Bank Syariah Mandiri Preparing to Be First Listed Islamic Lender
Bank Syariah Mandiri is set to sell shares in an initial public offering next year, aiming to raise more than Rp 1 trillion ($103 million) as the first Islamic lender at the Stock Exchange. Having the largest Muslim population in the world, Indonesia lags behind its neighbor Malaysia in terms of the development of Islamic finance. The total assets of Islamic compliant lenders in Indonesia accounts for around 4.7 percent of the total banking assets in the country. Moreover, it is home to 120 commercial lenders with combined total assets of Rp 4,000 trillion.
Bank Syariah Mandiri is one of a few units of Bank Mandiri, the country’s largest lender by assets. Other units include Bank Sinar Harapan Bali and Mandiri Sekuritas.