Ravenry Industry Report - Sharia Banking in Indonesia (2025)
February 27, 2026
Indonesia’s Sharia banking industry remains underpenetrated at 7.72% of total national banking assets (Dec 2024), yet continues to grow steadily on the back of consolidation, regulatory strengthening, and the expansion of the halal economy. The 2021 merger forming Bank Syariah Indonesia (BSI) marked a structural turning point, improving scale, competitiveness, and industry visibility.
Beyond consolidation, the sector is entering a more mature growth phase characterized by improving liquidity (with a healthy Financing-to-Deposit Ratio), rising deposit and account expansion, stronger MSME financing potential, and increasing digital adoption. As regulatory clarity improves and ecosystem linkages deepen, Sharia banking is shifting from a niche, faith-driven segment toward a more competitive, system-integrated financial pillar within Indonesia’s broader banking landscape.
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