Ahead of Taking the Floor on the Stock Exchange, Bank Muamalat Records Total Assets of IDR 63.9 Trillion

PT Bank Muamalat Indonesia Tbk. (Doc. IST)

JAKARTA - Ahead of its first listing on the Indonesia Stock Exchange, PT Bank Muamalat Indonesia Tbk recorded total assets of IDR 63.9 trillion, or grew 6.7 percent year on year (yoy) in the first half of 2023. This achievement is the largest in the history of the bank the first pure sharia was established.

Main Director of Bank Muamalat Indra Falatehan said the total assets were driven by an increase in financing which grew 7.8 percent (yoy) to IDR 20.4 trillion.

The highest growth was recorded in profit-sharing financing (musyarakah) which grew 22.3 percent (yoy).

"This result is an important indicator that Bank Muamalat's turnaround plan is running smoothly. In the midst of a challenging business situation, Bank Muamalat was able to realize healthy business growth and sustainable profits," he said in a statement to the media, Thursday 17 August.

Meanwhile, Third Party Funds (DPK) were recorded at IDR 47.6 trillion or grew by 5.2 percent (yoy) with the composition of low-cost funds or Current Accounts & Savings Accounts (CASA) reaching IDR 20.7 trillion.

Indra added, as of 30 June 2023, profit before tax was recorded at IDR 40.9 billion, or grew 52.1 percent (yoy).

Bank Muamalat's total capital was recorded at IDR 7.0 trillion as of June 30 2023. The Capital Adequacy Ratio (CAR) was 31.28 percent at the end of June 2023, far above the regulatory threshold.

Bank Muamalat plans to list shares (listing) on ​​the Indonesia Stock Exchange (IDX). This corporate action is only limited to listing without being followed by a public offering, so there is no share ownership scheme. For information, Bank Muamalat has been a public company since 1993 but its shares have not been listed on the IDX.

The purpose of this listing apart from fulfilling regulatory requirements is to provide an opportunity for the public to be able to participate in owning Bank Muamalat shares, as well as to increase the liquidity of sharia securities in the capital market.

"We hope that by listing Bank Muamalat's shares on the IDX, we can contribute to enlarging and developing the Islamic capital market in Indonesia," he concluded.