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MADINA Service At Bank Muamalat Is Seeing Double-digit Growth And Performing Exceptionally Well

Bank Muamalat Indonesia Tbk has shown impressive performance with its Cash Management System (CMS) called Muamalat Digital Integrated Access (MADINA). By September 2024, the number of users, transaction volume, and frequency for MADINA have all seen double-digit growth compared to the previous year.

Irvan Yulian Noor, SEVP of Enterprise Banking at Bank Muamalat, shared that MADINA's user base grew by 2,287, marking a 24% year-on-year increase, bringing the total to 11,779 users by the end of September 2024. This growth aligns with a 26% rise in transaction frequency, surpassing 1.2 million transactions. Additionally, the transaction volume for MADINA increased by 11% year-on-year, from Rp35.7 trillion to Rp39.7 trillion.

Moreover, the Virtual Account (VA) service integrated with MADINA also saw significant growth. The frequency of VA transactions at Bank Muamalat rose by 15% year-on-year, exceeding 3 million transactions, while the transaction volume grew by 20% year-on-year, nearing Rp5 trillion.

“We are grateful for the double-digit growth in MADINA services as of September 2024. This positive achievement shows that our efforts to collaborate with various institutions and implement several strategies are on the right track, boosting the utilization of MADINA services at Bank Muamalat,” said Irvan.

He also noted that consistent program implementation is key to Bank Muamalat's annual growth in MADINA services. For instance, to enhance MADINA usage, the bank launched the MADINA Activation Program (MAP), offering customers up to 50 free transactions per month for four consecutive months.

Additionally, Bank Muamalat conducts MADINA Class Training (MCT) weekly online, aimed at both new and existing customers to encourage them to activate MADINA services and make Bank Muamalat their operational bank.

This first fully sharia-compliant bank is also running the MADINA Transactional Competition (MTC) and the Virtual Account Intensity Program (VIP).

The strong partnerships between Bank Muamalat and various institutions have proven to be effective and positively impact MADINA's performance. Bank Muamalat is focusing its efforts on sectors like education, community and Muslim ecosystems, hospitals, government agencies, and sharia financial institutions such as Sharia People's Financing Banks.

Easy access to MADINA services

MADINA is an internet banking service for corporate clients that allows them to monitor and conduct non-cash banking transactions for all their accounts at Bank Muamalat in real-time. MADINA provides flexibility with options like MADINA Advanced and MADINA Basic, which can be tailored to meet the administrative and transactional needs of clients.

To use MADINA, corporate clients can access the MADINA website through any browser at any time, as long as they have an internet connection, making business transactions easier and more flexible for them.

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Tag: Bank Muamalat Cash Management System MADINA