economy

Bank Muamalat And BPKH Collaborate On Sharia Custodian Services

PT Bank Muamalat Indonesia Tbk is enhancing its collaboration with the Hajj Financial Management Agency (BPKH) as a sharia bank providing custodial services for BPKH. This partnership is formalized in a memorandum of understanding signed by Dedy Suryadi Dharmawan, SEVP Retail Banking of Bank Muamalat, and Ari Supangat, Deputy for Portfolio Analysis, Transaction Settlement, and Placement of BPKH, in Jakarta on Monday, December 2, 2024.

Bank Muamalat's Director, Karno, noted that there are still few custodial banks offering sharia-compliant services, while the demand for sharia securities is growing. The presence of Bank Muamalat as a sharia custodial bank addresses the needs of investors focused on sharia-based management, like BPKH.

"This collaboration shows BPKH's trust in Bank Muamalat for recording and storing sharia securities and portfolios of BPKH clients. As a pioneer of sharia banking in Indonesia, we are committed to facilitating BPKH and other investors in conducting transactions in the capital market according to sharia principles," said Karno.

Bank Muamalat received its custodial bank license from the Financial Services Authority (OJK) on October 22, 2024. It also established an account with the Indonesia Central Securities Depository (KSEI) effective November 20, 2024. As a custodial bank, this first fully sharia bank in Indonesia can now provide services for recording, settling, and storing sharia securities, fund administration, and other services.

The Head of BPKH, Fadlul Imansyah, stated that this collaboration aligns with BPKH's efforts to enhance efficiency and transparency in managing hajj funds. He hopes this partnership will bring optimal benefits to prospective hajj pilgrims in Indonesia.

"Through our partnership with Bank Muamalat, we are confident that BPKH's investments can be managed more professionally, efficiently, and in accordance with sharia principles."

This step also supports our vision to strengthen the Islamic finance ecosystem in Indonesia, Fadlul added.

In addition to collaborating with BPKH, Bank Muamalat also signed a memorandum of understanding with other partners such as Muamalat Financial Institution Pension Fund (DPLK) and Fundtastic. Looking ahead, Karno mentioned that Bank Muamalat will conduct roadshows to several potential partners, including investment managers, insurance companies, pension funds, and other potential collaborators.

“With our service advantages, we hope to provide ease for investors to manage their assets more efficiently and in line with Islamic principles, while offering a competitive cost structure,” Karno concluded.

Tag: Bank Muamalat BPKH Hajj Financial Management Agency