Bank Muamalat Continue Expansion, This Time Channel Financing Rp150 Billion To PT INKA For Procurement Of G20 Electric Buses

JAKARTA - PT Bank Muamalat Indonesia Tbk reached a business agreement of Rp. 150 billion with PT Industri Kereta Api (INKA) related to the electric bus procurement project as a means of transportation at the G20 Summit in Bali in October-November.

Bank Muamalat President Director Achmad Permana said this commitment was a continuation of the company's expansion after the entry of new investors, namely the Hajj Financial Management Agency (BPKH).

"The distribution of financing this time is very strategic because it is part of the important agenda of the G20 Summit," he said in an official statement on Friday, September 30.

According to Permana, collaboration with PT INKA, which is a state-owned company, can be a separate gate for the company to continue to support other government programs.

"Bank Muamalat hopes that the provision of this financing facility will be a door for open business cooperation in the future," he said.

Permana explained that this financing uses the musyarakah contract with a maximum tenor of four years. In addition to being used to support the implementation of the G20, the financing for the procurement of electric buses is also aimed at projects to provide public transportation for the Surabaya and Bandung regions as a result of the collaboration between PT INKA and Perum DAMRI through the Buy The Service (BTS) scheme.

For information, as of June 30, 2022, Bank Muamalat's total bankwide financing was recorded at Rp. 18.9 trillion.

Meanwhile, PT INKA is a state-owned company that was founded in 1981 and is the first integrated rail and transportation manufacturing company in Southeast Asia.

Several countries that have used PT INKA products include Bangladesh, Philippines, Malaysia, Singapore, Thailand and Australia.

Domestically, PT INKA seeks to continue to encourage the development of an integrated rail-based transportation system, and has become one of Indonesia's strategic industries of pride.