Monday, March 07, 2011

BANKING - Bank Muamalat Targets $1.7 Billion Remittance Transaction


Theindonesiatoday.com - Bank Muamalat Indonesia, the country’s oldest Shariah-compliant lender, in cooperation with Bank Islam Malaysia Bhd, targets to absorb remittance transaction of up to US$1.7 billion, kontan.co.id reported yesterday (March 6).
Arviyan Arifin, Bank Muamalat's director, said of total 2 million Indonesian workers living in Malaysia, the bank targets 10% or around 200,000 customers.

Bank Muamalat yesterday signed memorandum of understanding (MOU) with Bank Islam Malaysia Bhd (Bank Islam) for developing remittance business along with the increasing number of Indonesian workers seeking jobs in Malaysia. (source)



Arviyan said the remittance business will contribute earning of US$20-30 billion per year. "By opening syariah branch in Malaysia, a Moslems-majority country, we can boost the business of Indonesia's syariah bank to grow by up to 40%," he said.

He said Bank Muamalat has established one branch in Kuala Lumpur, Malaysia and contributed earning of Rp1 trillion in 2010. He added Bank Muamalat booked net profit of Rp225 billion, skyrocketed 246% from Rp65 billion in 2009. The bank's assets grew 34.37% to Rp21.5 trillion.

Dato Sri Zukri Samat, Managing Director of Bank Islam, said Bank Muamalat Indonesia can make the remittance transations through 113 offices of Bank Islam in Malaysia. ( hans@theindonesiatoday.com)

- March 7, 2011

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