Bank Syariah Indonesia (BSI) – established in 2021 following the merger of Bank BRI Syariah, Bank Syariah Mandiri and Bank BNI Syariah – is a leader in Indonesia’s shariah banking system. It had reached 19 million customers by May 2023, and is Indonesia's sixth-largest bank.
AfE 2024
By the end of 2023 it held 3% of system assets and 41% of shariah banking assets in the country, according to Fitch. It is majority owned by PT Bank Mandiri.
Led by president director Hery Gunardi, the bank operates a full branch in Dubai and plans to open a branch in Saudi Arabia.
Its continued investment in its digital offering in 2023 has generated robust growth across its mobile and online platforms. Transactions made through the app increased by 155% to 316 million in 2023, while the bank saw its fee-based income from digital channels grow by 9% in 2023 to reach Rp991 billion ($60.7 million).
BSI saw online onboarding increase from 46% in 2022 to 86% in 2023, while mobile banking transactions grew from 48% to 61% of all transactions in 2023.
Investment features such as gold purchases and state shariah securities investment products helped the bank reached 6.31 million registered BSI Mobile app users by December 2023.
The bank has a strong small and medium-sized enterprise franchise, with 321,000 SME clients in May 2024. The business grew 13.41% year on year to reach Rp46.60 trillion by that date. In June this year, the bank announced a collaboration with Qasir.id, a startup platform that focuses on payments for micro- and SMEs.
BSI also introduced the Ziswaf (zakat, infaq, sadaqah and wakaf) service on the BSI Mobile app to allow users to donate to more than 10 charitable programmes. This feature saw over 10 million transactions in 2023, representing 6.92% growth year on year.