Bank Syariah Indonesia (, abbreviated as BSI) is a state-owned

Islamic bank Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, ...

. The bank was officially founded on 1 February 2021 as a result of merger between state-owned sharia banks. Bank Syariah Indonesia has obtained the merger permit from the

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investments Board (SIB) in 1985 ...

(OJK) dated 27 January 2021, using BRI Syariah as the surviving company. As of June 2024, BSI is the world's largest Islamic bank by customer numbers.

History

BSI originated from three state-owned banks which are subsidiary of larger banks: BRIsyariah (of

Bank Rakyat Indonesia PT Bank Rakyat Indonesia (Persero) Tbk ( "Indonesian People's Bank"), commonly known as Bank BRI or just BRI, is one of the largest banks in Indonesia. It specialises in small scale and microfinance style borrowing from and lending to its app ...

/BRI), Bank Syariah Mandiri (of

Bank Mandiri PT Bank Mandiri (Persero) Tbk or Bank Mandiri, headquartered in Jakarta, is the largest bank in Indonesia in terms of assets, loans and deposits. Total assets as of 2022, were 1.992 Trillion rupiah (around US$133 Billion). As of 2022, Bank Man ...

) and BNI Syariah (of

Bank Negara Indonesia Bank Negara Indonesia ( 'State Bank of Indonesia', formerly Bank Negara Indonesia 1946, 'State Bank of Indonesia 1946') is an Indonesian state-owned bank. It has branches primarily in Indonesia, but it can also found in Seoul, Singapore, Hong Ko ...

/BNI). * Bank Syariah Mandiri: The bank was founded in 1955 as Bank Industri Nasional ("National Industrial Bank"); in 1967 it was changed into Bank Maritim Indonesia ("Maritime Bank of Indonesia") and was changed again in 1973 into Bank Susila Bakti. In 1999, the newly founded Bank Mandiri became majority shareholder of the bank, and was converted to sharia banking in 1999 as Bank Syariah Mandiri. * BNI Syariah: The bank was founded on 29 April 2000 as a sharia banking unit of BNI. In 2010, it spun-off as a separate subsidiary. * BRIsyariah: The bank was originally established on 3 July 1969 as Bank Djasa Arta (later spelled Bank Jasa Arta) and headquartered in

Bandung Bandung is the capital city of the West Java province of Indonesia. Located on the island of Java, the city is the List of Indonesian cities by population, fourth-most populous city and fourth largest city in Indonesia after Jakarta, Surabay ...

West Java West Java (, ) is an Indonesian Provinces of Indonesia, province on the western part of the island of Java, with its provincial capital in Bandung. West Java is bordered by the province of Banten and the country's capital region of Jakarta to t ...

. On 19 December 2007, the bank was acquired by BRI. Following

Bank Indonesia Bank Indonesia (BI) is the central bank of the Republic of Indonesia. It replaced in 1953 the Bank of Java (, DJB), which had been created in 1828 to serve the financial needs of the Dutch East Indies. History Bank of Java King William ...

permit on 16 October 2008, it was converted to sharia banking and officially operated as BRI Syariah on 17 November 2008; in 2009 the sharia banking unit of BRI was officially merged to the bank. In 2018, the bank went public in Indonesian Stock Exchange. , acquisition of another state-owned bank BTN Syariah is still being discussed, but it would be instead acquired by

Bank Muamalat Bank Muamalat Indonesia (BMI), commonly called as Bank Muamalat, is a commercial bank in Indonesia operating on the principles of Islamic banking. The bank was founded in 1 November 1991, based on the initiative of the Indonesian Council of Ula ...

Indonesia (BMI) and it would be finished in March 2024. BTN Syariah was founded on 14 February 2005 as a sharia banking unit of

Bank Tabungan Negara PT Bank Tabungan Negara (Persero) Tbk, lit. "National (State) Savings Bank", abbreviated and trading as BTN (currently stylized in its logo in all-lowercase), is an Indonesian commercial bank best known as a mortgage bank, headquartered in G ...

(BTN).

Overseas branches

BSI is now Indonesia's sixth-biggest bank in terms of assets. BSI has been trying to expand its business in the Middle East, having opened a representative office in Dubai International Financial Center in early January 2022. The bank is planning to open a branch in Saudi Arabia.

References

External links

Official website
{{Portalbar, Companies, Banks Indonesian companies established in 2008 2021 establishments in Indonesia 2018 initial public offerings Banks established in 2008 Banks established in 2021 Bank Mandiri Bank Negara Indonesia Bank Rakyat Indonesia Syariah Indonesia Government-owned banks of Indonesia Companies listed on the Indonesia Stock Exchange Companies based in Jakarta Indonesian brands