JAKARTA, RAKYAT NEWS – Bank Syariah Indonesia Tbk (BSI) is on track to open its first branch in Saudi Arabia in the near future, marking a significant step in the bank’s international expansion.

The announcement follows a positive indication from the Saudi Arabian Monetary Authority (SAMA), which recently hosted a meeting with BSI representatives. During this meeting, BSI’s leadership team, including Director of Treasury & International Banking Ari Rizaldi and other executives, presented their completed documentation and business model to SAMA officials.

Ari Rizaldi expressed optimism about the process, noting that SAMA showed a strong interest in BSI’s business model. According to him, the discussions with SAMA have been promising, and the authorities in Saudi Arabia are keen on having BSI establish a presence in the Kingdom. The positive signals are expected to lead to the swift issuance of the necessary permits.

Business consultants working with BSI are also optimistic that the approval process will proceed smoothly.

The upcoming branch in Saudi Arabia is part of BSI’s broader strategy to expand its reach in the Middle East. According to Rizaldi, BSI has been in contact with the relevant authorities, including the Ministry of Investment Saudi Arabia (MISA), to ensure that the necessary steps are taken following the SAMA approval.

Once the final approval is granted, the process will move forward with MISA’s involvement, marking another milestone in the bank’s expansion plans.

BSI’s corporate secretary, Gunawan A. Hartoyo, previously confirmed that the bank had submitted its application to SAMA for the establishment of a branch in Saudi Arabia. He mentioned that the Indonesian Financial Services Authority (OJK) had granted its approval for BSI to move ahead with this international expansion.