BNI Syariah on 23rd April 2015 announced its strong financial performance for the first quarter of 2015. The Islamic banking subsidiary of state-owned bank Bank Negara Indonesia attributed this achievement to robust credit growth of 28.73% during the first three months of the year. As announced by President Director Mr Dinno Indiano, BNI Syariah successfully disbursed credit totaling 15.7 trillion IDR. The vast majority (or 83.88%) of this amount was allocated to Griya iB Hasanah, the bank’s home financing facility.

Speaking at an event held at the bank’s head office in the Tempo Pavillion I Building in Jakarta, Mr Indiano provided other indicators of his institution’s solid performance in the early months of 2015. In addition to the aforementioned credit growth, BNI Syariah also recorded a 31.35% rise in total assets compared to the same period of 2014. Overall, the bank booked a 45.67 billion IDR profit during January to March this year.

Four months into 2015, BNI Syariah has also commenced a series of initiatives to further its growth. In mid-April, the bank announced the launch of an Islamic bond (Sukuk) under the Mudharabah contract to fund its expansion plans. According to a report by bisnis.com, the Sukuk that was offered with a 9.25 % coupon recorded a 259% over-subscription in the initial offering over a total issuance of 500 billion IDR. BNI Syariah plans to channel the entire fund to home loans, a sector constituting almost 50% of the bank’s financing portfolio.