Bank Muamalat Payroll Savings Grow 369 Percent

JAKARTA The iB Hijrah Payroll Savings of PT Bank Muamalat Indonesia Tbk increased significantly in the first quarter of 2024.

The volume of deposit products specifically intended for company employees who use Bank Muamalat payroll services grew by 369 percent year on year (yoy).

Bank Muamalat SEVP Retail Banking Dedy Suryadi Dharmawan said the increase was due to the implementation of a business strategy that focuses on the acquisition of payroll customers, especially in the State Civil Apparatus (ASN) segment.

The increase in payroll savings also contributed to the growth of low-cost funds or Bank Muamalat's current account and saving account (CASA) of 11.7 percent (yoy).

We have been running the focus on payroll business since last year where growth was very good. This indicates that customer trust, both institutional and individual, remains high in Bank Muamalat. With the expansion of the payroll business, it is hoped that it can become the basis for other products such as financing to be offered to Bank Muamalat customers," he said in his official statement, Tuesday, May 21.

Until the end of March 2024, the number of new payroll customers or New to Payroll (NOP) at Bank Muamalat increased by 346 percent (yoy).

This year, Bank Muamalat is targeting the acquisition of more than 70,000 new payroll customers.

Apart from ASN, other segments targeted are SOEs, education, and hospitals.

As of the first quarter of 2024, there are already more than 1,000 agency customers for the non-ASN segment and 40 work units from the ASN segment.

Bank Muamalat itself has been officially appointed as a Salary Distribution Bank (BPG) for ASN based on the Decree of the Director General of Treasury of the Ministry of Finance Number 50 dated June 16, 2023.

Dedy explained that the payroll at Bank Muamalat is a gateway for account-owning customers to access other products and services in this purely sharia first bank.

These include Hajj savings, home ownership financing (KPR), multipurpose, to special Hajj and Umrah financing.

Bank Muamalat's iB Hijrah Payroll Savings were made to make it easier for customers to manage the salaries and financial transactions needed.

This sharia savings uses the Wadiah contract, free of administrative costs and offers attractive transaction promos.