Dubai Chambers has signed a Memorandum of Understanding (MoU) with PT Bank Syariah Indonesia, the largest Sharia bank in Indonesia, to enhance cooperation in the field of information exchange and help the bank expand to reach a wider range of banking customers. The deal was inked during the second day of the Dubai Business Forum, hosted at Madinat Jumeirah in Dubai from 1-2 November.
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.
PT Bank Syariah Indonesia was established in 2021 as a result of the merger between PT Bank BRI Syariah, PT Bank Syariah Mandiri, and PT Bank BNI Syariah. The merger combined the strengths of the three Islamic banks to provide a wider range of services, more extensive reach, and higher capital levels. In 2022, the bank achieved revenue of more than US$ 1.2 billion and generated profits of over US$ 250 million. The bank’s capital currently stands at between US$ 15 – 17 billion.
PT Bank Syariah Indonesia has established an office in Dubai as part of its expansion plans to international markets, with Dubai Chambers playing a key role in helping it obtain the necessary license in Dubai International 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.”
The agreement was signed as part of The Deals Hub, a dedicated impact-driven platform for global business leaders and investors to forge and announce major business initiatives, partnerships, investments, and commercial alliances during the Dubai Business Forum. An innovative initiative that reflects Dubai Chambers’ commitment to driving growth in international trade and investment, The Deals Hub further consolidates Dubai’s position as a leading global city for doing business.
Hosted under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the Dubai Business Forum brings together key stakeholders from the government and private sectors across the globe to explore strategic economic partnerships, develop international networks, and open new horizons for business, trade, and investments.
