All About Officer Development Program (ODP) BNI Syariah

Setelah sekitar 8 bulan menjalani pelatihan Officer Development Program (ODP) Batch ke-6 PT Bank BNI Syariah, sepertinya adalah waktu yang tepat untuk saya memberikan sedikit cerita mengenai hal terkait. ODP di BNI Syariah adalah suatu program yang diperuntukkan bagi peserta untuk menempati posisi Account Officer, yang mana satu langkah lebih maju dari rekrutment kebanyakan yang berposisikan Staff. Lebih dari itu, hal yang sangat saya rasakan adalah ODP ini lebih ke program "kaderisasi" Bank secara keseluruhan. Hampir semua pemimpin yang menempati posisi strategis di Bank ini adalah mantan ODP di era-nya, terlebih ketika Bank ini adalah BNI Syariah, anak dari perusahaan BUMN dan salah satu Bank tertua di Indonesia, BNI 46.

Hal pertama yang harus banget diceritain dalam ODP ini adalah proses rekrutment nya. Secara keseluruhan, recruitment model BNI Syariah mengikuti model dari ODP BNI 46 yaitu Leaderless Group Discussion (LGD), Psikotes, Interview Psikolog, Interview dengan General Manager, Video Screening, Interview dengan Board of Director, dan Medical Check Up. Menurut saya aksi verbal kita lebih menjadi perhartian di proses rekrutmen ini dengan hampir semua tahap memerlukan skill komunikasi yang bagus, dan salah satu findings yang saya temui disini adalah semua teman ODP saya mempunyai dua kesamaan; pinter ngomong dan kelebihan pede. Dan satu hal yang memang menjadi tolak ukur lebih di BNI Syariah ini adalah your faith in Islam. Setelah proses seleksi yang cukup lama yaitu sekitar 5 bulan (agustus - desember), terpilihlah 66 orang dari (katanya) 21.000 pelamar yang masuk dalam ODP Batch 6 ini. Background kita sangat beragam yang mungkin bisa dilihat sendiri di lembar pengumuman di bawah ini.

Pelatihan kita dimulai dari pelatihan SAMAPTA dan Bela Negara di Sekolah Calon Perwira (SECAPA) TNI Angkatan Darat dan di Cikole bersama Daarut Tauhid. Indah dikenang tidak untuk diulang. Itu adalah kesan dan pesan saya selama pelatihan karena fisik dan mental yang memang lumayan di kuras saat itu. Setelah itu kita balik ke kantor pusat dan memulai Pelatihan Dasar Perbankan Syariah (PDPS) bersama Fakultas Ekonomi dan Bisnis Universitas Indonesia (FEB-UI) dan Lembaga Pengembangan Perbankan Indonesia (LPPI). Pengajar yang hadir menurut saya adalah orang kelas satu di field perbankan seperti Bapak Mulya Siregar mantan Pemimpin DEKS BI dan Bapak Yusman mantan Direktur Utama BSM. Kesan saya sangat positif karena pelatihan awal yang diberikan ini sangat bernilai tinggi, secara materi maupun non-materi.

Setelah itu, program ODP ini mengharuskan kita untuk melakukan in-class training di kantor pusat dan on-site training (OST) di kantor cabang. Modul pertama yang saya dapat adalah modul Funding dan dilanjutkan dengan modul Consumer. Di dua modul awal ini, kita diberikan kesempatan untuk OST di kantor cabang untuk mengetahui bagaimana dua element ini di eksekusi di lapangan, yang notabene BNI Syariah adalah salah satu Bank yang punya keunggulan lebih baik di sisi funding maupun consumer banking. Dua modul ini memakan waktu yang cukup lama yang berkisar 3 bulan, dan diakhiri dengan presentasi "Debrief" kita yang pertama. Debrief ini adalah ajang ODP untuk mengutarakan opini, masukan, dan gagasan ide mengenai modul yang dipelajari, langsung didepan para General Manager (GM), menjadi super deg-degan momen yang kita-kita tak akan pernah lupa.

