Expanding Business, BSI Penetrates Services In The Middle East

Illustration of Indonesian Islamic Bank. (Photo: Antara)

JAKARTA - PT Bank Syariah Indonesia Tbk (BSI) has begun to penetrate services in the Middle East in line with cooperation with international conglomerates and start-ups in Dubai, United Arab Emirates (UAE).

This also marks the expansion of the largest Islamic bank in Indonesia in the global arena.

The expansion of BSI's business and services in the UAE was marked by the signing of a cooperation agreement (MoU) between the company and Lulu Hypermart Indonesia as a network of Lulu Hypermart Global, the largest retail marketing network in the Middle East and the fintech company Berrypay in Dubai on Friday 13 May 2022.

This strategic step was taken by BSI in conjunction with the historic momentum of the grand launching of the BSI representative office in Dubai.

Regarding this strategic step, BSI President Director Hery Gunardi said, BSI's collaboration with Lulu Group International and Berrypay which was carried out simultaneously with the inauguration of the BSI representative office in Dubai marked BSI's go global and established business and services in the Middle East.

"This is a historic milestone, the first step of BSI's expansion in the international market. This network and business expansion allows us to be able to manage business opportunities that exist abroad, both Indonesian related businesses or corporations as well as from individuals, namely Indonesian citizens. We are ready to serve customers and optimize the business potential in this region," said Hery in his statement, Tuesday, May 17.

He explained that this step was an acceleration for BSI to be taken into account in the international community through increasing capabilities, competitiveness, and reputation.

The reason is, if you want to become one of the largest Islamic banks in the world, BSI must be qualified in the domestic banking industry as well as at the global level.

According to him, the presence of overseas business networks allows BSI to interact directly with important components of the global banking industry.

In addition, Hery hopes that BSI will be closer to global investors so that companies can contribute in supporting infrastructure and development project funding through the issuance of Global Sukuk as well as support for the development of national MSMEs.

"By being present in Dubai, BSI will strengthen trade relations between Indonesia and countries in the Middle East Region. And with the collaboration with the Lulu Group, we also want to advance Indonesian MSMEs so that their products can be distributed to potential markets in this region," said Harry.

BSI has opened its Representative Office in Dubai International Financial Center (DIFC) as its first global presence, BSI based on the Letter of Incorporation from DIFC dated November 4, 2021, and Final Approval of Representative Office Permit from DFSA on January 28, 2022.

DIFC is a global financial hub and sukuk hub located in the heart of Dubai.

The inauguration of the office in Dubai is a historic event because it is the first Indonesian banking network in the world's Islamic financial center, as well as the realization of the BUMN Go Global program and realizing the mission of becoming a Top 10 Global Islamic Bank based on market capitalization by 2025.

In addition, the BSI representative office in Dubai is an initial milestone in the development of BSI's international network in the future.

BSI has planned to upgrade its presence license in Dubai after the BSI representative office is inaugurated, so that the office can become a full-branch.

“From Dubai, we certainly hope that BSI's global presence will increase in a number of other world financial centers. Such as London, New York, Tokyo, Singapore and also Saudi Arabia. We are grateful and proud that in the future BSI will be able to participate in raising the Red and White in the international world," concluded Hery.