Bank Muamalat and Avrist Establish Bancassurance Cooperation

Jakarta, 26 February 2019 - Indonesia is one of the emerging market countries that continues to grow. The Indonesian economy is predicted to still be able to grow above 5%, above the world economic average of around 3%. Increased economic growth encourages the growth of upper middle class people in Indonesia.

This was responded to by PT Bank Muamalat Indonesia, Tbk ("Bank Muamalat") as an opportunity to develop premium service services to customers. One of them is by cooperating with PT Avrist Assurance ("Avrist") in providing sharia-based protection and investment products. The signing of the bancassurance partnership was held on February 26, 2019 at JW Marriot Hotel, Jakarta.

In collaboration with Avrist, Bank Muamalat launches two sharia bancassurance products that can be selected by customers. The two products present the benefits of life protection and coverage as well as optimal sharia-based investment features for customers of Muamalat Prioritas.

Bank Muamalat Chief Executive Officer (CEO) Achmad K. Permana said, Bank Muamalat and Avrist are both committed to presenting bancassurance product services that can provide protection solutions for customers of Bank Muamalat Indonesia.

"We continue to improve various services and products, one of which is a product for bancassurance which is presented to fulfill the need for sharia-based insurance products for Bank Muamalat customers," he said.

Director of PT Avrist Assurance, Anna Leonita said that this collaboration was one of the realization of Avrist's vision to provide a policy for one household in Indonesia, as well as the company's strategy to expand bancassurance marketing to the community, one of them to customers from Bank Muamalat.

Based on data from the Financial Services Authority, the number of sharia banking customers in Indonesia continues to grow each year, as of August 2018 yesterday it has reached 23.18 million. Indonesia has great potential to provide protection to the wider community, especially Indonesia as a country with a majority Muslim population.

"Avrist hopes that collaboration with Bank Muamalat can reach more Indonesian families with life protection, and can contribute to increasing insurance penetration in Indonesia, which is still low (6-7%) when compared to neighboring countries," Anna said after the event signatory to the memorandum of understanding.

The first product is a dual purpose sharia insurance product, which offers optimal life insurance for family welfare over the period of 5, 7 and 10 years. If the participant dies due to illness, 100% of insurance benefits plus Participant Investment Funds (DIP) will be paid and 200% of insurance benefits plus DIP if died due to accident or death while on a spiritual journey.

Avrist also provides a five-year insurance product which is an additional insurance product with life protection, is annual, and can be renewed without repeated risk selection every five years until the age of 60 years. The benefits of sharia insurance will be provided from Rp. 25 million to Rp. 250 million.

In addition, 100% of insurance benefits will be paid if the participant dies due to illness and 200% insurance benefits if he dies due to an accident. As for the return of contributions, it will be paid at the end of the 5th year of the policy, of which 82% of the total contributions paid will be returned if no claims are paid.

For information, the amount of deposit funds included in the premium category continues to increase. Based on data from deposit insurance institutions (LPS), as of November 2018 deposits for the category of Rp500 million and above amounted to more than Rp.4,000 trillion, or grew around 6.5% on an annual basis compared to the same period.

Muamalat Prioritas Tasyakuran

On the same occasion Bank Muamalat also held a Tasyakuran event to commemorate the 2 years of the presence of Muamalat Prioritas (MP) premium services. As a form of gratitude, the company gives awards to 8 customers who have joined since MP was present. In addition, MP also introduced new uniforms that will be worn by employees.

To continue to expand the reach of Muamalat Prioritas customers in other areas outside Jakarta, Bank Muamalat has opened the Muamalat Prioritas Center in 5 cities, namely Jakarta, Surabaya, Makassar, Medan and Bandung.

"The company continues to improve its services so that more people become customers in accordance with the #yoHijrah campaign that has been launched since 2018," Permana closed.

Bank Muamalat and Avrist Establish Bancassurance Cooperation

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