Bank Syariah Indonesia (BSI) Awaits Approval to Open First Branch in Saudi Arabia
Jakarta, The Gulf Observer: Bank Syariah Indonesia (BSI) Corporate Secretary, Gunawan Arif Hartoyo, revealed that the institution is eagerly awaiting approval from the Saudi Central Bank to inaugurate its inaugural branch office in Saudi Arabia.
Speaking from Jakarta on Monday, Hartoyo disclosed, “From the OJK, we have received approval to open there (Saudi Arabia), and currently, we are trying to obtain permission from the financial authorities there first.”
While BSI is eyeing the establishment of the new branch within the year, Hartoyo emphasized that this target remains contingent upon securing the necessary permits from the Saudi Central Bank, the country’s financial regulatory authority, formerly known as the Saudi Arabian Monetary Authority (SAMA).
Details regarding the precise location of the branch office are yet to be disclosed, as Hartoyo explained, “If it is specific to the city, I still cannot tell you about it here because (processing) regulations (permits) are still ongoing.” However, he assured that BSI has submitted a proposal on the matter.
BSI envisions strategically situating branch offices in areas that serve as hubs for Hajj and Umrah pilgrims, as well as centers of activity for the Indonesian diaspora and business endeavors.
Hartoyo concluded by expressing optimism and soliciting prayers for the swift issuance of permits by local authorities, stating, “We ask for prayers so that the permits we are processing with the local authorities can be issued quickly.”
The prospective establishment of BSI’s first branch in Saudi Arabia signifies a significant milestone for the bank, as it endeavors to expand its footprint internationally and provide Sharia-compliant banking services to a broader clientele.
