Bank Muamalat Extends Bancassurance Partnership Sun Life Until 2036

PT Bank Muamalat Indonesia Tbk extended its partnership with Sun Life Indonesia (SLI) through bancassurance products until 2036 to meet the needs of Bank Muamalat customers and optimize the huge potential of the Islamic market that continues to grow.

Director of Bank Muamalat Karno conveyed that the synergy with Sun Life Indonesia is in line with Bank Muamalat's efforts to become a sharia bank that provides the best financial solutions for the Indonesian people.

"With innovative bancassurance products that include the needs of Hajj, education, and health protection, we are optimistic that this collaboration will provide tangible benefits for Bank Muamalat customers," Karno said in an official statement in Jakarta, quoted by Antara, Wednesday, February 12.

Previously, this strategic partnership had been going on from 2019 to 2024. With the renewal of cooperation between the two parties, this partnership was effective from 2025 to 2036.

Through this partnership, Sun Life Indonesia and Bank Muamalat will integrate various distribution channels, such as direct recommendations at bank branch offices through relationship managers (RM) and customer service (CS), telephone marketing channels, product offerings through digital platforms, as well as the merger of insurance products with financing services.

In addition, this collaboration also includes a variety of superior products, including ASHA Pro (Asurance of Salam Hijrah Amanah Pro) and ASHAR USD (Asuransi Salam Hijrah Arafah USD) designed to meet the needs of regular Hajj and plus Hajj investments.

The SAHAJA (Salam Hijrah Sejahtera) product is also offered for flexible protection with a return of premium (ROP) scheme. Meanwhile, SHSS (Sun Healthcare Solution Syariah) provides sharia-based health protection.

Traditional and digital-based educational products as well as bundle loan products also complement the portfolio of services offered through this partnership.

As a pioneer of Islamic banks in the country, the company said that Bank Muamalat has a wide network of 225 branch offices throughout Indonesia and more than 1,000 marketers.

His position as one of the largest Islamic banks in Indonesia provides Bank Muamalat with great potential to reach various customer segments, ranging from priorities with assets under management (AUM) above IDR 500 million to regular segments with AUM below IDR 50 million.

From the other hand, this extension of the partnership is also part of Sun Life Indonesia's great strategy to separate Islamic entities through a spin-off or separation of sharia business units (UUS) from the parent company.

With this step, Sun Life Indonesia will focus more on developing sharia products and services to maximize market potential. Bank Muamalat as a strategic partner is expected to support the sustainability of this spin-off.

Chief Distribution Officer & Sharia Director Sun Life Indonesia Danning Wikanti said this partnership allowed us to continue to present relevant and innovative financial solutions to Bank Muamalat customers, both for preparation for Hajj trips, health protection, and other financial needs.

"With this extension, we are committed to supporting Bank Muamalat to be one of the leadings in the Islamic banking sector," said Danning.