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Jakarta, 16 September 2021

OJK Praises Corporate Actions to Strengthen Bank Muamalat’s Capital

The Financial Services Authority (OJK) has high hopes for the capital strengthening effort of PT Bank Muamalat Indonesia Tbk (Bank Muamalat) which was marked by the signing of the Master Restructuring Agreement (MRA) by PT Perusahaan Pengelola Aset (Persero) (PT PPA) with Bank Muamalat and the Hajj Financial Management Agency (BPKH).

Wimboh Santoso, Chairman of the OJK Board of Commissioners, said on Thursday (16/9) that he would participate in overseeing the new phase of Bank Muamalat’s financing assets management as it has a loyal customer base. With increasingly healthy balance sheets and financial conditions, Bank Muamalat will have broader opportunity to develop and provide Islamic financial services to the public.

“The bank’s proven durability made the authorities believe that the management can maintain this trust properly. OJK encourages the transformation of Islamic banking in Indonesia into a digital sharia bank so that it has added value in competition, especially for investors to develop Islamic financial services in Indonesia,” Wimboh said.

Bank Muamalat, as the first sharia bank in Indonesia, has a significant role in development of the sharia economy in Indonesia. According to OJK, Indonesia’s Islamic banking market share in 2020 has only reached 6.51%. Thus, there is a room for Islamic banking to grow in the world’s largest country with muslim population in the future.

“In the future, this bank can become a role model for Islamic banks in providing Islamic financial services with the best quality, a more competitive profit-sharing concept, and supported by professional management with high integrity. There is no reason for Bank Muamalat not to be better in the future,” Wimboh added.

Erick Thohir, The Minister of SOEs previously stated in his remarks that this collaboration was a mandate from the Vice President of the Republic of Indonesia, KH Ma’ruf Amin, who wanted Bank Muamalat to be part of sharia economic ecosystem in Indonesia. Erick also expressed his gratitude to OJK, BPK RI, the Attorney General’s Office, Bank Muamalat, the Sharia Economic Community, and the ranks of Ministry of SOEs, as well as BPKH who supported the realization of this initial step of sharia cooperation.

“Thank you to everyone who has supported and believed in Bank Muamalat’s ability to transform into the bank that people aspired to be. And surely, we are eager to remain a part of Bank Muamalat, for instance, in sharing expertise and benchmarking. Also, how Bank Syariah Indonesia that we have and Bank Muamalat can go hand in hand,” said Erick.

The MRA organizes and documents the whole stages and series of transactions in managing Bank Muamalat’s low-quality financing assets in order to strengthen Bank Muamalat’s capital. The MRA also regulates the legal relations that forms the basis for the implementation of transactions that will be carried out separately in the future, including, the issuance and purchase of sharia-based instruments (Sukuk), and the agreements of low-quality financing assets management belonging to Bank Muamalat by prioritizing the principles of Good Corporate Governance and based on the applied regulations.

The President Director of PT PPA Yadi Jaya Ruchandi said, “Thank you for the support from the Ministry of SOEs as the Shareholder in PT PPA to carry out its role as the manager of low-quality assets of Bank Muamalat, allowing Bank Muamalat to focus on sustainable business growth. This step is in line with the expansion of PT PPA’s investment strategy to become the National Asset Management Company (NAMCO).”

Sources:, PT PPA