pt-bank-muamalat-indonesia-tbk Research by SuperAGI

Company Profile: PT Bank Muamalat Indonesia Tbk

Background

PT Bank Muamalat Indonesia Tbk, established on November 1, 1991, is Indonesia's first Islamic bank, operating in accordance with Sharia principles. The bank commenced its operations on May 1, 1992, offering a range of financial services that adhere to Islamic law, including funding products based on wadiah (deposit) and mudarabah (profit-sharing), and financing products utilizing principles such as bai’ (buy and sell), musharakah (equity sharing), mudarabah, and ijarah (rent). With nearly 3 million customers across Indonesia and Malaysia, Bank Muamalat has played a pivotal role in promoting Islamic banking in the region.

Key Strategic Focus

Bank Muamalat's strategic focus centers on expanding its digital channels to enhance low-cost fund collection, particularly through its Muamalat DIN mobile banking app and Madina internet banking service. These platforms have significantly increased user engagement, with Muamalat DIN recording over 75 million transactions by the end of September 2024. The bank also emphasizes the development of fresh graduate programs, ranking first in the Islamic banking category and fifth overall in Indonesia, reflecting its commitment to nurturing young talent.

Financials and Funding

In the first quarter of 2024, Bank Muamalat reported a net profit of IDR 2.78 billion, a 72.7% year-on-year decrease from IDR 10.23 billion in the same period the previous year. This decline was attributed to a 13.62% decrease in revenue after profit sharing, amounting to IDR 49.39 billion. In February 2022, the Hajj Fund Management Agency (BPKH) became the controlling shareholder of Bank Muamalat, holding an 82.65% stake, with other shareholders including Andre Mirza Hartawan (5.19%), the Islamic Development Bank (2.04%), and others (10.11%).

Pipeline Development

Bank Muamalat has been actively developing its digital banking services, with the Muamalat DIN mobile banking app and Madina internet banking service serving as key components of its digital strategy. These platforms have seen substantial growth in user engagement and transaction volumes, indicating a strong pipeline for future digital banking initiatives.

Technological Platform and Innovation

The bank's Muamalat DIN mobile banking app has been a significant technological advancement, offering over 200 features and facilitating more than 75 million transactions by September 2024. This platform has been instrumental in driving low-cost fund growth and enhancing customer engagement.

Leadership Team

Imam Teguh Saptono: Appointed as President Director in December 2024, Dr. Saptono holds a Bachelor's degree in Social Economics, a Master's in Agribusiness Management, and a Doctorate in Management and Business. He has previously served as President Director of PT Bank BNI Syariah and has extensive experience in the banking sector.

Karno: Serving as Compliance Director since June 2022, Mr. Karno holds a Bachelor's in Economics and a Master's in Management. He has held various positions in risk management and compliance within the banking industry.

Ricky Rikardo Mulyadi: Appointed as Business Director in June 2025, Mr. Mulyadi holds a Master's in Management and has over 25 years of experience in business development and Sharia banking. He has previously served as Regional CEO at Bank Syariah Indonesia and in various leadership roles at Bank Syariah Mandiri.

Leadership Changes

In December 2024, Imam Teguh Saptono was appointed as President Director, succeeding the previous leadership. His appointment was approved by the Financial Services Authority (OJK) on March 24, 2025.

Competitor Profile

Market Insights and Dynamics: The Indonesian banking sector is characterized by a growing demand for Sharia-compliant financial services, driven by a significant Muslim population seeking ethical banking alternatives. This trend has led to increased competition among Islamic banks to offer innovative and customer-centric products.

Competitor Analysis:

PT Bank Syariah Indonesia Tbk: A subsidiary of Bank Negara Indonesia, it offers a range of Sharia-compliant banking services and has a strong presence in the market.

PT Bank BRI Syariah Tbk: Part of Bank Rakyat Indonesia, it provides Islamic banking services with a focus on microfinance and small-scale lending.

PT Bank BCA Syariah Tbk: A subsidiary of Bank Central Asia, it offers a variety of Sharia-compliant products and has a growing customer base.

Strategic Collaborations and Partnerships: Bank Muamalat has engaged in strategic collaborations to strengthen its market position, including partnerships with various stakeholders to enhance its service offerings and expand its customer base.

Operational Insights: The bank's focus on digital transformation, particularly through the Muamalat DIN mobile banking app, has been a key differentiator, enabling it to attract a younger, tech-savvy customer segment and improve operational efficiency.

Strategic Opportunities and Future Directions: Bank Muamalat is well-positioned to capitalize on the growing demand for digital banking services in Indonesia. By continuing to innovate and expand its digital platforms, the bank can enhance customer engagement, improve service delivery, and strengthen its competitive edge in the Islamic banking sector.