Indonesia’s Bank Nagari Targeting Conversion to a Shariah Bank by End of 2021

Indonesia’s West Sumatra Regional Development Bank (Bank Nagari) has announced that it is in the process of preparing the requirements to convert into a Shariah bank, which is targeted to take place by the fourth quarter of 2021, as reported in local media.

According to Idrianis, Head of the Corporate Secretary Division of Bank Nagari, the conversion from conventional to Shariah banking was targeted to be completed within two years after a shareholder meeting held in November 2019, with the deadline for Bank Nagari being set for the 30th of November 2021 for the conversion.

Although Bank Nagari was hoping to complete the conversion by November 2020, the progress was delayed due...