In a strategic move aimed at expanding its presence in Indonesia, Prudential has announced a long-term bancassurance partnership with Bank Syariah Indonesia (BSI). Through its subsidiary, PT Prudential Sharia Life Assurance, Prudential will begin offering Syariah-compliant life insurance products to BSI customers starting in early 2025.
Under the terms of the partnership, BSI, Indonesia’s largest Syariah bank and the sixth-largest overall by assets, will be responsible for marketing, promoting, and distributing Prudential’s products across its vast network. The bank currently serves over 20 million customers and operates more than 1,000 branches throughout the country.
With Indonesia’s population of 280 million being predominantly Muslim—approximately 84%—the partnership aims to tap into the growing demand for Syariah-compliant financial services in the region.
Solmaz Altin, Managing Director of Prudential’s Strategic Business Group, underscored the significance of the collaboration, describing Indonesia as a key market for growth. Anil Wadhwani, CEO of Prudential, emphasized the company’s expertise in bancassurance and its commitment to delivering long-term value through this new partnership with BSI.
The partnership marks a notable step forward in expanding Syariah financial products in Indonesia, reflecting the rising demand for Islamic banking and insurance services in the world’s largest Muslim-majority nation.
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