Bank Muamalat Set To Become A Kustodian Bank

Illustration (Photo: Doc Antara)

PT Bank Muamalat Indonesia Tbk officially became a custodian bank after obtaining approval from the Financial Services Authority (OJK).

As a custodian bank, Muamalat bank will serve the custodial needs of institutional and individual customers, both local and foreign.

Director of Bank Muamalat Karno said Indonesia's capital market has enormous potential.

Therefore, Bank Muamalat has a role to play in supporting and contributing to the development of the capital market industry, especially the effects of sharia.

Moreover, the opportunity is wide open to be able to compete with conventional effects.

"The presence of Bank Muamalat as a sharia custodian bank provides alternative options for customers who want to transact in the capital market. With experience, product quality, and services owned by Bank Muamalat, we hope to help develop sharia effects in the country," Karno said in a statement to the media, Thursday, November 21.

Bank Muamalat's decision to become a custodian bank is contained in the Decree of the OJK Board of Commissioners Number KEP-50/PM.02/2024 dated October 22, 2024.

Thus, Bank Muamalat officially became the second sharia-based custodian bank in Indonesia.

Karno said, ratified as a custodian bank, Bank Muamalat is now ready to serve transactions of capital market investors related to Islamic securities such as sharia stocks, sukuk, and mutual sharia funds.

In addition, Bank Muamalat will also carry out records, settlements, and storage of sharia securities, fund administration, reporting and other services according to investor needs.

President Director of PT Kustodian Sentral Efek Indonesia (KSEI) Samsul Hidayat hopes that the joining of Bank Muamalat as the 27th Kustodian Bank can increase the potential growth of the Islamic capital market, both in terms of the number of investors and their transactions.

This can also be seen from the growth in Islamic stock capitalization recorded in PT Bursa Efek Indonesia (IDX) data as of the end of October 2024 which has reached IDR 7.26 trillion, or 57.2 percent of Indonesia's total capital market capital capital capital capital capital capital capitalization, which is valued at IDR 12.3 trillion.

The number of Islamic investors in the capital market as reflected in the Single Identification Number (SID) data at KSEI until October 2024 reached 2.91 million investors.

This figure consists of a composition of 1.28 million mutual fund investors, 1.81 million Islamic stock investors, 234,000 Sukuk investors, and 2,000 state sharia securities (SBSN) investors.