Bank Syariah Indonesia Gets Operational Principle License in Dubai

Dubai, MINA – Dubai International Financial Center (DIFC) submitted a letter of incorporation to PT Bank Syariah Indonesia Tbk. (BSI) on Thursday, 4 November 2021. This strategic move marks that the largest Islamic bank in the country can officially open the market in the Middle East region.

BSI received a letter of incorporation related to operations in Dubai. With the deed of establishment, BSI officially became part of DIFC. This brings BSI one step closer to achieving its goal of becoming a key player in the global Islamic banking industry.

The letter of incorporation was also attended by Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Wimboh Santoso, Deputy Minister of SOEs Kartika Wirjoatmodjo, President Director of BSI Hery Gunardi, President Director of PT Bank Mandiri (Persero) Tbk Darmawan Junaidi, Director of PT Bank Rakyat Indonesia (Persero) Tbk Handayani, and President Director of PT Bank Negara Indonesia (Persero) Tbk Royke Tumilaar. Also present were DIFC CEO Arif Amiri, DIFC Chief Business Development Officer Salmaan Jaffery

BSI President Director Hery Gunardi said that currently BSI is in the final stages of obtaining permission from the Dubai Financial Service Authority (DFSA) regarding the opening of a representative office in Dubai.

“As the largest Islamic bank, we hope to reach the potential of the world’s Islamic market which has not been optimally touched. We want to be the main players in encouraging and growing Indonesia’s sharia economy. So that Indonesia can become a major figure in the world’s sharia economy,” he said optimistically.

According to him, the presence of BSI in Dubai is a strategic step. This step also marks BSI’s first track record in the global market. BSI will be the first bank from Indonesia to have a representative office in the Middle East region.

With this expansion, BSI hopes to realize its mission as a Top 10 Global Islamic Bank based on market capitalization by 2025. BSI’s presence in Dubai is expected to not only contribute to the development of the Islamic banking industry in Indonesia but it can also strengthen relations between Indonesia and Middle Eastern countries, especially the United Arab Emirates (UAE).

Moreover, the UAE is one of the global investment centers, where Dubai is the center of global Islamic finance, including Sukuk.

BSI will optimize the business potential in Dubai as a connecting bridge between Indonesia and global investors, to invest funds in government projects, BUMN and also for other development projects in the country.

The presence of BSI in Dubai is also expected to strengthen bilateral and multilateral relations between Indonesia and GCC countries in the Middle East. In October 2021, the Indonesian government had just inaugurated the Indonesian Trade Promotion Center (ITPC) in Dubai to optimize trade business from Indonesia to the Middle East.

Of course, the presence of BSI in Dubai is also expected to facilitate access for all stakeholders to seek financial services and information to empower export and import businesses to the Middle East. This needs to be emphasized to strengthen Indonesia’s economic growth and resilience, especially after the COVID-19 pandemic. (T/RE1)

Mi’raj News Agency (MINA)