Overview Of Bank Syariah Mandiri, One Of The FPI Account Blockers

Illustration. (Photo: Bank Syariah Mandiri)

JAKARTA - PT Bank Syariah Mandiri (BSM) is a subsidiary of PT Bank Mandiri Tbk. The forerunner to the establishment of BSM was when Bank Mandiri took a strategic step by transforming PT Bank Susila Bakti, which at that time was part of a subsidiary, into a sharia-based banking institution.

Now, after more than two decades of Bank Syariah Mandiri being established, the government as the controlling shareholder made an important decision to merge three state-owned Islamic banks into Bank Syariah Indonesia.

Meanwhile, the three banks are PT Bank Rakyat Indonesia Tbk (BRIS), PT Bank Negara Indonesia Syariah, and PT Bank Syariah Mandiri.

BRIS itself as the only public company among the three banks was appointed as the parent entity. Meanwhile, the other two will merge into the core structure of the BRIS.

However, what is unique is that BSM is known to be the entity with the largest portion of paid-in shares with 51 percent. This is because BSM is the largest Islamic bank in Indonesia in terms of asset ownership.

A report states that based on the recapitulation of the first semester of 2020 performance, these three national sharia banks have total assets of Rp. 214 trillion with a core capital of Rp. 20.4 trillion. This figure makes Bank Syariah Indonesia the largest Islamic banking institution in the republic, even among the top 10 Islamic banks in the world.

BSM itself is arguably quite successful in its journey. This has been proven by BSM through its achievements over the past year even though the economic condition is being hit by the COVID-19 pandemic.

Quoting the company's latest financial report for the third quarter of 2020 on the official website, it was stated that Bank Syariah Mandiri managed to collect a net profit of not less than IDR 1.07 trillion. This figure is up 22.6 percent compared to the same period the previous year.

Meanwhile, BSM support contributed most by the increase in fee-based income, especially from digital services, gold-based products and consumer financing margin income.

From the collection of third party funds (DPK), it was stated that there was an increase in the value of deposits with savings being the main supporter of Rp.44.7 trillion or an increase of 19.2 percent year-on-year. This high savings rate contributed 59.2 percent of all low-cost funds owned by the company (savings, current accounts and time deposits).

The soaring DPK made BSM assets recorded at Rp. 119.43 trillion or an increase of 16.1 percent. Then for the banking intermediation sector, BSM financing is said to have touched a value of IDR 79.2 trillion or grew 7.3 percent compared to the third quarter of 2019.

The increase in the amount of financing was followed by the company's ability to maintain the quality of distribution of funds with a net NPF (non-performing financing / NPF) ratio of 0.6 percent in September 2020 compared to September 2019 which was 1.6 percent

The Financial Services Authority (OJK) as the financial supervisory institution, provides a benchmark for the distribution of healthy category financing and credit not to exceed the 4 percent requirement.

To note, Bank Syariah Indonesia will have 1,200 branches spread throughout Indonesia. This is an important asset to work on the 270 million population of Indonesia, 87 percent of whom are Muslims.

On the other hand, Minister of Finance Sri Mulyani said that the total national Islamic financial assets reached IDR 1,710 trillion. This value does not include Islamic stock capitalization.

For information, the deed of merging of three state-owned Islamic banks was carried out on Wednesday, December 16, 2020 in Jakarta. Through the signing, Hery Gunardi agreed as the President Director of Bank Syariah Indonesia. Followed by Ngatari as deputy managing director I, and Abdulah Firman Wibowo as deputy managing director II.

According to the plan, Bank Syariah Indonesia will start operating fully on February 1. It is interesting to await the progress of this banking financial service institution in working on the sharia market niche in the country.