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Jakarta Post

Govt launches Indonesia’s largest sharia bank. Observers sense opportunity.

The Jakarta Post Image
A Bank Mandiri Syariah employee serves a customer at the lender’s Central Jakarta office.(JP/Wendra Ajistyatama)
Eisya A. Eloksari
Jakarta   ●   Thu, February 4, 2021

Indonesia is seeking to boost its currently limited sharia finance sector with the launch of Bank Syariah Indonesia (BSI) this week, the country’s largest sharia bank.

BSI, which was launched on Monday, is the result of a merger of three state-owned banks’ sharia subsidiaries, namely Bank Syariah Mandiri (BSM), BNI Syariah and publicly listed BRI Syariah. The government expects the bank to serve some 15 million customers as it seeks to develop the country into a sharia finance hub.

Anugerah Mega Investama director Hans Kwee said the benefits of sharia banks, such as waived administrative fees for certain savings options and fairer credit card exchange rates, would likely to entice some customers to make the switch.

“There are a lot of benefits of sharia banking that attract even those who are not Muslim. Among Muslim consumers themselves...

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