Targeting Millions of Customers, BSN Enters the Muhammadiyah Ecosystem
PT Bank Syariah Nasional (BSN) has begun accelerating its expansion by entering the Muhammadiyah economic ecosystem. This strategy is designed to broaden its customer base and break the deadlock in the national Islamic banking market share, which has reportedly remained in the 7%-8% range for the past decade.
This move was marked by the signing of a memorandum of understanding (MoU) between BSN management and the Muhammadiyah Central Executive Board (PP) in Tangerang, Banten, on Tuesday (February 24th).
From this, BSN is opening the way to manage liquidity and transactions in the Muhammadiyah network, which is spread across education, health, and the supply chains of its members.
BSN’s President Director, Alex Sofjan Noor, emphasised that BSN chose to enter an existing ecosystem rather than waiting for the market to grow on its own. According to him, the current level of Islamic financial inclusion is only 13.41%.
“We are no longer waiting for the market, but entering an ecosystem that is already mature. Muhammadiyah has strong legitimacy and an economic network. This is a momentum for BSN to be present as a key partner through tangible services,” said Alex.
In this collaboration, BSN positions itself as a provider of digital cash management for Muhammadiyah’s social enterprises (AUM). The target is significant, managing funds and payment systems that include payroll, virtual accounts, and QRIS integration for hundreds of universities and hospitals under the Muhammadiyah umbrella.
Expansion also targets the individual level. BSN is preparing a Muhammadiyah-BSN co-branded debit card to reach Muhammadiyah members directly. All services are planned to be connected to the Bale Syariah by BSN application, including access to Islamic home financing and digital gold instalment investments.
BSN claims that this aggressive move is supported by strengthening fundamentals after last year’s transformation. As a bank resulting from the acquisition of Victoria Syariah by BTN Syariah, BSN recorded total assets of IDR 72.9 trillion as of December 2025. With the support of 118 national outlets, BSN is optimistic that penetration into the Muhammadiyah ecosystem will contribute significantly to third-party funds (DPK).
Alex added that the achievement of the Islamic banking market share in Malaysia, which is said to be above 40%, is a benchmark and a trigger to accelerate penetration.
“This collaboration is not just a formality. We are committed to providing sustainable financial benefits for the extended Muhammadiyah family through measurable programs,” said Alex.
Meanwhile, Muhammadiyah’s General Treasurer, Hilman Latief, stated that Muhammadiyah will strengthen its strategic role in strengthening the national Islamic ecosystem, including through financing for the revitalisation of social enterprises.
“In addition to having social enterprises and hundreds of thousands of employees, Muhammadiyah must have a strategic role in strengthening Islamic economics in the country, including through various forms of financing for the strengthening and revitalisation of Muhammadiyah’s social enterprises,” said Hilman.
Hilman added that the PP Muhammadiyah has formed a team to procure subsidised and non-subsidised housing for members, including employees, staff, and activists of Muhammadiyah throughout Indonesia. (Z-10)
Islamic home financing continues to grow with the support of developers as strategic partners, strengthening the property sector and national housing programs.
PT Bank Syariah Nasional (BSN) launched Bale Syariah by BSN to encourage digital transactions, targeting a two-fold increase in users.
Acting Head of BSN, Y. Kristianto Widiwardono, said that the formulation of SNI is part of BSN’s efforts to ensure that public policies run safely and effectively.
BSN officially began operating nationally on Monday (December 22, 2025) after completing the spin-off process from PT Bank Tabungan Negara (Persero) Tbk.
The services of PT Bank Syariah Nasional (BSN) are officially operating nationally today. The operation of BSN strengthens its role as a catalyst for the growth of national Islamic banking.