Bank Muamalat
Encyclopedia
Bank Muamalat Indonesia
(BMI) was the first commercial bank
in Indonesia to implement Islam
ic Sharia
principles in running the operation. Founded in 1991, initiated by the Indonesian Council of Ulamas (MUI) and the Government of Indonesia. Began operation in 1992, supported by Muslim scholars and businessmen, as well as public. In the year 1994, BMI has started to provide foreign exchange service. Funding products using the principle of Wadiah (deposit) and Mudharabah (profit-sharing). While Financing products using the principle of Bai’ (Buy and Sell), Musyarakah (Equity Sharing), Mudharabah (Profit-Sharing), and Ijarah (Rent).
The idea of establishment initiated on MUI workshop entitled "Problems of Bank Interest" held in mid August 1990 in Cisarua, Bogor
. Workshop participants agreed to assign the Economic Development Committee to build a bank
which activities are based on Islamic set of guidelines. This decision was confirmed in the General Assembly of MUI in Jakarta
, August 1990. The team is formed, which later became known as MUI Banking Team, chaired by Dr. H.M. Amin Aziz.
means the laws that govern human relations. Alternative names that appeared at the time was Bank Syariat Islam. However, given the experience of the word Syariat which means ‘Islamic Law' in the Jakarta Charter, last name was not chosen. Another name suggested is Muamalat Islamic Indonesia. President Suharto agreed to a last one by removing the word "Islam".
services. Bank Muamalat presence not only to position as the First Purely Sharia Bank, but also equipped with the largest Real Time On Line network in Indonesia. The Bank offer services through more than 270 outlets spread over 33 provinces, supported by more than 3800 Online Post Office/SOPP in Indonesia, and is the only Islamic bank has opened branches abroad, namely in Kuala Lumpur
, Malaysia.
(MEPS) so that services can be accessed at more than 2,000 ATMs
in Malaysia. As The First Islamic Bank in Indonesia, Bank Muamalat is committed to deliver banking products and services that are not only Comply to Sharia, but also competitive and accessible to the public. Commitment is appreciated by the government, mass media
, national and international institutions and the wider community through more than 70 prestigious awards received by BMI in the last 5 years. Award is given to BMI institutionally, besides that, also on Human Resources (SDI) and for its products and services, set aside not only the other Islamic banks, but even the old player, conventional banks. Among the institutionally award given to BMI is the Best National Bank (Bisnis Indonesia
, 2008). Award for the products most widely gained by its savings account
, Shar-e. This product fantastically bought 4 of the award given by the Museum Rekor Indonesia (MURI) as the first instant bank account
in packaging, as the first bank card which numbers is identical to the account number, as the bank product with the fastest growth of Real Time Online Network, as well as the fastest percentage of customers growth of bank saving account in Indonesia. Shar-e is accessible at more than 3800 post office across Indonesia. In addition, customers can make free cash withdrawal at nearly All Banks ATMs in Indonesia and debit transactions in more than 100,000 merchants, a unique and superior feature compared among competitor’s products.
Official Website Bank Muamalat Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
(BMI) was the first commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Indonesia to implement Islam
Islam
Islam . The most common are and . : Arabic pronunciation varies regionally. The first vowel ranges from ~~. The second vowel ranges from ~~~...
ic Sharia
Sharia
Sharia law, is the moral code and religious law of Islam. Sharia is derived from two primary sources of Islamic law: the precepts set forth in the Quran, and the example set by the Islamic prophet Muhammad in the Sunnah. Fiqh jurisprudence interprets and extends the application of sharia to...
principles in running the operation. Founded in 1991, initiated by the Indonesian Council of Ulamas (MUI) and the Government of Indonesia. Began operation in 1992, supported by Muslim scholars and businessmen, as well as public. In the year 1994, BMI has started to provide foreign exchange service. Funding products using the principle of Wadiah (deposit) and Mudharabah (profit-sharing). While Financing products using the principle of Bai’ (Buy and Sell), Musyarakah (Equity Sharing), Mudharabah (Profit-Sharing), and Ijarah (Rent).
The idea of establishment initiated on MUI workshop entitled "Problems of Bank Interest" held in mid August 1990 in Cisarua, Bogor
Bogor
Bogor is a city on the island of Java in the West Java province of Indonesia. The city is located in the center of the Bogor Regency , 60 kilometers south of the Indonesian capital Jakarta...
