Top 5 Indonesian Sharia Banks and Units with the Largest Assets in 2023

The Indonesian Financial Services Authority (OJK) reported that as of October 2023, there were 13 independent Islamic banks in Indonesia and 20 Islamic banking units within conventional banks.

Databoks compiled data from company financial reports and other sources to identify the five largest Islamic banks and Islamic banking units in Indonesia based on assets.

Bank Syariah Indonesia (BSI) ranked first, with assets totaling Rp319.84 trillion (approximately US$21.3 billion) as of Q3 2023. This represents a 4.61% increase from Rp305.72 trillion in December 2022. The largest components of BSI's assets are receivables (Rp144.49 trillion), profit-sharing financing (Rp84.47 trillion), and securities (Rp57.04 trillion).

Bank Muamalat held second place with assets of Rp66.19 trillion in Q3 2023, a 7.87% increase from Rp61.36 trillion in December 2022.

CIMB Niaga Syariah's Islamic banking unit ranked third with Rp61.46 trillion in assets during Q3 2023, a 3.36% year-on-year (YoY) increase according to Bisnis.com.

BTN Syariah ranked fourth with Rp49 trillion in assets in Q3 2023. The company attributed this to a surge in financing disbursement throughout 2023. Nixon LP Napitupulu, President Director of Bank BTN, stated that BTN Syariah achieved a compound annual growth rate (CAGR) of 9.8% in assets from 2018 to 2022. News of a potential merger between BTN Syariah and PT Bank Muamalat Tbk. is gaining traction. According to Katadata, this merger, which would involve BTN either separating its Islamic banking unit or acquiring a new bank, would significantly impact the Islamic banking industry. A combined Bank Muamalat and BTN Syariah would have approximately Rp114.6 trillion in assets, nearly half of BSI's. If the merger proceeds, it would create the second-largest Islamic bank after BSI.

Maybank Indonesia's Islamic banking unit ranked fifth with Rp42.1 trillion in assets as of June 2023, a 5.23% increase from Rp41.14 trillion in June 2022, according to Bisnis.com.

According to the OJK, the total assets of Islamic banks and Islamic banking units reached Rp811.96 trillion in October 2023. This comprises Rp550.91 trillion from Islamic banks and Rp261.04 trillion from Islamic banking units. This represents an approximately 11.97% increase from Rp725.12 trillion in October 2022 and is the highest total in the past year.