PT Bank Muamalat Indonesia posted 372.20 billion RP ($36.1 million USD) in net profits for the first half of 2013, a 51.27% increase from the same period during the previous year (2012). The bank’s net earnings for the year as per June 2012 reached 1.25 trillion RP compared to 868.33 billion in June 2012 illustrating a significant increase.

This positive performance is attributed to the bank’s reoriented strategy including greater focus on fee based income. Margins on murabaha transactions for example saw a 47% rise from the same period last year equating to 925.23 billion RP. Musharakah income also grew from 461.64 billion RP in June 2012 to 746.65 billion RP.

Such results are highly encouraging as the bank moves ahead with a rights issue for investors later in the year.