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)