The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Islamic finance awards 2013: Bank Syariah Mandiri

Best Islamic bank in Indonesia

Islamic finance has been frustratingly slow to take off in Indonesia, considering the opportunity: 240 million people, 210 million of them Muslim, with increasing wealth and a widespread interest in investing in a way consistent with their faith. Many Islamic banks have been set up in Indonesia, often with heavy Malaysian involvement, and the Islamic Banking Association claims that the industry is growing by 40% a year off a low base, but there’s still a sense of potential rather than traction.

The two biggest names in local Islamic finance are Bank Syariah Mandiri and Bank Muamalat Indonesia, which compete with foreign-backed names such as Bank Permata (Standard Chartered Saadiq) and Bank Niaga (CIMB). Mandiri is the leader to date, boosted considerably by the support of its parent, Mandiri. That backing is the reason Fitch rates the Islamic bank AA+(idn), and the parent bank also helps considerably with product distribution. For example, Mandiri, the parent, put Rp300 billion ($31 million) of new funds into the Islamic business in December 2011 to finance expansion, and is understood to be considering an IPO for it.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree