The Indonesian banking industry marked a significant milestone with the establishment of PT Bank Syariah Indonesia Tbk (BSI), officially inaugurated on February 1, 2021. This landmark event, officiated by President Joko Widodo at the State Palace, heralded the birth of Indonesia’s largest sharia bank.
BSI emerged from the merger of three prominent state-owned Islamic banks: PT Bank BRIsyariah Tbk, PT Bank Syariah Mandiri, and PT Bank BNI Syariah. The Financial Services Authority (OJK) formally authorized this merger on January 27, 2021, through letter Number SR-3/PB.1/2021, paving the way for President Widodo to launch BSI just days later. This strategic consolidation included the integration of Bank Syariah Mandiri, a well-established entity in the Indonesian Islamic banking sector, into the newly formed BSI.
The shareholder composition of BSI reflects the backing of major state-owned banks: PT Bank Mandiri (Persero) Tbk holds the majority stake at 50.83%, followed by PT Bank Negara Indonesia (Persero) Tbk at 24.85%, and PT Bank Rakyat Indonesia (Persero) Tbk at 17.25%. The remaining shares are distributed among various stakeholders, each holding less than 5%. The inclusion of Bank Syariah Mandiri in this merger brought not only its assets but also its established customer base and expertise into the BSI framework.
This strategic merger was designed to synergize the strengths of the three banks, resulting in a more comprehensive suite of services, an expanded operational reach, and a stronger capital base. Supported by collaborations with various corporations and the Indonesian government’s commitment through the Ministry of State-Owned Enterprises, BSI is positioned to compete effectively on the global stage. The heritage and operational excellence of Bank Syariah Mandiri are integral to BSI’s enhanced capabilities.
BSI represents a significant endeavor to create a flagship sharia bank that Indonesia can be proud of, aiming to inject new energy into national economic development and contribute to the broader welfare of society. The establishment of BSI, incorporating the robust foundation of Bank Syariah Mandiri, projects a modern and universally appealing image of Islamic banking in Indonesia, one that promotes goodness for all.
The potential for BSI to grow and become a leading sharia bank on the global stage is substantial. Fueled by positive performance indicators and a supportive environment where the Indonesian government is committed to fostering a thriving halal industry ecosystem and a strong national sharia banking sector, BSI is uniquely positioned for success. Furthermore, Indonesia’s status as the world’s most populous Muslim nation provides a significant demographic advantage. The legacy of Bank Syariah Mandiri contributes significantly to BSI’s strategic advantage in this landscape.
In this context, the emergence of BSI is critically important. It is poised to play a pivotal role not only as a facilitator for economic activities within the halal industry ecosystem but also as a realization of Indonesia’s aspirations for a robust and globally competitive Islamic banking sector, building upon the foundations laid by institutions like Bank Syariah Mandiri.
