KONTAN.CO.ID - JAKARTA. PT CIMB Niaga Auto Finance (CNAF) announced that it has issued IDR 3.1 trillion in sukuk (Islamic bonds) in 2025.

CNAF President Director Ristiawan Suherman stated that the nominal value has increased significantly compared to 2024.

"Throughout 2025, CNAF has issued IDR 3.1 trillion in sukuk. This represents a 210% increase compared to the IDR 1 trillion achieved in 2024," he told Kontan on Monday (January 19).

Furthermore, Ristiawan explained that CNAF plans to issue the remaining IDR 900 billion in Sukuk (Islamic Bonds) from the CNAF Shelf Registration Sukuk Wakalah Bi Al-Istitsmar I Phase IV in 2026.

He stated that sukuk issuance is one of the company's funding sources.

"CNAF will maximize its Cost of Funds (CoF) using various existing funding sources, including bonds, to obtain cheaper funding," he said.

Regarding the average bond or sukuk coupon, Ristiawan explained that the nominal value is influenced by the issuance date.

Currently, he said, with CNAF's AAA rating, the bond or sukuk coupon can be lower, estimated to be in the range of 5.1%-5.5% for this year.

For information, data from PT Pemeringkat Efek Indonesia (Pefindo) shows that the value of debt securities or bonds issuance by multifinance companies as of November 2025 reached IDR 37.98 trillion.

"This nominal value has increased 138% compared to the same period last year, which was only IDR 15.90 trillion," Pefindo Fixed Income Analyst Ahmad Nasrudin told Kontan on Monday (January 19, 2026).

Ahmad explained that with this nominal value, the multifinance sector will become a major contributor to the corporate debt market as of November 2025.

He explained that this surge was driven by the need for multifinance companies to support consumer credit expansion.