BSN Expands into the Muhammadiyah Economic Ecosystem
INFO BISNIS — PT Bank Syariah Nasional (BSN) has begun a massive business expansion by entering the ecosystem of Muhammadiyah, the largest Islamic organisation in Indonesia. This strategic move is aimed at breaking the stagnation in the national Islamic banking market share, which has remained at 7-8% for the past decade.
The signing of a Memorandum of Understanding (MoU) between the management of BSN and the Central Executive Board (PP) of Muhammadiyah, which took place in Tangerang, Banten, on Tuesday, February 24, 2026, marks BSN’s entry point to manage liquidity across thousands of Muhammadiyah’s network points, ranging from the education and healthcare sectors to the supply chains of its members’ businesses.
BSN’s President Director, Alex Sofjan Noor, said that penetrating the Muhammadiyah ecosystem is a concrete step for the company to accelerate financial inclusion, which currently only reaches 13.41%.
“We are no longer waiting for the market, but entering an established ecosystem. Muhammadiyah has extraordinary legitimacy and economic networks. This is a momentum for BSN to be present as a key partner in building public trust through tangible services,” said Alex.
Through this collaboration, BSN positions itself as a provider of digital cash management solutions for Muhammadiyah’s social enterprises (AUM).
The company is targeting the management of funds and payment systems, including payroll services, virtual accounts, and QRIS integration for hundreds of universities and hospitals under the Muhammadiyah umbrella.
Not only at the institutional level, BSN is also launching a Muhammadiyah-BSN co-branded debit card to target millions of Muhammadiyah members directly. This entire ecosystem will be integrated into the Bale Syariah by BSN application, which enables access to Islamic home financing and digital gold instalment investments.
This expansion is supported by BSN’s increasingly solid fundamentals following last year’s transformation. As a bank born from the acquisition of Victoria Syariah by BTN Syariah, BSN has recorded total assets of IDR 72.9 trillion as of December 2025.
With the support of 118 national outlets, BSN is optimistic that its penetration into the Muhammadiyah ecosystem will make a significant contribution to the company’s third-party fund (DPK) portfolio.
Alex added that the comparison with Malaysia, which has an Islamic market share of over 40%, is a driving force for BSN to continue penetrating the largest mass organisation in Indonesia.
“This collaboration is not just a formality. We are committed to providing sustainable financial benefits to the Muhammadiyah family through measurable programs,” said Alex.
The Treasurer General of the Central Executive Board (PP) of Muhammadiyah, Hilman Latief, revealed that Muhammadiyah will continue to develop in the future to strengthen the Islamic ecosystem in the country.
“In addition to having social enterprises and hundreds of thousands of employees in these enterprises, Muhammadiyah must also have a strategic role in strengthening the Islamic economy in the country. This includes carrying out various forms of financing to strengthen the revitalisation of Muhammadiyah’s social enterprises,” said Hilman.
Hilman added that the central executive board has formed a team to procure subsidized and non-subsidized housing for Muhammadiyah members, including employees, staff, and activists throughout Indonesia. (*)