. Workshop participants agreed to assign the Economic Development Committee to build a bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
which activities are based on Islamic set of guidelines. This decision was confirmed in the General Assembly of MUI in Jakarta
Jakarta
Jakarta is the capital and largest city of Indonesia. Officially known as the Special Capital Territory of Jakarta, it is located on the northwest coast of Java, has an area of , and a population of 9,580,000. Jakarta is the country's economic, cultural and political centre...
, August 1990. The team is formed, which later became known as MUI Banking Team, chaired by Dr. H.M. Amin Aziz.
Establishment
The First Islamic Bank in Indonesia has formed and named Bank Muamalat Indonesia (BMI). "Muamalat" in terms of fiqhFiqh
Fiqh is Islamic jurisprudence. Fiqh is an expansion of the code of conduct expounded in the Quran, often supplemented by tradition and implemented by the rulings and interpretations of Islamic jurists....
means the laws that govern human relations. Alternative names that appeared at the time was Bank Syariat Islam. However, given the experience of the word Syariat which means ‘Islamic Law' in the Jakarta Charter, last name was not chosen. Another name suggested is Muamalat Islamic Indonesia. President Suharto agreed to a last one by removing the word "Islam".
Network
Since the presence at 27 Syawal 1412 Hijri, Bank Muamalat has opened the door to people who want to take benefit of Islamic bankingIslamic banking
Islamic banking is banking or banking activity that is consistent with the principles of Islamic law and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees for loans of money...
services. Bank Muamalat presence not only to position as the First Purely Sharia Bank, but also equipped with the largest Real Time On Line network in Indonesia. The Bank offer services through more than 270 outlets spread over 33 provinces, supported by more than 3800 Online Post Office/SOPP in Indonesia, and is the only Islamic bank has opened branches abroad, namely in Kuala Lumpur
Kuala Lumpur
Kuala Lumpur is the capital and the second largest city in Malaysia by population. The city proper, making up an area of , has a population of 1.4 million as of 2010. Greater Kuala Lumpur, also known as the Klang Valley, is an urban agglomeration of 7.2 million...
, Malaysia.
Achievement
Presently, Bank Muamalat serves nearly 3,000,000 customers throughout Indonesia and Malaysia. Confirming the existence among sharia banking, Bank Muamalat Indonesia became the first Islamic bank to open the service in a foreign country. BMI collaborate it’s network with Malaysian Electronic Payment SystemMalaysian Electronic Payment System
The Malaysian Electronic Payment System, commonly known as MEPS, is the only interbank network service provider in Malaysia.Malaysian Electronic Payment System formerly known as Malaysian Electronic Payment System Sdn Bhd is a payment consortium owned equally by 12 local banks...
(MEPS) so that services can be accessed at more than 2,000 ATMs
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
in Malaysia. As The First Islamic Bank in Indonesia, Bank Muamalat is committed to deliver banking products and services that are not only Comply to Sharia, but also competitive and accessible to the public. Commitment is appreciated by the government, mass media
Mass media
Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...
, national and international institutions and the wider community through more than 70 prestigious awards received by BMI in the last 5 years. Award is given to BMI institutionally, besides that, also on Human Resources (SDI) and for its products and services, set aside not only the other Islamic banks, but even the old player, conventional banks. Among the institutionally award given to BMI is the Best National Bank (Bisnis Indonesia
Bisnis Indonesia
Bisnis Indonesia is a daily newspaper, published in Jakarta, Indonesia. Bisnis Indonesia primarily covers Indonesian financial and business news and issues...
, 2008). Award for the products most widely gained by its savings account
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
, Shar-e. This product fantastically bought 4 of the award given by the Museum Rekor Indonesia (MURI) as the first instant bank account
Bank account
A Bank account is a financial account recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank .-Account types:...
in packaging, as the first bank card which numbers is identical to the account number, as the bank product with the fastest growth of Real Time Online Network, as well as the fastest percentage of customers growth of bank saving account in Indonesia. Shar-e is accessible at more than 3800 post office across Indonesia. In addition, customers can make free cash withdrawal at nearly All Banks ATMs in Indonesia and debit transactions in more than 100,000 merchants, a unique and superior feature compared among competitor’s products.
Official Website Bank Muamalat Indonesia