BSI collaborates with UAE for branch office optimisation in Dubai
JAKARTA. PT Bank Syariah Indonesia Tbk (BSI) further advances its strategic collaboration with the United Arab Emirates (UAE) through branch office optimization in Dubai. This collaboration is designed to facilitate and improve economic, business, and trade relations between Indonesia and the UAE, as well as the Middle East & Africa region, through sharia financial services.
CEO of BSI, Hery Gunardi believes that by securing a full branch office business permit, BSI will possess greater flexibility in carrying out international business affairs.
According to him, this license opens up opportunities for various activities, including trade finance such as letters of credit (LC) of exports and imports, corporate financing, including global-scale syndicate, as well as providing arrangement and advisory to enable global investment to enter Indonesia through a number of financial and banking instruments.
Gunardi also emphasised that the focus will be directed to Indonesia-related corporations, in the spirit of being Indonesia incorporated. Thus, this step will not only improve the quality of BSI services, but also expand its impact in promoting national economic activities on a global scale.
"This improvement in branch office does not only strengthen BSI's position in the Middle East, but also increases our capacity to offer a comprehensive range of services and products to users in Dubai," said Gunardi.
The strategic measure of establishing a BSI Full Branch Office in Dubai is not only a way to strengthen partnerships with the UAE and Saudi Arabia, but also supports Indonesian exporters and companies in expanding their businesses in the Middle East region, including MSMEs.
Hery further reaffirmed that BSI's expansion and services in the UAE are in line with the bank's commitment to promote the Global Halal Hub ecosystem. By utilising its strategic position in Dubai, BSI is expected to become a major player, connecting Indonesia with the world's sharia economic centre, with a potential market share of 10%-20% of the export-import trade volume worth US$ 4-5 billion.
In the context of the Indonesia-United Arab Emirates Comprehensive Economic Partnership Agreement (IUAE-CEPA), BSI is confident that it will be able to support the exports of local entrepreneurs to the UAE and its surroundings. With its position as a global player in Dubai, BSI continues to strengthen its cooperation with Islamic banks in the region to market Sukuk.
Gunardi stated that this initiative aligns with BSI's wish to increase its contribution to the global Islamic finance landscape, which ultimately paves the way for BSI to achieve its vision: becoming one of Top 10 Global Islamic Banks. (*)