Bank Muamalat Indonesia: First Purely Sharia

A Visionary Beginning

Bank Muamalat Indonesia (BMI) was founded in 1991 as Indonesia’s first bank operating under Sharia principles. It was established through the initiative of the Indonesian Ulema Council (MUI), the Indonesian Muslim Scholars Association (ICMI), and prominent Muslim entrepreneurs, with support from the Indonesian government. BMI officially commenced operations on May 1, 1992 (27 Syawal 1412 H), marking a new era in banking as the first purely Sharia bank in Indonesia.

A Legacy of Growth and Innovation

From the beginning, BMI has been committed to providing a comprehensive range of Sharia-compliant financial services. In 1994, BMI became a Foreign Exchange Bank, expanding its reach into global finance. In 2006, it was granted Perception Bank status, and in 2018, it was officially designated as a Hajj Deposit Receiving Bank.

BMI has also pioneered several innovative products in Indonesia’s Islamic finance industry:

• Mudharabah Subordinated Sukuk – The first investment instrument of its kind.
• Shar-e (2004) – Indonesia’s first instant savings account.
• Shar-e Gold Debit Visa (2011) – The first Sharia-compliant debit card with chip technology, recognized by the Indonesian Museum of Records (MURI).
• Muamalat Digital Islamic Network (M-DIN) – A digital banking application offering various features for individual customers.
• Muamalat Digital Integrated Access (MADINA) – An internet banking cash management system for corporate clients.

Comprehensive Network

As BMI’s reputation grew, so did its operational reach. In 2009, BMI became the first Indonesian bank to expand internationally, opening a branch in Kuala Lumpur, Malaysia. Today, BMI operates 234 service offices, including its Malaysian branch, and provides access to 568 Muamalat ATMs, 120,000 ATM Bersama and ATM Prima networks, and 51 Mobile Cash Cars.

Beyond banking, BMI continues to expand its role in Islamic financial services. Through its subsidiaries and affiliates, it contributes significantly to the development of Sharia finance and social impact:

• Sharia Insurance (Takaful Insurance) – Providing financial protection based on ethical Islamic principles.
• DPLK Muamalat – Offering pension fund solutions.
• Baitulmaal Muamalat – Distributing Zakat, Infaq, and Sadaqah (ZIS) funds to drive social change.
• Muamalat Institute – Educating and developing professionals in Islamic finance.

The #AyoHijrah Movement

Reflecting the meaning of Hijrah as a journey toward improvement, #AyoHijrah is a movement launched by BMI in 2018. Through the #AyoHijrah campaign and Islamic financial education, BMI encourages all Indonesians to continuously strive for improvement in every aspect of life, including adopting Sharia-compliant banking and financial services.

With #AyoHijrah, BMI aims to inspire individuals and organizations to fully embrace Islamic principles, particularly in the realm of financial services. Learn more about #AyoHijrah here.

A New Spirit

With a refreshed corporate identity and logo in 2012, BMI continues to uphold its core values of Islamic integrity, modernity, and professionalism, driving innovation and shaping the future of Islamic banking.