History
Company values in utmost appreciation to humanity and integrity have
been deeply rooted within everyone at Bank Syariah Mandiri (BSM) since
its early establishment.
Established since 1999, BSM has in fact appeared as blessings and a
morale learnt from the 1997-1998 economic and monetary crisis. As is
known, the economic and monetary crisis, followed by multi-dimension
crisis including in the national politics, has massively affected all
aspects of public life, not an exception to business matters. Under such
a condition, the conventional banksdominated banking industry suffered
from the worst crisis. The government finally took action by
restructuring and recapitalizing the banks in Indonesia.
One of the conventional banks, PT Bank Susila Bakti (BSB) owned
jointly by Employee Welfare Foundation (YKP) of PT Bank Dagang Negara
and PT Mahkota Prestasi also suffered from the crisis. BSB sought to
survive the crisis by merger with other banks and inviting foreign
investors.
At the same time, the government merged four banks (Bank Dagang
Negara, Bank Bumi Daya, Bank Exim, and Bapindo) to become a new bank
under the name PT Bank Mandiri (Persero) on July 31, 1999. The merger
policy also positioned and declared PT Bank Mandiri (Persero) as the new
majority owner of BSB.
Further to the merger, Bank Mandiri embarked on consolidation and
commissioned Sharia Banking Development Team. The team aims to develop
sharia banking business services within the Bank Mandiri business group
as a response to the law enforcement of UU No. 10 Year of 1998 that
allows commercial banks for running sharia transaction services (dual
banking system).
The Sharia Banking Development Team concluded that the law
enforcement serves the right time for converting PT Bank Susila Bakti
from conventional to sharia banking. Accordingly, the Sharia Banking
Development Team prepared the system and infrastructure to change
conventional banking activities of BSB to a bank running on the basis of
sharia principles under the name PT Bank Syariah Mandiri just as
legalized with the Notarial Act of Sutjipto, SH, No. 23 dated September
8, 1999.
The change in BSB business type into sharia commercial bank has been
approved by the Bank Indonesia Governor through Decree No. 1/24/
KEP.GBI/1999, October 25, 1999. Through the Decree of Senior Deputy
Governor of Bank Indonesia No. 1/1/
KEP.DGS/ 1999, the central bank approved the bank renaming into PT
Bank Syariah Mandiri. Following the approval and legal registration, PT
Bank Syariah Mandiri has officially been in operation since 25 Rajab
1420 H or November 1, 1999.
The Bank is now coming, performing and growing as a bank that
combines business ideals and spiritual values as the basis of its
operation. The harmony of business ideals and spiritual values creates a
comparative advantage for Bank Syariah Mandiri to perform in the
banking industry in Indonesia. BSM was born to build Indonesia better.
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