Muamalat Dan Islamic Insurance Society Perkuat Sinergi Perbankan Dan Asuransi Syariah

Photo: Doc. Muamalat

JAKARTA The Muamalat Group through the Muamalat Institute is said to have reached an agreement with the Islamic Insurance Society (IIS) related to strengthening the Islamic banking ecosystem and sharia insurance.

Synergy between these two institutions has a target to improve the development of Insani Resources (SDI) and the advancement of Islamic financial industry institutional missions.

Muamalat Institute Executive Director Anton Hendrianto said the collaboration that was established was realized through a market deepening program, namely socialization and literacy activities such as training, seminars, and research.

"Through this collaboration, it is hoped that the Muamalat Institute and the Islamic Insurance Society can contribute more to strengthening the synergy of the sharia financial ecosystem through socialization, and literacy regarding Islamic banking and sharia insurance which contains values of goodness and benefit," he said in an official statement quoted on Wednesday, April 12.

According to Anton, these two institutions have a strategic role in increasing literacy and inclusion of Islamic financial products which can still be optimized. He noted that the Indonesian Islamic Islamic financial literacy and inclusion index 2022 was 9.14 percent and 12.12 percent, respectively.

Of that figure, the Islamic banking market share as of December 2022 was 7.09 percent and the Islamic non-bank financial industry (IKNB) was 4.64 percent.

"This shows that there is a need for synergy to encourage literacy and inclusion and market share of Islamic finance in Indonesia," he said.

On the same occasion, Chairman of the Islamic Insurance Society Muhammad Zamachsyari revealed that the two agencies in the sharia industry have a fairly strong relationship and dependence.

"Sharia banking acts as a potential development of the sharia insurance business and vice versa," he said.

Zamachsyari explained that sharia insurance is an enabler in supporting the mitigation of Islamic banking risk.

"This can specifically encourage the development of halal industries such as protection for halal industry players, Hajj and Umrah activities, the real sector and other sharia ecosystems," said Zamachsyari.

Meanwhile, the cooperation was marked by the signing of a memorandum of understanding which was attended by the Chairman of the Islamic Insurance Society (IIS), the Director of the Muamalat Institute and the management of the two parties which was held on Thursday, March 30, 2023 at Muamalat Tower, South Jakarta.