About Muamalat
About Muamalat
Company Profile of Bank Muamalat

The Company is the first bank in Indonesia to use the concept of Sharia banking. The Company was established based on the Deed of Establishment No. 1 dated November 1, 1991 Anno Domini or Rabiul Akhir 24, 1412 Hijriah, made before Yudo Paripurno, SH, Notary, in Jakarta. The deed of establishment was approved by the Minister of Justice of the Republic of Indonesia with Decree No. C2-2413.HT.01.01 year 1992 dated March 21, 1992 and was registered at the Central Jakarta District Court on March 30, 1992 under No. 970/1992 and announced in the State Gazette of the Republic of Indonesia No. 34 dated April 28, 1992, Supplement No.1919A. The Bank’s Articles of Association have been amended several times, as was the most recent amendment to the Articles of Association formulated in Deed No. 18 dated January 28, 2022 made before Notary Ashoya Ratam, S.H. M.Kn, and the notification of the amendment to the articles of association have been received and recorded by the Minister of Law and Human Rights of the Republic of Indonesia in accordance with the letter dated January 31, 2022 No. AHU-AH.01.03-0070769 and announced in the State Gazette of the Republic of Indonesia No. 10 dated February 3, 2022 Supplement to the State Gazette of the Republic of Indonesia No. 004853.


BMI was founded based on the idea coined by the Indonesian Ulama Council (MUI), the Indonesian Muslim Intellectuals Association (ICMI) and Muslim entrepreneurs, who later received support from the Government of the Republic of Indonesia. The Company obtained its business license as a commercial bank based on the Decree of the Minister of Finance of the Republic of Indonesia No. 430/KMK.013/1992 on Granting of Company Business License in Jakarta on April 24, 1992, as amended by the Decree of the Minister of Finance No. 131/KMK.017/1995 on Amendment to the Decree of the Minister of Finance No. 430/KMK.013/1992 on Granting of Company Business License on March 30, 1995, which in its decision granted the permission to the Company to conduct business based on the Sharia principles.


Bank Muamalat is a public company whose shares are not listed on the Indonesia Stock Exchange (IDX) and has officially operated as a Foreign Exchange Bank since October 27, 1994 based on the Decree of the Board of Directors of Bank Indonesia No. 27/76/KEP/DIR on the Appointment of PT Bank Muamalat Indonesia to be Foreign Exchange Bank dated October 27, 1994. Based on the Decree of the Minister of Finance No. S-79/MK.03/1995 dated February 6, 1995, the Company was officially appointed as the State Treasury Perception Foreign Exchange Bank.


Based on the Decree of the Minister of Finance No. S-9383/ MK.5/2006 dated December 28, 2006, the Company obtained Perception Bank status which allows the Company to receive tax deposits. Then on July 25, 2013, the Company has become a participant of the Deposit Insurance Corporation’s guarantee program as stated in the Deposit Insurance Corporation’s Letter No. S.617/DPMR/VII/2013 regarding Membership of the Deposit Insurance Corporation. The company was then designated as a Bank Receiving Deposits for the Implementation of Hajj Services based on the Decree of the Hajj Financial Management Agency No. 4/ BPKH.00/2018 dated 28 February 2018. 


BMI continues to innovate by issuing sharia financial products, such as Mudharabah Subordinated Sukuk, Sharia Insurance (Takaful Insurance), Muamalat Financial Institution Pension Fund (DPLK Muamalat) and Islamic Finance (Al-Ijarah Indonesia Finance), all of which are breakthrough products in Indonesian banking. In addition, the Bank’s product, Shar-e, launched in 2004, is also the first instant savings in Indonesia.


The Bank’s product, Shar-e Gold Debit Visa was launched in 2011 received an award from the Indonesian Record Museum (MURI) as the Sharia Debit Card with the first chip technology in Indonesia, as well as e-channel services, such as internet banking, mobile banking, ATM, and cash management. All of these products have become pioneers of Sharia products in Indonesia and have become key milestones in the Islamic banking industry.


As the Bank’s capacity and recognition increase, BMI is expanding its business by continuing its branch office network not only in Indonesia, but also overseas. In 2009, the Bank obtained permission to open a branch office in Kuala Lumpur, Malaysia and became the first bank in Indonesia and the only one to realize business expansion in Malaysia. To date, the Bank has 239 service offices including 1 (one) branch office in Malaysia. The Bank’s operations are 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.


BMI rebranded the Bank’s logo to further increase awareness of its image as an Islamic, Modern, and Professional Sharia Bank. The Bank continues to realize various achievements, and has received recognition both nationally and internationally. Now, in providing its best service, BMI operates with several associates and affiliates, namely Al- Ijarah Indonesia Finance (ALIF) which provides sharia financing services, (DPLK Muamalat) which provides pension fund services through Financial Institution Pension Funds, Muamalat Institute which is an institution that develops, disseminates and provides education regarding sharia economic system to the community, and Baitulmaal Muamalat which provides services to distribute Zakat, Infaq, and Alms (ZIS) funds.