JAKARTA - PT Bank Syariah Indonesia Tbk (BRIS), or BSI, will expand a new branch office in Saudi Arabia at least by the first half of 2023. The company has reportedly been meeting with several stakeholders in order to realise this plan.

Moh. Adib, Director of Treasury & International Banking of Bank Syariah Indonesia, said that the operation of BSI’s branch office in said country is projected to be in the second quarter of 2023. “In the second quarter, we will already have a physical branch office outside the country,” he said during the interview with IDNFinancials yesterday (4/9).

According to Adib, the cross-border expansion of branch office aims to reinforce BSI’s image as a global sharia bank. “It is a matter of image; how we establish our footprint in foreign countries as an Islamic bank. We are just starting,” he stated.

The company has corresponded with several parties, including the Ministry of Foreign Affairs and Embassy of Saudi Arabia in Indonesia, to assist this branch office opening. Therefore, in the future, BSI will establish its second cross-border branch office. As of now, it is operating its branch office in Dubai, United Arab Emirates.

In Indonesia, this company manages 1,112 branch offices and sub-branch offices across Indonesia, employing 18,581 people.

Until the first quarter of 2023, BRIS recorded operating profit of IDR 1.93 trillion, shifting positively from IDR 1.32 trillion in the same period last year. Its net profit also proliferated from IDR 987.68 billion to IDR 1.45 trillion.

At the end of 2022, the bank’s total income as fund manager (mudharib) increased 10.2% to IDR 19.6 trillion from IDR 17.8 trillion. The number of accounts clocked up to 33.68 million, recording 17.79 million users in total. (LK/ZH)