Bank Syariah BRI to become the fourth sharia bank in Indonesia

All the services currently provided by Indonesia’s third biggest bank by asset, PT Bank Rakyat Indonesia (BRI) will be transferred to its newly-acquired PT Bank Jasa Arta, which will later be renamed PT Bank Syariah BRI.

Bank Rakyat said it is seeking to accelerate growth in its sharia banking operations, given that stand-alone sharia banking businesses in Indonesia have performed better than the sharia units of conventional banks.

The three existing sharia banks — Bank Muamalat, Bank Syariah Mandiri and Bank Syariah Mega Indonesia – hold a combined share of 76 percent of the market in the world’s biggest Muslim country.

Comparatively, the sharia units operated by 74 conventional banks only have a combined market share of 24 percent. In 2007, the funding provided by sharia units and banks accounted for about 2 percent of total loans extended by the banking system.

Source : Global Islamic Finance Centre (GIFC)

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