Significant Potential for Islamic Finance Growth: Bank Syariah Indonesia

Islamic assets in Indonesia saw a 23.52% year-on-year increase up to February 2021 (from the start of 2021), reaching a total of IDR 1,836 trillion, according to the Financial Services Authority (OJK). Although this increase is significant, Islamic assets still account for a mere 9.96% in the financial market.

Why it Matters?

The potential for Islamic finance to grow is high despite the young age of Islamic banks compared to their conventional counterparts, and there is room for development, especially given that the country has a complete financial ecosystem and Halal industry. This optimism stems from the fact that every month, Bank Syariah Indonesia (BSI) adds 200,000 new clients, which indicates vast interest from clients to move to Islamic finan...