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Indonesia Aims to Become a Global Halal Hub

The Ministry of State-Owned Enterprises and Bank Syariah Indonesia (BSI) says that they are committed to helping Indonesia become a global halal financial hub.

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The Ministry of State-Owned Enterprises and Bank Syariah Indonesia (BSI) says that they are committed to helping Indonesia become a global halal financial hub.

At the recent BSI International Expo in Jakarta last month, PT Bank Rakyat Indonesia Chairman and Deputy Minister Kartika Wirjoatmodjo says that the Government is continuing efforts to help the country become a major player across the global halal value chain in the financial sector.

“Indonesia, by taking advantage of the second-largest Muslim population, can become the center of the world’s halal industry. The merger of three state sharia banks into BSI in 2021 was a concrete manifestation of the transformation carried out by the ministry. Now, in its third year, BSI is showing impressive performance, one of which has been entering the ranks of the Top 10 Global Islamic Banks in terms of market capitalization,” says Wirjoatmodjo.

This is in line with the surge in the issuer’s share price, which pushed the company’s market cap to Rp131.47 trillion (around US$7.9 billion) in Q1 2024.

In terms of financial performance, Wirjoatmodjo says that BSI was the only sharia bank in the top five banks in Indonesia, with total assets of Rp353.4 trillion and a net profit of Rp5.7 trillion in 2023.

BSI also claims to have been the largest zakat contributor in Indonesia, providing Rp222 billion in 2023.

Commenting on their recent expansion into the MENA market, with the opening of an operational branch in Dubai, Wirjoatmodjo says that BSI will soon open doors in Saudi Arabia too.

“BSI is currently in the process of opening a branch in Saudi Arabia to continue developing the potential of the Islamic ecosystem, especially the Hajj and Umrah services. Currently, BSI is always responsible for becoming an inclusive and modern sharia bank and serving all customer segments,” says Wirjoatmodjo.

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