Obtained A Support From The Hajj Financial Management Agency, Bank Muamalat Targets Performance Improvement Through Digital Implementation

Muamalat Market Outlook 2023 (Photo: Bank Muamalat)

JAKARTA PT Bank Muamalat Indonesia Tbk is targeting an increase in business performance in 2023 through the implementation of the digital business process which will continue to be optimized.

Bank Muamalat President Director Achmad Permana said the strategy would be supported by funding support from the Hajj Financial Management Agency (BPKH), which is the company's controlling entity.

The potential for BPKH's management funds is very large in developing the financial institutional ecosystem, especially Islamic finance. Of course, the digitalization process for several existing business processes will further optimize and streamline the current performance management," he said in a written statement while speaking at the Market Outlook forum 2023, Thursday, November 10.

According to Permana, digital implementation is a necessity for a bank and is the key in dealing with competition in the industry. Therefore, as a pioneer of Islamic banking in the country, his party is very serious in developing digital banking infrastructure.

"The digital arena makes all banks now in the same playing field so this is an opportunity that must be utilized by Islamic banks," he said.

Permana added that digital transformation is one of the three main pillars in the company's business strategy, which until now has been claimed to be quite satisfactory.

"For this achievement, there is no longer any reason for us not to switch to Islamic banks because the digital infrastructure needed by customers has been accommodated," he stressed.

For information, as of June 2022, the hajj funds managed by BPKH reached around IDR 158 trillion, allocated in the form of investment of approximately 73 percent and placement in Islamic banks of approximately 27 percent. The hajj funds managed by BPKH are projected to reach the range of IDR 160 trillion by the end of 2022.

BPKH itself is said to have contributed to the sharia economy. At the end of 2021, BPKH's placement in Islamic banking reached 7 percent of the total assets of all Islamic banking nationally.

In terms of investment in State Sharia Securities (SBSN), BPKH investment reaches approximately 9 percent of the total outstanding SBSN in Indonesia.

"This shows the great opportunity for cooperation that can be done with BPKH or through Bank Muamalat to have a positive impact on Islamic economic and financial development," continued Permana.

Meanwhile, Market Outlook 2023 is expected to help customers and prospective customers in preparing a business strategy in the future. In addition, this event is a manifestation of Bank Muamalat's appreciation to loyal customers who have supported the company's business growth to date.