Transaction Volume Of Bank Muamalat Cash Management Services Grows 54 Percent

Bank Muamalat (Photo: Doc. Muamalat)

JAKARTA – PT Bank Muamalat Indonesia Tbk's Cash Management System (CMS) service, named Muamalat Digital Integrated Access (Madina), recorded a growth in transaction volume of up to IDR 43.2 trillion or a 54 percent growth throughout 2022.

SEVP Enterprise Banking Bank Muamalat Irvan Yulian Noor said this growth was in line with the increase in the number of transactions which amounted to 1.4 million or grew 17 percent (yoy).

"This year we are targeting growth in the number of cash management business transactions by 25 percent. We will be more expansive by targeting the segment of Islamic financial institutions and also Islamic institutions such as Islamic boarding schools, universities, and hospitals," he told the media, Thursday, March 30.

The number of Madina users as of December 31 2022 was recorded at more than 9,700 users or grew 13 percent compared to the same period last year.

Irvan explained, Madina is an internet banking service for corporate customers that allows customers to monitor and conduct non-cash banking transactions for all accounts in Bank Muamalat in real-time.

Madina offers flexibility to customers through the Madina Advanced and Madina Basic service options where the features can be customized according to customer administration and transaction needs. In addition, there are also transaction features ranging from payment of employee salaries (payroll), BPJS Employment bills, and taxes to Zakat, Infaq, and Alms (ZIS).

"Madina has also been integrated with virtual account services so that customers can upload billing data and download payment data reports using this feature," he added.

Bank Muamalat also continues to expand CMS services through a number of digital innovations. Not long ago, the company partnered with DOKU and Paper.id regarding payment gateway and digital invoicing services.

Bank Muamalat will also expand by partnering with schools, universities, and hospitals to offer CMS services that can be used to make payments to third parties, transfers between accounts or between banks, and payment of routine customer obligations.