Indonesia’s three-way Islamic bank merger back on government agenda
JAKARTA – The three-way merger of Indonesia’s state-owned Islamic banks is back on the government’s planning board.
The idea for the merger of Bank Syariah Mandiri, BRI Syariah, and BNI Syariah was first mooted in 2013 by the then central bank governor Halim Alamsyah and minister of state-owned enterprises Dahlan Iskan. It was carried forward through President Joko Widodo’s first term as president from 2014 and has now been resuscitated by Vice President Maaruf Amin and the current minister of SOEs Erick Thohir.
Ventje Rahardjo, Executive Director at Indonesia's National Sharia Economy and Finance Committee (KNEKS) told Salaam Gateway the process of the merger will be carried out by each bank with their parent companies. BRI Syariah is a subsidiary of Bank BRI, Syariah Mandiri is a subsidiary of Bank Mandiri, and BNI Syariah is subsidiary of Bank BNI.
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