BSI Bets on Gold as 'Game Changer' to Jolt Islamic Finance Growth

Bank Syariah Indonesia (BSI), the nation’s largest Islamic lender, is making a major bet on an ancient asset to fuel its future growth: gold. The bank’s president says its expanding bullion services could be a “game changer” in the battle to lure customers from conventional rivals and energize the country's sluggish Islamic finance sector.

“This gold business could be a game changer for converting people from conventional banks to Islamic banks,” BSI President Anggoro Eko Cahyo told Nikkei Asia in a report published December 23, 2025. His strategy aims to modernize gold ownership, transforming it from a static heirloom into a liquid, accessible investment. For customers like Yulinda Hartanto, a 38-year-old in Jakarta, the service has already shifted her view of gold from something “tucked away in a velvet box” to an active part of her financial portfolio.

The move is a direct response to the tepid growth that has challenged Indonesia’s Islamic finance industry. By tapping into gold's deep cultural popularity and reputation as a safe-haven asset, BSI is creating a powerful on-ramp for new customers. The bank is essentially leveraging a trusted, traditional asset to introduce a modern, Sharia-compliant financial ecosystem to a wider audience.

BSI's strategy isn't just about selling gold; it's a playbook for financial inclusion in emerging markets. By fusing a culturally resonant asset (gold) with modern fintech accessibility, the bank is lowering the barrier to entry for a specific demographic. This model—combining tradition with technology—could be replicated globally to bring underbanked populations into formal financial systems, using trusted local assets as the bridge.