Bank Muamalat

Indonesia Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guine ...

(BMI) is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...

in Indonesia operating on the principles of

Islamic banking Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economic ...

. The bank was founded in 1991, based on the initiative of the Indonesian Council of Ulamas (MUI) and under the auspices of the

Government of Indonesia The term Government of Indonesia ( id, Pemerintah Indonesia) can have a number of different meanings. At its widest, it can refer collectively to the three traditional branches of government – the executive branch, legislative branch and ju ...

. Operations began in 1992. foreign exchange service began in 1994. Funding products apply the principles of

wadiah Islamic banking, Islamic finance ( ar, مصرفية إسلامية), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics ...

(deposit) and

mudarabah Profit and Loss Sharing (also called PLS or participatory banking) refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Musli ...

(profit-sharing). Financing products apply the principles of bai’ (buy and sell),

musharakah Profit and Loss Sharing (also called PLS or participatory banking) refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Musli ...

(equity sharing), mudarabah, and

ijarah ''Ijarah'', ( ar, الإجارة , al-Ijārah, "to give something on rent" or "providing services and goods temporarily for a wage" Jamaldeen, ''Islamic Finance For Dummies'', 2012:157 (a noun, not a verb)), is a term of ''fiqh'' (Islamic jurispr ...

(rent). Bank Muamalat serves nearly 3,000,000 customers throughout Indonesia and Malaysia. Currently 82.65% stake of Bank Muamalat is owned by a government agency Hajj Fund Management Agency (BPKH), followed by Andre Mirza Hartawan (commissioner of the bank, 5.19%) and the public (12.16%).

Network

To date, the Bank has 239 service offices and also supported by an extensive service network consisting of 568 Muamalat ATM units, 120,000 ATM Bersama and Prima ATM networks, 51 Mobile Cash Car units. The bank has also opened branches abroad, in

Kuala Lumpur , anthem = '' Maju dan Sejahtera'' , image_map = , map_caption = , pushpin_map = Malaysia#Southeast Asia#Asia , pushpin_map_caption = , coordinates = , su ...

Malaysia Malaysia ( ; ) is a country in Southeast Asia. The federation, federal constitutional monarchy consists of States and federal territories of Malaysia, thirteen states and three federal territories, separated by the South China Sea into two r ...

External links

Official website

References

{{Authority control Banks of Indonesia Islamic banks of Indonesia Banks established in 1991 Indonesian companies established in 1991 Global Alliance for Banking on Values