Indonesia: popular type of banks for Muslim consumers 2023| ��ƽ��

Most used banks among Muslim consumers in Indonesia as of March 2023, by type

Characteristic	Share of respondents
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Release date

April 2023

More information

Region

Indonesia

Survey time period

March 2023

Number of respondents

1,014 respondents

Special properties

among Gen Z and Millennial Muslim consumers

Method of interview

Online survey

Supplementary notes

Original survey question: "What type of bank are you currently using? (Select all that apply)"

Citation formats

Although Indonesia is the world's largest Muslim-majority country, Indonesian consumers overwhelmingly prefer conventional banks to Islamic ones. A survey conducted in 2023 revealed that ** percent of respondents use conventional banking services, compared with ** percent who prefer Islamic banks.

Key factors influencing banking preferences

The relatively low adoption of Sharia banking services can be attributed to several reasons. In a 2023 survey, ** percent of respondents said they were satisfied with their current banking services, while ** percent saw little difference between conventional and Sharia banks. Reflecting this sentiment, Islamic banks held a modest **** percent share of Indonesia's total banking assets.

Market dynamics in Indonesia's banking sector

The competition between conventional and Sharia banks in Indonesia is further influenced by the rapid rise of fintech and digital banking solutions. These platforms are reshaping the financial landscape by offering seamless, user-friendly services that appeal to tech-savvy consumers. Among the most popular Sharia banks, Bank Syariah Indonesia (BSI) leads with ** percent of the respondents, followed by BCA Syariah at ** percent, but the integration of digital services remains a key challenge.