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Awards

Islamic finance awards 2014: Bank Syariah Mandiri

Best Islamic bank in Indonesia

While nobody has quite yet made the best of the big opportunity in Islamic finance in Indonesia, Bank Syariah Mandiri is the one closest to critical mass. It operates out of 796 offices in 33 Indonesian provinces, thanks to the might of its Mandiri parent; company literature said it employed more than 16,000 people by May 2013.

In March 2013, president director Yuslam Fauzi said the bank aimed to increase its profit by 50% in the course of 2013, from Rp800 billion in 2012 to Rp1.2 trillion ($123.7 million); at the time of writing it was not yet clear if it had succeeded, but this is the sort of ambition one would expect given increasing individual wealth in Indonesia and its large Muslim population.

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