The New Chapter of Bank Muamalat

The Indonesian government, through the Hajj Fund Management Agency (BPKH), managed to rescue the first Islamic bank in Indonesia PT Bank Muamalat Indonesia. Referring to the company's disclosure of information, BPKH officially secured 78.45 percent of Bank Muamalat shares in stages on June 21, November 15, and November 16. “BPKH has received Bank Muamalat share grants from the Islamic Development Bank, Bank Boubyan, Atwill Holdings Limited, National Bank of Kuwait, IDF Investment Foundation, and BMF Holding Limited of 7.90 billion shares or about 77.42 percent of the total shares, bringing the total BPKH ownership in Bank Muamalat to 78.45 percent," the announcement revealed on Tuesday.

However, the transfer price does not exist because the acquisition is completed through the grant scheme. It allows the agency to own, operate, and develop the sharia banking sector. Once the transaction is completed, BPKH officially becomes the controlling shareholder of Bank Muamalat.