Bank Muamalat and INACOM Collaborate on the First Sharia Hedging Facility in Indonesia

This Sharia hedging is a transaction that is carried out based on the Sharia Principles in order to mitigate the risk of changes in exchange rate for certain currencies in the future according to DSN MUI Fatwa No. 96/DSN-MUI/IV/2015 on Sharia Hedge Transactions (Al Tahawwuth Al-Islami) in Exchange Rates.

Chief of Corporate Banking Officer of Bank Muamalat Irvan Yulian Noor said that the cooperation of hedging facility that uses the sharia principles is the first time that it is carried out by a sharia bank in Indonesia. This shows that treasury products of Bank Muamalat are very diverse and are able to accommodate the business needs of customers, especially in foreign exchange transactions.

"We hope that this cooperation may strengthen the brand awareness of Bank Muamalat and will have a positive impact on the growth of funding and fee based income, and contribute to positive growth of new customers of the company," he said in the signing ceremony of PKS on Thursday, December 5, 2019 at Muamalat Tower, Jakarta.

Finance & General Director of INACOM, Heryanto Eko Purnomo, said that this cooperation shows the commitment of INACOM to grow and expand the market share, particularly in export markets, such as the Middle East, South Asia, Central Asia, and Africa. Various leading plantation commodities of Indonesia have become export sources in the trade business sector with a significant contribution of foreign exchange for Indonesia.

"With the support and trust from the banking industry, it is expected that it will drive the achievement of the business performance of INACOM in accordance with the business target and support the growth of the entire market share of PTPN Group," he said.