Multipurpose Financing IB Hijrah Bank Muamalat Soared To IDR 347 Billion

Bank Muamalat (Between)

PT Bank Muamalat Indonesia Tbk recorded that the disbursement of multipurpose iB Hijrah financing doubled year on year (yoy) at the end of 2024.

Bank Muamalat President Director Imam Teguh Saptono said, at the end of 2024, the disbursement of product financing reached Rp347 billion, an increase of 104 percent compared to the end of 2023 which amounted to Rp170 billion. The number of these financing accounts also grew 75 percent (yoy) to 4,100 numbers of accounts (NoA).

"The growth of consumer businesses in the retail segment is in line with the business transformation that we are carrying out. With a series of strategies, this segment, God willing, will produce positive growth for Bank Muamalat," said Imam, Friday, May 2.

He explained that the multipurpose financing of iB Hijrah Bank Muamalat based on the murabahah contract, multi-jasa ijarah, and musyarakah mutantaqishah (MMQ) refinancing. This application for financing does not require fixed assets and is not required for down payment.

This product can be used for the purpose of purchasing goods, services and other consumptive purposes. The financing ceiling is up to IDR 1.5 billion with a tenor of up to 120 months.

"We hope that this product can facilitate customer financing needs while still fulfilling sharia principles," said Imam.

Throughout 2024, the first bank of pure sharia in the country recorded total financing of IDR 16.8 trillion with Third Party Funds (DPK) reaching IDR 41.7 trillion. The profit before tax grew 45 percent (YoY) to IDR 20.4 billion as of December 31, 2024.