OJK Appreciates Bank Muamalat's Corporate Action To Strengthen Capital Structure

JAKARTA - Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Wimboh Santoso said that his party had high hopes for the recovery of Bank Muamalat Indonesia's capital condition.

According to Wimboh, this is based on the attitude of Bank Muamalat which signed a Master Restructuring Agreement (MRA) with PT Perusahaan Pengelola Asset (PPA) and the Hajj Financial Management Agency (BPKH).

“We will take part in overseeing the new chapter of Bank Muamalat's management, which has a loyal customer base and an increasingly healthy balance sheet. For this reason, this opportunity can be a way to develop more widely, including serving the community in utilizing Islamic financial services and products," he said in a press statement, Thursday, September 16.

Wimboh added, Bank Muamalat's durability has been tested so that this is a separate belief for the authorities so that management can maintain the trust properly.

"OJK encourages the transformation of Islamic banking in Indonesia into digital sharia banks so that it has added value in competition, especially for investors to develop Islamic finance in Indonesia," he said.

In the future, he continued, Bank Muamalat is expected to 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 and high integrity, "he said.

Previously, on Wednesday, September 15, PPA was committed to managing Bank Muamalat's low-quality assets.

Meanwhile, the MRA itself regulates and documents all stages and series of transactions in the context of managing Bank Muamalat's low-quality financing assets related to capital strengthening.

The MRA also regulates the legal relationship 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 agreements for managing low-quality financing assets with good governance principles.