Banyak lagi modul yang kita pelajari yang pada intinya hampir semua kegiatan divisi di BNI Syariah dipelajari dari mulai Treasury sampai Operational. Tapi pada akhirnya, salah satu modul yang paling kompleks dan menarik dihadapkan ke para ODP, yaitu modul Pembiayaan Produktif. Kenapa saya bilang kompleks dan menarik? Karena modul ini adalah nyawa dari program ODP, yang mana penempatan kita semua untuk kali pertama pasti di posisi SME Account Officer, atau bahasa industri nya adalah SME Bankers. Seluruh ilmu yang dipelajari sepanjang 8 bulan seakan diramu dalam satu modul ini, karena hal yang kita pelajari bisa dibilang sangat komprehensif mulai dari sisi sales, analisa kredit, analisa risiko, hukum, operational, compliance, dll. Setelah itu, ada OST di cabang selama 2 bulan yang mana kita dapat memilih cabang di seluruh Indonesia, jadi bagi kita-kita yang merantau bisa berpulang ke kampung halaman. Hal ini akan dilakukan Insya Allah minggu depan, maka dari itu saya meminta doa dari seluruh pembaca untuk kelancaran OST maupun keseluruhan karir kami di BNI Syariah. Amin.

Terakhir, kita akan dihadapkan dengan tugas terakhir yaitu "Kompre" yang mana hal ini semacam sidang skripsi diperuntukan untuk membungkus program ODP. Tulisan yang disajikan di kompre harus mengandung seluruh elemen di BNI Syariah sehingga membuat suatu karya yang komprehensif. Sebagai penutup, para ODP diharapkan untuk dapat ditempatkan di seluruh Indonesia, walaupun secara kemungkinan, kita tidak dapat ditempatkan di daerah Timur karena belum ada kantor cabang disana (Alhamdulillah). Kesiapan mental juga harus terus diasah karena ekspektasi untuk kami dengan pelatihan setahun penuh ini sangatlah tinggi, yang mengakibatkan jalur karir kami sangat beragam. Maka dari itu, menjadi ODP harus terus siap di tempatkan dimana saja, di posisi apa saja, dan di waktu kapan saja. Sekian.

Internship's Interview at Islamic Development Bank (IDB) Indonesia

So far, its been good internship period, but now let me focus on the interview part as it's quite unforgettable.

It began with the registration which quite easy. All requirements are stated in their website, specifically in IDB CGO Indonesia's website and we can just email the application for the internship program. I think every application will be responded and the next step is interview. However, as its only an internship program, the interview is quite horror to be honest.

I was being interviewed with 4 of their employees; their communication officer, infrastructure specialist, representative of ITFC, and learning & development specialist. It begins with the normal interview like introducing myself, why IDB, and why internship at IDB. After that, it started to be a very technical discussion since my background also in Islamic finance.

Yet, the one that they highlighted the most is my bachelor degree's paper which about a technical analysis on moving averages and exponential smoothing. Their infrastructure specialist which after that I know as a former World Bank economist, really dig in into my paper. He asked like the methodology, data selection, and commented a lot on that. I need to explained really detail until he was satisfied with the answer.

The next matters that they observed on is my personality. Since my degree's CGPA is not even exceeds 3, they demanded to know what was the reason. I honestly answered that I took some period to adapt, and the cost of taking those period is my fallen cgpa at the early semester. Then they pushed me on adaptability as this internship has only several months to be completed. I tried to give a proof as I have improved a lot now with graduated well in my master degree. But in the end I can't give any satisfying answer yet I was not really worried on that since my track record shown that I succeed in overcoming those problems although I can't put it on words.

The most interesting part is the last ten minutes. One of them asked me "as I looked in your cv, you have good academic backgrounds, you seems knowledgeable, so why you want to take this internship?". I answered with basic statements such as "I want to get an exposure as a development banker and etc". Yet they pushed me again and again, asked why I don't take a real job. Then I opened my story that I recently rejected job offering from one of well-known banks in Indonesia. Everyone surprised because of my main answer; Riba. Then about ten minutes they gave a lot of 'advices' such as "as a youngsters, don't be too idealist" or "you have to understand both sides first, then you know what to improve". I was quite surprised knowing 'IDB' against this kind of idealism but I only kept nodding and gave a respect to their comments. It is done after that, they informed me that it takes a week for the decision to come.

Overall, its like 45 minutes interview which honesty for internship program is very heavy. However, as I asked the intern here, all of them have quite similar experience where it is a bit technical and demanding. You can also have a teleconference interview if you're not around Jakarta, however all administrative matters such as working permit or insurance are not covered. So somehow it can be said that only for Indonesian, yet still it officially opened globally since there is one Indian guy as an intern in my period. For what I know, there is no chance to be absorbed as IDB has a really strict employment guidelines.

