PT Bank Syariah Indonesia Tbk (BSI) is highlighting significant progress at its international branch located in Dubai, United Arab Emirates (UAE). According to Bob T. Ananta, the Deputy Director of BSI, as of December 2024, the assets of the Dubai branch, known as Kantor Cabang Luar Negeri (KCLN), have reached approximately USD 76 million, equivalent to around Rp 1.2 trillion. This asset growth is primarily driven by corporate financing activities.
BSI Dubai has taken strides beyond corporate financing as it also facilitates trade finance and documentary collection services for exporters and importers engaged in transactions between Indonesia and various Middle Eastern countries. Ananta noted, "Besides Financing, BSI Dubai also facilitates and provides trade finance and documentary collection for exporters/importers with transactions with Middle Eastern countries and Indonesia which have grown significantly in 2024." This growth reflects BSI's commitment to bolstering trade relationships between these regions.
Since its establishment, the representative office situated within the Dubai International Financial Center (DIFC) has served as a strategic touchpoint for Indonesian businesses seeking to expand their footprint in the Middle East. This office, operational since 2022, aligns directly with BSI’s efforts to grow its global presence and support corporate and business entities from Indonesia as they venture abroad.
Looking forward, BSI is actively pursuing expansion plans, with efforts to open another foreign branch office located in Saudi Arabia, which is currently pending regulatory approval. Ananta emphasized the importance of such expansions, stating, “Considering as an international hub, many companies in the Middle East have representatives in Dubai, so the presence of BSI Dubai can be a bridge for financial services and strengthen export-import cooperation with various companies in Indonesia.”
To improve its offerings at the Dubai branch, BSI is engaging with multiple stakeholders, including government agencies, embassies, regional banks and non-banks, and subsidiaries of state-owned enterprises (BUMN). These collaborations are intended to bolster service enhancement across various financial avenues. “Various service aspects continue to be enriched, both from the expansion of products and services accessible internationally. This includes QRIS Cross Border BSI available in several countries, along with treasury services, trade finance, corporate financing, and global syndication,” added Ananta.
The Middle East market and UAE, especially, present ample business opportunities for BSI. The bank's proactive approach is reflective of its optimism toward future growth, with expectations for its Dubai branch to achieve continued positive circulation this year. BSI’s leadership believes the strategic location of Dubai as a business hub will provide significant leverage, facilitating financial services and enhancing export-import collaboration between Indonesia and the Middle Eastern market dynamics.
BSI's strategic position within Dubai allows it to serve as more than just another financial institution; it acts as a bridge connecting diverse economic landscapes, thereby enhancing international banking relationships and spurring bilateral trade. The endorsement of international standards and practices is poised to fortify BSI's reputation as it endeavors to extend its reach and customer base throughout the region, ensuring it stands out as a competitive player on the global banking stage.
With the growth of digital technologies and innovative financial solutions, BSI aims to adapt its services to meet the rising demands of international clients, setting itself apart as a modern Islamic bank with global aspirations. Such forward-thinking strategies not only reinforce BSI’s investment in the Dubai project but also highlight the bank’s ambition to evolve from traditional banking practices and establish its identity as something more than solely sharia banking.
Overall, as BSI navigates the dynamic financial corridors of Dubai and the broader Middle Eastern region, its dedicated effort to provide comprehensive banking solutions is projected to yield significant dividends, both for its operational goals and its clients.