Bank Syariah Indonesia

Profile narrative

Bank Syariah Indonesia, commonly known as BSI, is an Indonesian bank that provides Sharia-compliant banking services. Its activities are centred on Islamic banking principles, offering products and services for individual customers as well as business and institutional clients. Its service scope includes retail banking, savings and deposit products, financing, payment services, and digital banking channels used by customers in Indonesia. The bank operates in the Indonesian financial sector and serves the domestic market for Sharia-based financial services.

BSI is a major institution within Indonesia’s Islamic banking sector. It was created through the consolidation of the Sharia banking businesses of several state-owned Indonesian banks, including BRI Syariah, Bank Syariah Mandiri, and BNI Syariah. This merger gave BSI a broad existing customer base, branch and service network, and a prominent position in the country’s Islamic finance market. Its scale is also reflected in the impact of the May 2023 cyber incident, in which the LockBit ransomware group claimed to have stolen 1.5 terabytes of personal and financial data and affected approximately 15 million customers and employees.

A distinguishing attribute of BSI is its focus on Sharia-compliant banking rather than conventional interest-based banking. This positions it as a specialist institution within Indonesia’s wider banking sector, serving customers who seek financial products structured under Islamic principles. Its ownership background is also significant: BSI is associated with Indonesia’s state-owned banking sector through the merger of Sharia units from state-owned banks. In May 2023, BSI experienced a major ransomware-related disruption, with several service channels taken offline and later public leakage of data after ransom negotiations failed. Indonesian authorities were notified and involved in the investigation and restoration of services.

Incidents

1 incident linked to this organisation.