However, it is a very good internship program as you will be working alongside experts on development bankers as well as the clients likes government and significant company's stakeholders. The tasks given also a very good exposure on creating the concept of development banking in Islamic way though it is A LOT. They're very good people that can keep you busy everyday haha. In a nutshell, for me it is a very valuable experience and it honestly one of the miracle that comes to me after rejecting conventional bank's offer. May Allah gives us all his miracle and keeps us in His way.

The Month of Ramadan

This writing is a brief summary of Khutbah from Prof Yusuf Saleem at my campus INCEIF for the Friday Prayer. He is my lecture on subject Shariah Aspects of Business and Finance, a very kind one he was if I have to explain it in a word. With a lot of Khutbah I listen recently on this holy month, I am so fascinated with his point of view on Ramadan.

As we all know Ramadan is said as a month that being waited vigorously for all Muslim, yet as a Muslim, do we know what we are waiting for? As it written in Quran chapter Al-Baqarah verse 183 "O you who have believed, decreed upon you is fasting as it was decreed upon those before you that you may become righteous", Muslims are summoned to fasting in Ramadan and it is one of the essential matter in this particular month. However, we actually can fasting anytime anywhere (with some considerations of course) if we want, not just in the month of Ramadan. Therefore, lets get back to the basic then.

One of the fundamental things about the blessed of Ramadan is the Quran is being revealed on this month. The sacred scripture of Muslim that come directly from their god, Allah swt, through his angel Jibril and his messenger Muhammad pbuh. It begin with the word 'Read' which Allah swt wants human to learn from it, feel it and study about it. Yet with the current situation that happen in the Muslim community which a huge poverty, corrupted governments, deadly extremist and of course the unrecognized social behavior on Halal and Haram matters, do we really take Quran as the ultimate guidance or we just put it as another book in library?

The situation happens in our economy, political and social activities are all being discussed in Quran. Muslim actually can applied it once and become the center of civilization back then, but what happened now is 180 degree different. Quran is revealed not without a reason. And it is revealed on the month of Ramadan is also not with no reasons. Ramadan is the time where we can unite from the time of Sahur until Maghrib and even until Taraweeh prayer. It is the time we realizing that Quran is not just a book to recite, it is a book to applied. It is a guidance directly from Allah swt and we have to read it as we are being given that revelation by our god personally.

Prof Yusuf Saleem then close his Khutbah with poem about Quran from Dr Pandit Shanker Dayal Sharma, a Hindus who are the ninth President of India.

It was a command for action.
You turned it into a book of prayer.

It was a Book to understand.
You read it without understanding.

It was a code for the living.
You turned it into a manifesto of the dead.

That which was a book of knowledge;
You abdicated to the ignoramus

It came to give knowledge of Creation.
You abandoned it to the madrassah.

It came to give life to dead nations.
You used it for seeking mercy for the dead.

O’ Muslims! What have you done?

Cash Waqf: The Sustainable Solution

Since all the previous posts are all about the big issues that seems impossible to solve, let me be clear on this post as I proposed one solution to clear the mess in our current economy and of course financial systems. Waqf is one of the tool that provides economics sustainability in the many Islamic caliphates and it really is a powerful tool. And this kind of contract is very possible for having the similar impact in our modern economy.

In terms of the Shariah ruling, waqf has been derived from the hadith which states three benefits that will be long last for human life; the useful knowledge, pray from good kids and unbreakable donation. People used to interpret that the point of unbreakable donation is a donation that brings good situation to the beneficiaries which they will bring similar situation to their related and so on. And yet I also was thought this kind of perception in the pass. However, when I've been exposed about this waqf, thanks to Prof. Magda Ismail in her economics class, just then I realized that the meaning of the hadith is about this instrument; Waqf.

Waqf as I mention is an unbreakable donation. It has three ground rules which are irrevocable, unalienable and perpetual. Therefore, waqf is somehow an ultimate donation that cannot be decrease in value and sometimes it was called to be an asset that own by Allah. Of course all asset is own by Allah, but for a man that already given an amanah by Allah to own the asset and gives it back to Him, it must has some special position by Allah.

Cash Waqf moreover is an innovation by Islamic scholars in response to the development of the modern economy. Although cash naturally is not suitable for waqf since it is revocable, Islamic finance scholars has developed the use of it and making it able to suit the waqf characteristics.

