Bank Syariah Indonesia has obtained the merger permit from the Financial Services Authority (OJK) dated 27 January 2021, using BRI Syariah as the surviving company.

[2] As of June 2024, BSI is the world's largest Islamic bank by customer numbers.

As of February 2023[update], acquisition of another state-owned bank BTN Syariah is still being discussed, but it would be instead acquired by Bank Muamalat Indonesia (BMI) and it would be finished in March 2024.

BSI has been trying to expand its business in the Middle East, having opened a representative office in Dubai International Financial Center in early January 2022.

The bank is planning to open a branch in Saudi Arabia.