlog ‘Ticking Time Bomb’

Subsidized house in Bogor, West Java. Bisnis/Himawan L. Nugraha

Bisnis, JAKARTA – The growing interest in acquiring residential housing through sharia banking financing schemes presents significant potential for expansion within the financial and sharia banking sectors.

According to the Residential Property Price Survey (SHPR) report for the Q4 2023 released by Bank Indonesia, the primary financing scheme preferred by consumers for purchasing primary homes is home ownership credit (KPR), comprising 75.89% of total financing. This is followed by gradual cash payments at 17.24%, and cash transactions at 6.73%.

According to Sharia Banking Statistics (SPS) data from the Financial Services Authority (OJK), financing for residential ownership from commercial banks and sharia business units reached IDR 130.9 trillion in November 2023. This marks a year-on-year (YoY) increase from the same period in 2022, which stood at IDR 115.6 trillion. Throughout 2022, financing for residential ownership by commercial banks and sharia business units amounted to IDR 116.8 trillion.

Financing for apartment ownership from commercial banks and sharia business units in November 2023 reached IDR 5.4 trillion. This represents a YoY increase from the same period in 2022, which amounted to IDR 4.4 trillion. Throughout 2022, financing for apartment ownership by commercial banks and sharia business units totaled IDR 4.4 trillion.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.