The transaction model is simple, just like endowment fund if I have to say. People will inject cash to the waqf fund, and this fund will be invested in the very secured manner. It is due to the first rule of waqf which is the asset cannot be decreasing in value. Its not even numbers, it is value thus the fund also should consider the inflation rate and so on. Then only the profit will be given to the beneficiaries, yet this profit will be given forever periodically without any some sort of maturity point. Therefore, it really is the instrument that creates sustainable development for the beneficiaries.

Practices of this cash waqf still hard to find due to the low literacy of waqf itself. However, some financial institutions like islamic banks or takaful have considered this type of contract to be included in their respective systems such as corporate waqf or waqf-based risk fund. However, people should practice more on this waqf since donation itself is not enough to give sustainability in our economy.

The System with No Interest

Here is my insight for what I have been exposed for the first semester.

Financial system was created to be the middle man for demand and supply activities. The system helps producer to sell their product in exchange of compensation to the buyers. That is as simple as that, yet now financial system looks so complicated with lots of instrument, complex regulations with really huge player that so difficult to be intervened as well. Why those things occurred when the text-book meaning is so easy to understand?

Let us go back to earlier sentence which basically come to the fundamental concept for this system in word 'exchange of compensation'. This means financial system is all about the system to regulate the medium of exchange to be acceptable and fit all around the globe. But still the question is why it can be so complicated now?

First, it can be so complicated because the presence of interest in the money. When the amount of the medium of exchange itself can be grow by time, there will happen an unfair transactions for either the supply or demand side. It also create a transfer of risk in the transaction, with the debtor will burden all the risk in its settlement of debt plus perpetual completion of interest. This problem can be seen in the case European financial crisis with ECB try to 'help' Greece by giving a loan but what happen is Greece fall deeper in their bankruptcy since they fail to pay the interest in the loan. That is why, Islam really put a concern about this issue since it creates an unjust society and it also acts of a worship as a Muslim since it stated In Quran chapter Al-Baqarah verse 275"but Allah has permitted sale and forbidden interest".

Second, many instrument that appear in this system create financial deepening that really hard to be controlled. With the combination inter-related financial instruments and the nature of transfer of risk in the transaction, a financial decisions in the society sometimes do not affected the real economy. For example, IMF's Global Financial Stability Report noted "growing recognition that dispersal of credit risk by banks to a broader and more diverse group of investor, has helped make banking and overall financial system more resilient". 15 months after this statement issued, Lehman Brothers was set to be bankrupt followed by the surprising financial crisis in 2008.

So how's the system actually should be?

Islamic finance offers some solutions which basically restructure all the things in the current financial market. However, it can be concluded that Islamic finance generally has two concepts which are the basis of its concept is from Quran and Sunnah, and it prohibits mainly four things; interest, uncertainty, gambling and prohibited matters. With these concepts, Islamic finance is said to offer a stable yet satisfying all the people in the system with the 'risk sharing' instruments.

First, it uses an equity contract with Mudharabah and Musharakah. This is a contract which rather than using interest to gain the profit, the capital provider will make the profit shared together. It is a very vital contract where Islamic economy is used to evolved with the performance of this contract. In the modern economy, this contract usually found in the investment sectors where the capital provider is willing to take a higher risks compare to risks that exposed in the saver sector likes banks.

Second, it uses an unilateral contract such as Zakat, Infaq, Waqf and Takaful. Unilateral contract is one of the most powerful contracts in Islamic economy. It was the basis of caliphate system where the fiscal policy is so strong and effectively distributed. Currently, the practice of this kind of contract is mostly to satisfy the religious needs of Muslims rather than become the fundamental point of economics stability. Even Takaful, the application out of its concept is still in minimal point which the practicability still copy-cat the Insurance company. However, Islamic finance definitely has a bright future on this particular sections where the volume of demand and supply on the circulation of the funds is always high.

Third, debt-based, lease-based, and some secondary contracts. This is the sections where Islamic finance player heavily penetrated where some people said 90% of Islamic banking product is based on these contracts.The reason is, it can easily mimicking the conventional banking of course. Yet, it is still the best choices since our economy is driven with banking activity.

