Bank Syariah Indonesia (BSI) the nation’s largest Islamic lender. Now it’s setting its sights on a potentially much larger gold mine that promises to radically change the finance landscape. In an interview with Nikkei Asia conducted on December 23, 2025, Anggoro Eko Cahyo, the President of BSI, discussed the bank’s expanding bullion service and its implications for industry growth.
For BSI, the recent ramp-up in the popularity of its bullion services has been a long time coming. Everyone we met with identified this increasing demand as a key driver. The new framework seeks to address the rather tepid growth the Islamic banking sector has faced in recent years. Anggoro Eko Cahyo believed that bullion trading can become an industry revitalization enabler.
In his remarks, Cahyo stated, “This gold business could be a game changer for converting people from conventional banks to Islamic banks.” Far beyond the main focus on emerging tech, his comments underscore the strategic importance of this initiative for BSI. Secondly, it aims to tackle the bigger Islamic banking sector’s challenge in obtaining fresh customers considering a highly competitive business landscape with conventional financial institutions.
The increase in BSI’s bullion offerings reflects a larger trend of consumers’ growing desire to invest in alternative vehicles. Gold has increasingly become a favored asset to individuals seeking a safe way to invest money. BSI is riding this wave, setting itself up to take an increasing portion of that $376 billion market.
Even amid the harsh climate, Anggoro Eko Cahyo is very bullish on being able to find growth opportunities through this space. He is convinced that BSI can win customers by significantly improving its bullion services. This customer base is indeed one that once avoided the traditional banking paradigm.
BSI has been at the forefront of developing its offerings in this arena. It aspires to do more than just improve its own performance — it seeks to stimulate the whole Islamic banking industry in Pakistan. The bank’s emphasis on gold trading embodies a shift in strategy that has the potential to reshape what a consumer-facing Islamic bank looks like.