Indonesian Banks and Sharia Banking Units Show Slight Growth in October 2023

The Indonesian Financial Services Authority (OJK) report shows that the total assets of sharia commercial banks and sharia business units reached Rp811.96 trillion in October 2023.

This comprises Rp550.91 trillion in assets from sharia commercial banks and Rp261.04 trillion from sharia business units.

The October 2023 total shows a slight increase of approximately 0.24% compared to September 2023, which stood at Rp809.98 trillion. The September 2023 figure consisted of Rp550.92 trillion in assets from sharia commercial banks and Rp259.06 trillion from sharia business units.

The increase in total assets in October 2023 originated from the assets of sharia business units within Indonesian commercial banks.

(See also: [link to article about spirituality as a reason for using sharia financial products])

The asset acquisition in October 2023 also surged approximately 11.97% from the previous period of Rp725.12 trillion in October 2022. The October 2023 assets are also the highest in the last year.

In addition, the OJK also announced that the number of sharia banks reached 13 units in October 2023. Meanwhile, sharia units within Indonesian commercial banks reached 20 units in the same period.

(See also: [link to article about BTPN Syariah's net profit])

Indonesian sharia commercial banks have 1,948 offices. This consists of 393 branch offices (KC) and 1,555 sub-branch offices (KCP). The number of sharia commercial bank ATMs reached 4,427 units in October 2023.

In contrast, sharia business units have 20 units within conventional commercial banks. Sharia unit offices total 433, comprising 189 branch offices (KC), 243 sub-branch offices (KCP), and 1 cash office (KK). The number of ATMs in this sector is 194 units.

The number of employees in sharia banks is 50,708, and in sharia units of commercial banks, it is 5,590. Therefore, the total is 56,298 in October 2023.

(See also: [link to article about Bank Muamalat's profit])