"Between Debt and The Devil" by Adair Turner

     This is a content review of Adair Turner's book "Between Debt and The Devil". Mr.Turner is an ex-chairman of Financial Services Authority of England, appointed 5 days after Lehman Brothers collapse. He wrote this book as his perspective of what is happening on financial system right now. The cause, analysis and suggestion given within 15 chapters, 251 pages.

     In the beginning, the book depicts that 40 years before the 2007-2008 crisis, finance grew far faster than the real economy, private credit grew faster than GDP, trading volume soared and as a result financial system become more complex. Experts confidently said these complex financial system will lead the market to completion, efficiency and stability. In April 2006, only 15 months before the onset of financial crisis, IMF's Global Financial Stability Report noted with approval the "growing recognition that dispersal of credit risk by banks to a broader and more diverse group of investor, has helped make banking and overall financial system more resilient". This assumption generated by the idea of economic growth driven by credit and control of interest rate from central bank to achieve low and stable inflation. However financial markets are different from other markets, thus even though financial intensity plays crucial role in a market economy, the relationship is not linear and limitless.

     Financial Markets have their own hysteria and the volatility is inexplicable in terms of economic fundamentals. Five factors were explained in this book which are irrational decision making, influence of the irrational belief, theory of rational arbitrageurs will bring the price back, irrational result whatever the decision is, uncertain result of mathematical risk model. Financial activity also might burden economy with the dead weight of additional and unnecessary cost. Increasing intensity also generates market volatility or in other ways made the economy less stable.

     Debt contract plays an important role in this matter, especially the institution that issues this, Banks. It always seen as a ride of financial system as its liquidity and mobility of the capital. The emerge of Industrial Revolution is a prove that debt contract in capital market, banks and equity market is a good injection for economic growth. However, although debt contract and banks play economically valuable roles, the very character that make them valuable is the reason why it is very harmful. First, debt contract is risk fixed means that it does not depend the value of the underlying asset.Then, it can creates a sudden stop in economics and resulting in depression and deflationary debt overhang effect.

     Banks now, on the other hand, have evolve from household saving place to power purchaser by creating credit and intangible money. They make loan to borrowers to be repayable at a later date with some sort of 'risk' payment and use it as their purchasing power. It expand in all aspect of household and business, makes all the transaction is going through banking system. As a result, once bank money has been created by extension of new credit, it is almost certain to remain in the banking system: very little is taken out and used is the form of notes and coins. As a comparison, the money circulation appears in United Kingdom that takes form of notes and coin is only 2% while the rest used in the banking system. This makes 'Too Big To Fail' situation in banking sector while the its role is harmful in the economy.

     to be continued.

"Bio Fantasy" Tribute to Chairil Anwar by Melissa Sunjaya

Bio Fantasy by Melissa Sunjaya

     This art exhibition was tribute to Indonesian maestro Chairil Anwar who give Melissa Sunjaya different perspective in seeing object of poem that he made in his early life. She translated Chairil's work by using her talent on graphic design as well as story telling. Her presentation actually really amaze me yet confusing. With the imagination of using biological cell to represent Chairil's poem, Melissa gave the audience another side of Chairil Anwar which rarely seen. This event was conducted at gallery of Komunitas Salihara, Jakarta.

    Melissa first introduce her artwork with some kind of fictional story located in the future space. It shows the situation that humanity face in the future time when people all fighting for their own interest. Given some imaginary places and condition, this story is really eye catchy and for me personally it depicts a basic value of social activity.

The Tale of Bio Fantasy

     After the opening tale, Melissa gave us the main course of the day. It is all the artwork that she made in these past 2 years. She interpret 45 (as the year of Indonesia independence day) of Chairil Anwar poet into some kind of graphic design art. One thing that really interesting me the most is the sense of contemporary touch that she gave in her work. It is an appearance of some verse in the portrait when audience viewing it using specific lens. The combination of all of that simply impressive.

  Diponegoro - Without Lens

Diponegoro - With Lens

The Art Work Display

     Overall, this exhibition has amaze me. All the abstract paint, illustration portrait, science fiction story and videography are better than good to describe who Chairil Anwar is. Although at some point it was too complicated, the message of the work is easy to understand. Good.

Gatel (Itchy). Tribute to Chairil Anwar by Melissa Sunjaya.

All the art work can be find on:
http://www.tulisan.com/blog/2015/09/a-tribute-to-chairil-anwar/
http://www.salihara.org/programs/visual-arts/exhibition/detail/bio-fantasy-a-tribute-to-chairil-anwar