The OJK Has Approved Bank Muamalat As A Sharia Custodian Bank

The Financial Services Authority (OJK) has granted its approval to PT Bank Muamalat Indonesia Tbk to operate as a custodian bank.

As the first fully sharia-compliant bank in Indonesia, it will cater to the custodial needs of both institutional and individual clients, whether local or foreign.

According to an official statement from the company, Bank Muamalat's Director, Karno, emphasized that the Indonesian capital market holds significant potential.

Consequently, Bank Muamalat aims to play a vital role in supporting and contributing to the development of the capital market industry, particularly in sharia-compliant securities. Furthermore, there are ample opportunities to compete with conventional securities.

"The establishment of Bank Muamalat as a sharia custodian bank offers an alternative choice for clients wishing to engage in the capital market. With our experience, product quality, and services, we aspire to assist in the growth of sharia securities domestically," stated Karno.

The decision for Bank Muamalat to become a custodian bank is documented in the OJK Commissioner Board's Decree Number KEP-50/PM.02/2024 dated October 22, 2024. Thus, Bank Muamalat officially becomes the second sharia-based custodian bank in Indonesia.

Bank Muamalat has been officially recognized as a custodian bank, positioning itself to facilitate transactions for capital market investors related to Sharia-compliant securities, including Sharia stocks, sukuk, and Sharia mutual funds.

Furthermore, Bank Muamalat will undertake the recording, settlement, and safekeeping of Sharia securities, as well as fund administration, reporting, and other services tailored to investor needs.

Samsul Hidayat, the President Director of PT Kustodian Sentral Efek Indonesia (KSEI), expressed optimism that the inclusion of Bank Muamalat as the 27th custodian bank will enhance the growth potential of the Sharia capital market, both in terms of the number of investors and transaction volumes. This is evidenced by the growth in the capitalization of Sharia stocks, which, according to data from PT Bursa Efek Indonesia (BEI) as of the end of October 2024, has reached IDR 7.26 trillion, accounting for 57.2% of the total capitalization of the Indonesian capital market, valued at IDR 12.3 trillion.

Tag: Bank Muamalat Financial Services Authority OJK Sharia Custodian Bank