Bisnis.com, JAKARTA - The enactment of Law Number 33 Year 2014 concerning Halal Product Guarantee (JPH) is believed to have a positive impact on the conditions of the Islamic banking industry.
This belief arises because the JPH Law requires every halal product to have a halal certificate issued by the Halal Product Guarantee Agency (BPJPH). Even though it officially took effect last October 17, this regulation gave time for food and beverage industry players (mamin) to register their halal products for the next 5 years.
The grace period given will certainly be used by the government and various related parties to intensify the socialization of the importance of halal certification. This socialization is not impossible to involve the banking industry.
The involvement of banks in the socialization of halal certification has been seen from the cooperation that BPJPH has established with PT Bank CIMB Niaga Tbk. In the collaboration signed last week, BPJPH and CIMB Niaga agreed to help each other in terms of Islamic financial literacy and the halal certification process.
"For us the advantage is if these customers begin to understand the importance of halal products, it means that they will also start using Islamic banking products. So that is actually the goal of the MoU, how do we both socialize halal products and sharia compliance, "said CIMB Niaga Sharia Banking Director Pandji P. Djajanegara early last week.
So far only CIMB Niaga has collaborated with BPJPH to make the implementation of the JPH Law a success. However, the possibility of other banks establishing cooperation is still open.
Not only through cooperation with BPJPH, the banking industry is allegedly able to start moving to take advantage of the implementation of the JPH Law to increase revenue from the Islamic financial market.
PT Bank Mandiri Syariah (BSM) Corporate Secretary Ahmad Reza said the enforcement of the JPH Law could encourage the growth of the sharia industry in the real sector and SMEs. If this happens, it is almost certain that the sharia industry players will choose banking services according to Islamic law to manage their finances.
"The enforcement of the JPH Law can positively encourage growth in the real sector, including the SME sector. Indonesia can also seize the halal food business, which according to the Global Islamic Economy Report is worth US $ 1,303 billion in 2017 and US $ 1,863 billion in 2023, "Reza told Bisnis, Friday (18/10).
BSM admits that it will open bigger business opportunities than the implementation of the JPH Law. A subsidiary of PT Bank Mandiri (Persero) Tbk. This believes that the enactment of the JPH Law is one of the solutions to enlarge the Islamic financial market in Indonesia.
A similar opinion was expressed by the President Director of PT Bank BCA Syariah John Kosasih. He is sure that the implementation of the obligation to certify hala products will have a major impact on the Islamic banking industry.
"The impact will be felt gradually in my opinion, and it will be significant over time," Kosasih told Bisnis.
According to him, BCA Syariah opens the opportunity to actively participate in socialization related to Islamic banking products. Not only that, it is also recognized that this bank will create a pipeline of the potential of the Islamic financial market that could arise from the enactment of the relevant regulations.
"If the pipeline is related, I think it will take time to define," he said.
Another response was delivered by the Corporate Secretary of PT Bank BRI Syariah Tbk. Mulyatno Rahmanto. According to him, the JPH Law provides a new parameter for banks to provide financing.
The implementation of this regulation is also believed to open up opportunities for banks to serve bill payment services, or other matters related to the halal certification process and compliance with the JPH Law. This opportunity has been read and will be followed up by BRI Syariah. Not only opening services related to compliance with the JPH Law, BRI Syariah also believes that the enforcement of halal certification rules can increase the number of customers, third party funds (DPK), and the company's fee income.
"For cooperation in supporting this rule, of course we will do it with related stakeholders. As a BPJPH partner, BRI Syariah will provide payment facilities related to the JPH process either through traditional or digital channels, ”said Mulyatno.
Increase Market Share
According to the Islamic School of Islamic Economics (SEBI) economist, Aziz Setiawan, the enactment of the JPH Law and the mandatory halal certification for food and beverage products, following others, will certainly have an impact on the Islamic finance industry. However, he believes this impact will not be felt in the near future.
Aziz said that the obligation of halal certification should make businesses change their financial management or sources of financing. If this is done, it is not impossible that many business actors will eventually switch to using Islamic banking products.
"Because in order for a product to become sharia, holistically it will be required to comply with other elements of sharia. It will automatically have an impact [on the sharia banking industry] although this is not short-term in nature, ”said Aziz,