Muamlat Bank Relys On Giro To Boost Cheap Funds

Bank Muamalat (Between)

JAKARTA - PT Bank Muamalat Indonesia Tbk continues to spur the growth of Current Account & Saving Account (CASA) or low-cost funds through demand products.

Until June 30, 2024, Bank Muamalat recorded a giro growth of 12.2 percent year on year (yoy) to Rp5.4 trillion. Giro contributed about 25 percent of Bank Muamalat's total CASA which reached Rp21.7 trillion as of the end of June 2024.

Bank Muamalat SEVP Retail Banking Dedy Suryadi Dharmawan said, to pursue low-cost funds, this pioneer of Islamic banks in the country is actively increasing the number of giro customers, both individuals and corporations. One of the strategies carried out is to provide prize programs.

"This time we pamper customers with the Gift Giro Program. Corporate/non-individual demand customers can get various prizes by depositing their funds in the form of their average balance in certain amounts and periods," said Dedy in a statement to the media, Thursday, October 17.

Dedy explained, to take part in this program, corporate customers only need to deposit a minimum of IDR 500 million in a period of 3 to 24 months. At the end of the period, the funds will be returned to corporate customers according to the nominal value held and with a cash of 5 percent.

New corporate customers and existing customers can participate in this program during the period February 1 December 31, 2024. Customers first have Giro iB Hijrah Ultima products (with the mudharabah contract) and Giro iB Hijrah (with the wadi ah contract).

Especially for Giro iB Hijrah, customers need to make changes to the contract to become a mudharabah before participating in the program.

According to Dedy, the prizes prepared were quite diverse. These include precious metals, gadgets and electronics, vehicles, and other items referring to the DSN fatwa number 86/DSN/MUI/XII/2021.

Bank Muamalat also provides thematic gifts that are tailored to the needs of certain customer propositions/ecosystems, such as corporate customers in the education, hospital, or other ecosystem sectors. Customers are free to choose prizes according to the amount of funds placed at the beginning of the program and also get profit sharing.

"We are optimistic that through this program and with the increasing number of corporations that will be invited to cooperate, Bank Muamalat's deposits will continue to grow. We will also optimize the digitization of services for corporate customers such as cash management systems (MADINA), which will allow customers to monitor and make non-cash transactions on all accounts at Bank Muamalat in real time. That way, business transactions will be easier and more flexible for corporate customers," concluded Dedy.