ABNR Assists Bank Syariah Indonesia via Strategic Partnership with Prudential Sharia
ABNR has acted as lead local counsel to Bank Syariah Indonesia (BSI) in respect of its long-term strategic bancassurance partnership with PT Prudential Sharia Life Assurance (Prudential Sharia).
Prudential Sharia will become BSI’s Sharia life insurance provider from early 2025. BSI will market, promote, distribute and/or refer Prudential Sharia products to its customers.
The bancassurance partnership emphasises BSI’s commitment to enhancing the availability of quality Sharia-based financial and insurance products in Indonesia. This partnership between two main players in Indonesia’s Sharia finance industry ensures that BSI’s retail and wholesale banking customers will have comprehensive access to Prudential Sharia’s insurance products and services through BSI’s distribution channels.
BSI is the largest Sharia bank and 6th-largest bank in Indonesia by assets with more than 20 million customers and 1,000 branches nationwide. Indonesia, with approximately 84% of its 280 million population identifying as Muslims, represents a significant market for Sharia financial services. The synergy between BSI and Prudential Sharia is expected to be a positive catalyst towards unlocking potential for further growth in the Sharia financial segment in Indonesia.
ABNR’s role in this matter involved advising on all Indonesian legal and regulatory aspects of the transaction. The work included: advising on and reviewing the draft bancassurance agreement, providing a legal memorandum as guidance for implementation of the transaction, furnishing the requisite legal opinion, navigating sharia principles throughout the transaction to ensure compliance with prevailing Indonesian laws and regulations, and assisting during negotiations and closing.
The ABNR team was headed by partner Mr. Ayik C. Gunadi, and included senior associate Mr. Novario Hutagalung and associates Mr. Kenny Poltak, Ms. Nesya Ashari, Mr. Joshua Situmeang, Ms. Marshel Miyata, Ms. Vanessa Nethania, Ms. Hikmatu Shalihah and Ms. Gladyne Mesepy.
We would like to take this opportunity to warmly congratulate both parties and thank them for their close teamwork and collaboration that facilitated the smooth and successful completion of the agreement. We wish BSI and Prudential every success with their bancassurance partnership, moving forward.
More Legal Updates
- 26 Sep 2025 Indonesia and the EU reach important trade deal
- 23 Sep 2025 ABNR Among Best Overall at 2025 ABLJ Indonesia Law Awards: 11 Wins
- 22 Sep 2025 Intersection of Artificial Intelligence (AI) and Copyright: A Look at the Uncharted Territory of the Law
- 17 Sep 2025 ABNR has once again been recognized by IFLR1000 in its 2025 rankings
- 15 Sep 2025 Stricter Mechanism in Land Acquisition and New Provisions on Indonesian Land Regime
- 29 Aug 2025 Indonesia Overhauls Visa System: What Foreigners & Employers Need to Know
NEWS DETAIL
26 May 2025
ABNR Assists Bank Syariah Indonesia via Strategic Partnership with Prudential Sharia
ABNR has acted as lead local counsel to Bank Syariah Indonesia (BSI) in respect of its long-term strategic bancassurance partnership with PT Prudential Sharia Life Assurance (Prudential Sharia).
Prudential Sharia will become BSI’s Sharia life insurance provider from early 2025. BSI will market, promote, distribute and/or refer Prudential Sharia products to its customers.
The bancassurance partnership emphasises BSI’s commitment to enhancing the availability of quality Sharia-based financial and insurance products in Indonesia. This partnership between two main players in Indonesia’s Sharia finance industry ensures that BSI’s retail and wholesale banking customers will have comprehensive access to Prudential Sharia’s insurance products and services through BSI’s distribution channels.
BSI is the largest Sharia bank and 6th-largest bank in Indonesia by assets with more than 20 million customers and 1,000 branches nationwide. Indonesia, with approximately 84% of its 280 million population identifying as Muslims, represents a significant market for Sharia financial services. The synergy between BSI and Prudential Sharia is expected to be a positive catalyst towards unlocking potential for further growth in the Sharia financial segment in Indonesia.
ABNR’s role in this matter involved advising on all Indonesian legal and regulatory aspects of the transaction. The work included: advising on and reviewing the draft bancassurance agreement, providing a legal memorandum as guidance for implementation of the transaction, furnishing the requisite legal opinion, navigating sharia principles throughout the transaction to ensure compliance with prevailing Indonesian laws and regulations, and assisting during negotiations and closing.
The ABNR team was headed by partner Mr. Ayik C. Gunadi, and included senior associate Mr. Novario Hutagalung and associates Mr. Kenny Poltak, Ms. Nesya Ashari, Mr. Joshua Situmeang, Ms. Marshel Miyata, Ms. Vanessa Nethania, Ms. Hikmatu Shalihah and Ms. Gladyne Mesepy.
We would like to take this opportunity to warmly congratulate both parties and thank them for their close teamwork and collaboration that facilitated the smooth and successful completion of the agreement. We wish BSI and Prudential every success with their bancassurance partnership, moving forward.