Prudential plc has entered a strategic bancassurance partnership with Bank Syariah Indonesia to enhance its presence in the Syariah life insurance market starting in early 2025.

Information on the Target

PT Prudential Sharia Life Assurance (Prudential) has officially announced a strategic long-term bancassurance partnership with Bank Syariah Indonesia (BSI). Starting in early 2025, Prudential will serve as the Syariah life insurance provider for BSI, which will promote, distribute, and refer Prudential's products to its extensive customer base. BSI stands out as the largest Syariah bank in Indonesia, ranked as the sixth-largest bank in the country by assets. With more than 20 million customers and a network of over 1,000 branches nationwide, BSI's market presence is significantly larger than any other Syariah bank in Indonesia.

Industry Overview in Indonesia

Indonesia, the largest Muslim-majority country in the world, is home to approximately 280 million people, with around 84% identifying as Islamic. This demographic creates a substantial market for Syariah-compliant financial services, positioning the nation as a focal point for Islamic finance developments. The growth of Syariah banking has been notable in recent years, with increasing consumer demand for products that align with Islamic principles.

The Syariah banking sector in Indonesia has witnessed rapid expansion as consumers become more aware of financial products that adhere to Islamic law. This trend is further bolstered