20 Percent Development Featured Bancassurance Business, Bank Muamalat Optimist Road Year 2023

Illustration. (Photo: Doc. Antara)

JAKARTA - The bancassurance business of PT Bank Muamalat Indonesia Tbk recorded a sales volume growth of 20 percent year on year (yoy). This increase also boosted the company's commission-based revenue or Fee Based Income (FBI) which grew 15 percent (yoy).

Bank Muamalat President Director Hery Syafril said the growth was driven by Bank Muamalat's business strategy that adapts bancassurance products to customer profiles and needs. Coupled with a process that is made simple and efficient.

"We also provide reliable after-sales services. Therefore, this year we are targeting sales volume growth to double compared to last year," he said in an official statement, Friday, January 20.

He continued, in 2023 the prospect of the bancassurance business is predicted to be sunny, driven by several factors, such as increasing public awareness of the importance of investment and financial planning in recent years.

In addition, Bank Muamalat will also launch a new product in US dollars (USD) to target the segment of Hajj customers plus which has a need to pay off the cost of Hajj in the currency and customers who have protective needs as well as invest in USD currency.

"We will also launch traditional term life insurance products with simple features and affordable contributions to targeting the customer segment of the affluent mass," added Hery.

For information, in the third quarter of 2022, Bank Muamalat recorded a Profit Before Tax (PBT) of IDR 40 billion, growing 332 percent year on year (yoy). The total assets recorded grew by 15 percent (yoy) from IDR 52.1 trillion to IDR 59.7 trillion.