The hippie value of the merger of the Sharia bank is the right momentum during the pandemic period

Big Business – Deputy Secretary General of the Central Board of the Indonesian Association of Young Entrepreneurs (Hipmi) Arief Rosyid said the government’s decision to merge state-owned sharia banks was the right step during the Covid-19 pandemic. According to him, the opportunity for Indonesia to gain momentum to promote the national economy will be wide open.

“This momentum can be strengthened by the merger of Himbara’s Islamic commercial banks, which during the pandemic have had good results and are above the national banking industry’s average,” he said on Wednesday, October 14, 2020.

The three Islamic banks that will merge are PT Bank BRI Syariah Tbk, PT Bank Syariah Mandiri and PT Bank BNI Syariah. This consolidation will pool the unit’s assets, which are estimated to be Rp 220-225 trillion.

According to Arief, the merger of state-owned Islamic banks is proof of the government’s commitment to accelerate the development of a sharia-based economy in Indonesia and support Muslims in an economic context. He further stated that around 70 percent of the Islamic economic and financial activity is still centered on Islamic banking.

BRI Syariah, Mandiri Syariah and BNI Syariah have signed a conditional merger agreement (CMA) on Monday evening, October 12, 2020. The signing of the CMA is the first phase in the process of merging the three entities.

A detailed consolidation plan will be announced on October 20. The management of the three banks is currently processing a merger permit from the Financial Services Authority. This consolidation is expected to develop the assets of the three banks to reach IDR 395 trillion by 2025.

Deputy Chairman of PT Bank Rakyat Indonesia (Persero) Tbk. Catur Budi Harto said that the Islamic Himbara Bank would have greater market reach by optimizing sharia’s economic and economic potential in the country. “Himbara Islamic Bank wants greater engine, financial scope and market reach,” he said.

As for the director of Bank BNI Institutional Sis Apik Wijayanto, this merger said the potential to encourage the introduction of Himbara Islamic Bank in line with the world’s largest Islamic banks at market value. “With the formation of a solid Islamic bank, we will become the largest Islamic bank in Indonesia and the ten best sharia banks globally,” he said.

Also read: BRI Syariah shares rise 25 percent after merger announcement


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