Up 13 Percent, MADINA Bank Muamalat Transaction Volume Reaches IDR 55 Trillion

PT Bank Muamalat Indonesia Tbk managed to record a solid performance for Cash Management System (CMS) services throughout 2024. The performance of the CMS Bank Muamalat service called Muamalat Digital Integrated Access (Madina) has increased in double digits in terms of volume, users, and the number of transactions.

Director of Bank Muamalat Karno said Madina's transaction volume exceeded IDR 55 trillion by the end of 2024. This gain increased by around 13 percent compared to the position at the end of 2023.

Karno detailed that the increase was driven by Madina's increasing number of users to more than 12,200 users by the end of 2024 or growing 24 percent year on year (yoy). With three money, Madina's transaction frequency in the same period also increased by 34 percent to 1.8 million transactions.

"Alhamdulillah, the average growth in MADINA's performance last year managed to reach double digits. This positive result is proof of the success of the strategy that we implemented, including establishing more than 2,200 agreements with various institutions and various other rewards and activation programs," said Karno, Thursday, January 23.

Karno added, thanks to the new agreement established, the Madani service managed to contribute to Bank Muamalat's Current Account Saving Account (CASA) of up to more than IDR 1.3 trillion.

Positive performance is also seen in Virtual Account (VA) services that are integrated with Madina. It was noted that the frequency of VA transactions at the end of 2024 reached 4.2 million transactions, an increase of 17 percent on an annual basis. With the increase in transaction frequency, the volume of VA transactions in the pioneer of Islamic banks in the country was also raised 21 percent yoy to Rp6.8 trillion.

"Good partnership with other institutions is the main key behind the moncer of Madina's performance. Therefore, we will continue to explore penetration in the education sector, government institutions, hospitals, Muslim communities and ecosystems, as well as Islamic financial institutions such as Islamic People's Financing Bank," added Karno.

For information, Madina is an internet banking service for corporate customers to monitor and conduct non-cash banking transactions on all accounts located at Bank Muamalat in real time.