Bank Muamalat was established in 1991 as the pioneer in Indonesia’s Islamic banking industry and remains the largest standalone, purely shariah bank in the sector holding a unique market position. The bank enjoys a nationwide presence throughout Indonesia with a burgeoning branch and ATM network throughout the archipelago’s main islands and high growth commercial centres which continues to evolve with the needs of the retail and corporate market.
As a leading Islamic bank in Indonesia, Bank Muamalat attracts and retains Indonesia’s most prominent shariah banking professionals, many of which have been with the bank since inception. The bank’s independent status coupled with its highly experienced talent pool has provided the foundations on which it has been able to spearhead new financial instruments in Indonesia such as the launching of the nation’s first sukuk as well as becoming a major lender to frontier industries such as renewable energy and rural SMEs.
The Bank Muamalat brand has been instrumental in consumer education of Islamic banking products and has become synonymous with the sector for consumers in Indonesia. As Indonesia’s Islamic banking sector is poised to enter a new phase in its development, Bank Muamalat has strategically realigned itself with the renewed needs and aspirations of the Indonesian market through the updating of its brand message and service culture, enhancing its IT system and thus how it interacts with customers as well as refocusing its strategy on its proven core strengths. From a strong capital base, Bank Muamalat is positioning itself to play a central role in accelerating Indonesia’s Islamic banking industry and realising the country’s economic potential.
Date of Establishment: 1991
Number of Employees: 5,848
Customer Base: > 4 million
Market Share: 23% (2012)
Number of Branches: 454, 1 International Branch in Malaysia
Assets: IDR 47.92 trillion
Asset Growth: 46.61% (2013)
CAR: 13.37%
Bank Muamalat is the only purely shariah bank in Indonesia to have an international branch presence. The bank made the strategic decision to open a branch in Malaysia to cater to remittances with the long term view to carve out its position in the market and the ASEAN region as a whole. In the lead up to the introduction of the ASEAN One Market, Bank Muamalat has established a key foothold for further expansion into the ASEAN to provide customers with access to the exciting business opportunities that the new regional economic landscape will bring about. Bank Muamalat will continue to strengthen its regional position and become a Qualified ASEAN Bank in the Islamic banking sector by 2020 for the introduction of the ASEAN Banking Integration.
New distribution channels and enhancing its nationwide presence have been central aspects to Bank Muamalat’s fundamental transformation. The bank currently operates 53 mobile branches and 454 branches across Indonesia’s 33 provinces including in rural areas with plans to increase this to 500 branches over the coming years. Future branches will concentrate on serving Indonesia’s high growth and underserved regions with a particular focus on the East of Indonesia to cater to retail customers as well as SMEs and major corporate clients.
Customers are also able to access banking services through the bank’s 1,153 own ATMs, the ATM Bersama network of over 39,000 ATMs and through 4,000 Online Payment Points at PT POS in addition to the bank’s renewed e-banking platform.
