Bank Muamalat Indonesia

Summary

Bank Muamalat Indonesia is a commercial bank in Indonesia that operates according to the principles of Islamic banking. ¹ It was founded on 1 November 1991 on the initiative of the Indonesian Council of Ulama (MUI), under the auspices of the Government of Indonesia, and began operating on 1 May 1992. ¹

What it does

Its funding products use wadiah (deposit) and mudarabah (profit-sharing); its financing products use sale, musharakah, mudarabah and ijarah. ¹ A Sharia Supervisory Board oversees it. ¹

Ownership

Indonesia's Hajj Fund Management Agency (BPKH), a government agency, holds 82.65% of its shares, and the Islamic Development Bank 2.04%. ¹ In 2022 the bank announced plans to list on the Indonesia Stock Exchange. ¹

References

English Wikipedia, "Bank Muamalat", revision 1362192104. ¹

Islamic banks and conventional banks — the difference, the doubts and the performance

The two 'Al-Wasatiyya' episodes on Islamic banks. In the first, 56% of the studio audience said they could not define riba, 79% that they knew nothing of the murabaha, mudaraba, tawarruq and salam contracts, and they split into thirds on whether Islamic banks are free of doubt; in the second, 65% chose to buy by murabaha from an Islamic bank, 57% thought abolishing riba impossible while the world economy runs on interest, and 49% judged Islamic banks' social role weaker. The guests agreed that conventional bank interest is riba and differed over the existing Islamic banks.

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Islamic banks and conventional banks — the difference, the doubts and the performance