Published On:07 February 2021
Posted by Indian Muslim Observer

Indonesia’s largest shariah-complaint Bank Syariah Indonesia launched

IMO News Service

Indonesia has given boost to its Islamic finance prospects by launching the country’s largest shariah-complaint Bank Syariah Indonesia. The new bank came into existence after the merger of three top state-owned banks, including Bank Negara Indonesia, Bank Mandiri and Bank Rakyat Indonesia. The new bank immediately after its formation was automatically listed on the Indonesia Stock Exchange.

Bank Syariah Indonesia has now become the country’s seventh-largest bank in terms of assets with an estimated $17.1 billion (240 trillion rupiah). The bank will be operating 1,200 branches across Indonesia, Nikkei Asia reported.

Indonesian President Joko Widodo said, “The country has the world’s largest Muslim population, and it’s high time that Indonesia becomes one of the most advanced countries in terms of Islamic finance and overall shariah economy development. We want to see the bank becoming a global player.”

The government after assessing the large growth opportunities of the country’s expanding middle class and increasing conservatism among its Muslim population had been actively campaigning to boost the shariah economy development in recent years.

It may be noted that Indonesia is currently ranked fourth among Islamic economies, after Malaysia, Saudi Arabia and UAE, according to the annual State of the Global Islamic Economy Report published by DinarStandard in November 2020.

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Posted by Indian Muslim Observer on February 07, 2021. Filed under , , , . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response

By Indian Muslim Observer on February 07, 2021. Filed under , , , . Follow any responses to the RSS 2.0. Leave a response

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