The Financial Services Authorization (OJK) as the regulator of the finance industry has issued a policy set forth in the POJK. 28 / POJK.05 / 2014 which explains that multi-finance which has sharia portfolio as much as 50% from total business or five years from POJK is lawfully obliged to do spin-off sharia. With this policy, sharia business unit can be more focus on business development. Through this research will be analyze the feasibility of sharia financing business unit in fulfilling the aspect of separation of business unit (spin-off). Beside by observation, deep interview with Sharia Supervisory Board (DPS) and literature review, the research also use ARIMA and Double Smoothing Exponential to forecast market and financial aspect. Based on the research results sharia financing unit of Adira Finance has the ability to be spin off. But it should be noted from technology and human resources aspects.

The purpose of this study to determine the level of investment feasibility and sensitivity level of sharia financing business unit in the process towards spin off. The investment feasibility analysis is carried out in two schemes: the funding scheme is fully borne by the sharia unit of Adira Finance and the joint financing scheme of funding of units to be financed. Sensitivity analysis is calculated by the scenario of decreasing the number of units financed and the scenario of increasing the financing composition of joint financing. Parameters to be measured in these two analyzes are: Net Present Value (NPV), Benefit Cost Ratio (B/C ratio), Internal Rate of Return (IRR) and Break Even Point (BEP). Based on the calculation of investment analysis, the sharia business unit is not eligible to be separated into sharia unit business if all funding is charged to sharia business unit. While the results of sensitivity analysis calculations obtained that motor finance products more vulnerable to changes in scenarios than car finance products.