Remarks of President of the Republic of Indonesia on the Launching of PT Bank Syariah Indonesia Tbk, 1 February 2021, at the State Palace, DKI Jakarta Province

Bismillahirrahmanirrahim,
Assalamu’alaikum warahmatullahi wabarakatuh.

Distinguished Vice President of the Republic of Indonesia Professor Doctor Kiai Haji Ma’ruf Amin as Chairperson of Board of Trustees of Sharia Economic Community,

Distinguished Cabinet Ministers,

Distinguished Ulemas, Chairperson of Nahdlatul Ulama, Chairperson of Muhammadiyah, Chairperson of the Indonesian Ulema Council, and all leaders of Muslim organizations,

Distinguished Governor of Bank Indonesia and Chairperson of the Board of Commissioners of the OJK (Financial Services Authority),

Distinguished Executive Director of the National Committee on Sharia Economics and Finance, and Chairperson of the Board of Supervisors of Bank Syariah Indonesia Tbk., President Commissioners and President Directors of Bank BNI, Bank Mandiri, Bank BRI, and Bank Syariah Indonesia Tbk.

Ladies and Gentlemen.

Today is a historic day for the development of Indonesia’s sharia economy. We have long been known as a country home to the largest Muslim population in the world. This predicate has become one of Indonesia’s global identities and is one of our pride. Thus, Indonesia should be one of the leading countries in terms of sharia economic development.

Praise be to God, based on data from the State of Global Sharia Economy Indicator Report, Indonesia’s sharia economic sector has recorded a significant growth. In 2018, Indonesia’s sharia economy ranked tenth in the world. In 2019, it rose to the fifth rank in the world. And in 2020, thank God, Indonesia’s sharia economy is ranked fourth in the world. We should be grateful for the higher rank. However, we must continue to work hard to make Indonesia the center for the regional and global sharia economy.

Ladies and Gentlemen,

Praise be to God, in the midst of COVID-19 pandemic crisis, I am pleased to receive reports that Indonesia’s sharia banking continues to record a stable growth and our sharia banking has managed to grow higher than the growth of conventional banking. Once again, we should be grateful, thank God. In many indicators, sharia banking recorded a higher growth than conventional banks.

In terms of assets, sharia banking has increased 10.97 percent on an annual basis, while that of conventional banks increased 7.7 percent, meaning sharia banks record a higher growth. In terms of third party funds, the growth was 11.56 percent on annual basis, also slightly above conventional banks which amounted to 11.49 percent. From the financing side, it grew by 9.42 percent on an annual basis, much higher than conventional banks which only grew 0.55 percent. I think we should pay attention to the indicators.

Based on the data, I believe that, God willing, Indonesia’s sharia economy will grow rapidly, will contribute greatly to the welfare of the Ummah and the people, as part of the proof that Islam is a religion that is rahmatan lil ‘alamin (a mercy to all creation).

Ladies and Gentlemen,

As part of the measures to develop Indonesia’s sharia economy, I warmly welcome the launching of PT Bank Syariah Indonesia Tbk (BSI) today. It is my fervent hope that Bank Syariah Indonesia will make a major contribution to the development of sharia economy that brings welfare for the Ummah and all Indonesian people. To that end, I am going to elaborate my messages on this matter.

First, Bank Syariah Indonesia must truly become a universal sharia bank. It means that it must be open. It must be inclusive and it must welcome anyone who wants to become a customer. Do not think that Bank Syariah Indonesia is for Muslims only. Non-Muslims must also be accepted and welcomed to become customers of Bank Syariah Indonesia. All those who wish to have a transaction or make investment in sharia bank must be welcomed.

Second, Bank Syariah Indonesia must be able to accelerate the use of digital technology. The digitalization is imperative in order to reach out those who have not been reached by the existing banking services.

Third, Bank Syariah Indonesia must attract the millennial generation to become customers because the number of young Indonesian millennial currently reaches 25.87 percent of the total 270 million population. This is a very large number.

Fourth, Sharia financial products and services from the BSI must be competitive, meet the needs of various consumer segments, from MSMEs, corporations, and retail, and be able to facilitate customers to quickly improve their economy and become the backbone of our country’s economy.

As the barometer of sharia banking in Indonesia and, God willing, in the region and the world, I hope that Bank Syariah Indonesia will quickly seize new opportunities, be able to create new trends in Sharia banking and not just follow the existing trends.

That concludes my remarks on this auspicious opportunity and by saying bismillahirrahmanirrahim, I officially launch PT Bank Syariah Indonesia Tbk.

I thank you.

Wassalamu’alaikum warahmatullahi wabarakatuh.