Bank Muamalat Indonesia (BMI) was the first commercial bank in Indonesia to implement Islamic 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.

Establishment

The First Islamic Bank in Indonesia has formed and named Bank Muamalat Indonesia (BMI). "Muamalat" in terms of fiqh 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 banking 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.

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 System (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.

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