BRIS targets top five global Islamic bank spot with Hajj, gold push

The Indonesian bank eyes a 25% ROE.

Bank Syariah Indonesia (BRIS) is banking on Hajj and gold as key drivers to reach its target of becoming one of the top five Islamic banks globally.

The Indonesian bank is targeting a 25% return on equity (ROE) on the assumptions of 40% cost-to-income ratio, a product holding ratio (PHR) of over five times, and less than 80 basis points in credit costs, noted UOB Kay Hian (UOBKH).

PHR, or inventory turnover ratio, measures how many times a company sells and replaces its inventory over a period, according to a definition by Investopedia. A high turnover ratio may suggest strong sales. The speed with which a company can turn over inventory is a critical measure of business performance, according to Investopedia.

BRIS has named Hajj and gold as key PHR drivers. Currently, its gold penetration remains underutilised, with just 6.9% within payroll loans, yet delivering a PHR of three times (3.0x). This indicates significant headroom for expansion, according to UOBKH analyst Posmarito Pakpahan.

Hajj account base has also expanded to 5.9 million in 2025, with the average balance rising to IDR2.5m during the year from the previous years’ IDR2.1m.

“Together, the Hajj and gold franchises provide sticky savings products and cost of funds (CoF) and are also high-margin businesses,” Pakpahan wrote in a report on 9 October 2025.

BRIS’ role as a bullion bank further strengthens its ability to deliver holistic gold-based services, spanning savings, financing, investment, and ecosystem partnerships, Pakpahan added.