Regarding Expansion To Saudi Arabia, BSI Awaits Arab Financial Authority Decision

JAKARTA - PT Bank Syariah Indonesia Tbk (BRIS) has opened its voice about the progress of business expansion by opening its newest branch in Saudi Arabia.

BSI Corporate Secretary, Gunawan A. Hartoyo, said that currently his party has obtained approval to expand from the Financial Services Authority (OJK) and is just waiting for permission from the Saudi Arabian Monetary Authority (SAMA) financial authorities.

"The OJK has received approval. Now we are waiting for the financial authorities there. Hopefully it will come out soon," he said at a press conference at Bank Syariah Indonesia at the BUMN Ministry Office, Monday, March 18.

Regarding the target, Gunawan continued, his party is targeting licensing issues to be completed this year so that the opening of the Arab branch can be realized soon this year. For now, his party is still waiting for the decision of the Saudi financial regulator.

"Regarding the target, we hope that this year it can be realized, but we will continue to see the dynamics that are developing which are now taking care of regulators in Saudi," he continued.

When asked about the location of the Saudi Arabian branch, Gunawan was reluctant to provide further comment. However, Gunawan confirmed that the location is not far from the center of Umrah pilgrims from Indonesia. This is in accordance with BSI's initial goal of supporting the community community who are worshiping in Saudi Arabia.

"My specific city cannot be helped because the regulations are ongoing. If there is, we will provide information," concluded Gunawan.

Previously, BSI's Treasury & International Banking Director Moh Adib said that BSI would continue to strive for this to be realized and would travel through the business-to-business (B2B) and government to government (G2G) through the Ministry of Foreign Affairs and the Saudi Arabian Royal Embassy in Indonesia.

Adib hopes that the opening of the new branch office of BSI in Saudi Arabia can be realized in the first quarter of 2024 or the second quarter of 2024.

"We have met twice with the same, hopefully in the near future it can be realized next year in the first quarter, or the second quarter no later," he said.