Successfully passing the 1998 crisis, the DSN MUI fatwa mentioned that interest is haram, religious image, and the principle of profit sharing are the main things that legitimize the operations of Islamic banks in Indonesia. However, the public is not quite sure about the legitimacy of Islamic banks. This is marked by many criticisms of Islamic banking products which are considered similar to conventional bank products, questionable contributions to society, and fraud that occurs within the Islamic bank itself which increasingly makes the public question regarding the operational practices of Islamic banks. This study takes a fully public point of view in analyzing the public legitimacy of BSM (Bank Syariah Mandiri) with the content analysis method of variable disclosure that the public wants to know through the annual report released to the public. The results of the study show that although there are still many things that are not disclosed by BSM in its annual report, BSM is still quite legitimate as a Sharia bank