BRIS - The number of BSI Hajj savings account holders reaches 5.5 mn

BRIS - The number of BSI Hajj savings account holders reaches 5.5 mn Bank Syariah Indonesia (BRIS) has achieved significant growth in its Hajj Savings program, with an average annual customer increase of 15%. This has propelled the number of BSI Hajj Savings account holders to 5.5 mn, solidifying the bank's market leadership with a 64% market share. BSI's success is attributed to factors like convenient digital services through platforms like BYOND by BSI and a strong physical network. This year, 185,000 BSI customers, representing 83.7% of Indonesia's government-allocated Hajj quota, are set to embark on their pilgrimage. (Source : Kontan) Comment : BRIS's strong market position in Hajj Savings provides a competitive advantage and positions it as a leader in Islamic banking services. The consistent growth and high customer base indicate strong public trust and loyalty towards BSI's Hajj Savings offerings. The success of BSI's e-channels highlights the importance of digitalization in enhancing customer experience and driving growth in Islamic banking. The bank plays a crucial role in supporting Indonesia's Hajj operations by serving a significant portion of the country's pilgrims. By continuing to innovate, expand accessibility, and enhance customer engagement, BRIS can further solidify its leadership in the Islamic banking sector and contribute significantly to both the sector development and the Indonesian economy. We reiterate our BUY rating for BRIS, with GGM-derived TP of IDR3,670 (3.4x ‘25F P/B).