On 21st March 2017, BNI Syariah hosted an event in cooperation with the MUI National Shariah Board as a means of introducing as well as socialising eight new fatwas that are tailored to increase the market share of Islamic banking in Indonesia. As of December 2016, the market share for shariah banking successfully exceeded the 5% mark hence indicating positive prospects for the industry for the coming future. In order to better capture the local market, BNI Syariah has invested in its products and services while also actively engaging with prominent industry players with the capacity to bring about concrete changes to the Islamic banking sector. As such, BNI Syariah invited upper-level management staff members from Indonesia’s Financial Services Authority, Bank Indonesia, the Ministry of Finance’s Shariah Financing Division in addition to the Vice Chairman of the MUI National Shariah Board, Mr Adiwarman Karim at the event alongside President Director of BNI Syariah, Mr Imam Teguh Saptono in order to provide the latest updates of shariah banking in Indonesia.
In keeping with the Indonesian government’s plans of increasing the role of Islamic banking on a national scale, the eight newly-issued fatwas cover aspects of shariah banking as well as non-shariah banking. Among the fatwas include subrogation based on shariah principles, the use of wakaf for insurance and investment purposes, and the implementation of shariah tourism. Through the provision of the fatwas, BNI Syariah and its partner hope to encourage shariah banking industry players in making available innovative solutions that will be beneficial for Indonesian society.
Currently, BNI Syariah offers its ‘Wakaf Hasanah’ product which is a peer-to-peer financing programme that is designed to streamline wakaf funds to professionals involved in wakaf-backed projects. This is evident through BNI Syariah’s increasingly close partnership with the Majelis Syuro Upaya Kesehatan Islam Indonesia organisation which seeks to assist in the management of a hospital in accordance with shariah principles. BNI Syariah has also initiated partnerships with five well-known wakaf organisations including Dompet Dhuafa Foundation, Global Wakaf, and the Wakaf Indonesia Body; BNI Syariah provides these organisations with the funding required to complete the construction of commercial towers, hospitals, and education institutions. As a bank that remains up-to-date with the latest technological advancements in the finance and banking industry, BNI Syariah additionally makes available digital wakaf services that are accessible via smartphones or mobile gadgets. Having established a leading presence in Indonesia’s shariah banking industry, BNI Syariah remains open in welcoming measures that seek to support the long-term sustainability of its industry in strive of an inclusive banking society.
For further information regarding the latest developments at BNI Syariah, please visit its corporate website.