Indonesian Ulema Council Encourages Higher Domestic Consumption from Bank Syariah Indonesia to Increase Shariah Banking Market Share

The Indonesian Ulema Council (MUI) is promoting the use of the newly merged Bank Syariah Indonesia (BSI)’s services amongst Muslims in Indonesia, encouraging them to use these services in efforts to develop the country’s Shariah banking industry.

Why it matters?

According to Ahmad Darodji, Chief of the MUI Office in Central Java, Shariah-compliant banks in Indonesia currently hold an 8.5% share of the market, with the remainder of banking sector customers opting for the use of conventional banks. Given that Indonesia is a Muslim-majority nation, Darodji stated that the BSI should put in effort to develop easy banking services to attract customers.

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