Bank Muamalat Cash Management Transaction Grows 11 Percent

Illustration (Photo: Doc Antara)

JAKARTA - Cash Management System (CMS) Service PT Bank Muamalat Indonesia Tbk, Muamalat Digital Integrated Access (Madina) recorded a positive performance.

Until September 2024, the average number of users, volume, and frequency of Madina transactions has succeeded in double-digit growth compared to the previous year.

Bank Muamalat SEVP Banking Irvan Yulian Noor said Madina users increased by 2,287 or an increase of 24 percent year on year (yoy) to 11,779 users as of the end of September 2024.

This increase is in line with the frequency of Madina transactions which rose 26 percent (yoy) to more than 1.2 million transactions. Likewise, Madina's transaction volume grew 11 percent (yoy) from IDR 35.7 trillion to IDR 39.7 trillion.

In addition, Virtual Account (VA) services that are integrated with Madina also increase. Bank Muamalat's transaction frequency rose 15 percent (yoy) to more than 3 million transactions. The volume of VA transactions grew 20 percent (yoy) to almost IDR 5 trillion.

"Alhamdulillah, we are grateful that Madina's service growth in September 2024 will average to double digits. This positive achievement proves that our efforts to intensively collaborate with various institutions and implement a number of strategies so far have been on the right track, so as to boost the utilization of Madina Bank Muamalat services," said Irvan.

Irvan added that the implementation of a number of consistent programs is the reason Bank Muamalat can reap the growth of Madina services almost every year.

For example, to increase Madina's utilization, Bank Muamalat carries out the Madina Activation Program (MAP) where customers are given benefits of free transaction fees up to 50 times/month for 4 consecutive months.

Bank Muamalat also holds Madina Class Training (MCT) regularly every week via online, namely training aimed at new and existing customers to immediately activate Madina services and make Bank Muamalat their operational bank.

In addition, the first bank of pure sharia also carried out the Madina Transactional Competition (MTC) and Virtual account Intensity Program (VIP).

The good partnership between Bank Muamalat and a number of institutions has proven to be effective and has a positive impact on Madina's performance.

Bank Muamalat focuses its penetration on the education sector, Muslim communities and ecosystems, hospitals, government institutions, and Islamic financial institutions such as Islamic People's Financing Bank.