Dubai Chambers has inked a Memorandum of Understanding (MoU) with PT Bank Syariah Indonesia, Indonesia's largest Sharia bank, to improve information sharing and enable the bank access a larger variety of banking consumers. The agreement was signed on the second day of the Dubai Business Forum, which was held in Madinat Jumeirah in Dubai from November 1-2.
Under the terms of the MoU, the two parties will exchange financial knowledge and information in key areas, contribute to the development of the financial and institutional environment in both markets, and enhance cooperation to achieve their shared objectives, as per zawya.
The merger of PT Bank BRI Syariah, PT Bank Syariah Mandiri, and PT Bank BNI Syariah resulted in the formation of PT Bank Syariah Indonesia in 2021. The merger united the three Islamic banks' capabilities to provide a broader range of services, a broader reach, and better capital levels. In 2022, the bank earned more than US$ 1.2 billion in revenue and more than US$ 250 million in profits. The bank's capital is now between US$ 15 and US$ 17 billion.
PT Bank Syariah Indonesia has opened an office in Dubai as part of its worldwide growth goals, with Dubai Chambers playing a vital role in assisting it in obtaining the requisite license in the Dubai worldwide Financial Centre (DIFC).
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Our cooperation with the largest Islamic bank in Indonesia reflects the chambers’ continuing commitment to supporting companies of all types and sizes with their expansion into the Dubai market and enabling them to leverage the benefits of the emirate’s favourable business ecosystem.”