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Bank Syariah Indonesia (lit.'Sharia Bank of Indonesia', abbreviated as BSI) is a state-owned Islamic bank in Indonesia. 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 (OJK) dated 27 January 2021, using BRI Syariah as the surviving company.[2] As of June 2024, BSI is the world's largest Islamic bank by customer numbers.[3]
History
BRI Syariah, one of the pre-merger banks and the surviving company
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.[citation needed] 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, West Java. On 19 December 2007, the bank was acquired by BRI. Following Bank Indonesia permit on 16 October 2008, it was converted to sharia banking and officially operated as BRI Syariah on 17 November 2008;[4] in 2009 the sharia banking unit of BRI was officially merged to the bank. In 2018, the bank went public in Indonesian Stock Exchange.[5]
As of February 2023[update], acquisition of another state-owned bank BTN Syariah is still being discussed, but it would be instead acquired by Bank Muamalat 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 (BTN).[6]
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.[7]
