BPKH Takes Over 82.42 Percent Stake in Bank Muamalat

The Indonesian Hajj Finance Management Agency (BPKH) will become the majority shareholder of PT Bank Muamalat Indonesia Tbk (BMI) after injecting approximately Rp 3 trillion (approximately USD 200 million).

Consequently, BPKH will own 82.42% of BMI's shares after receiving a share transfer through a grant from the previous controlling shareholders (PSP) once the divestment process is complete.

Based on the financial statements published as of September 30, 2021, BMI's previous controlling shareholders included the Islamic Development Bank (IsDB) as the largest shareholder (32.74%), Bank Boubyan (22%), Atwill Holdings Limited (17.91%), National Bank of Kuwait (8.45%), IDF Investment Foundation (3.48%), and BMF Holding Limited (2.84%).

Other BMI shareholders include Reza Rhenaldi Syaiful (1.67%), Dewi Monita (1.67%), Koperasi Perkayuan Apkindo-MPI (Kopkapindo) (1.39%), and other shareholders (6.19%).

In the share acquisition process, BPKH will disburse Rp 3 trillion through two schemes: a rights issue of Rp 1 trillion and the issuance of Sharia-based subordinated instruments of Rp 2 trillion.

For information, BMI achieved a profit of Rp 7.31 billion by the end of Q3 2021. This figure is down slightly by 0.42% from Rp 3.35 billion at the end of Q3 of the previous year. BMI's total assets amounted to Rp 52.06 trillion as of September 2021. This comprises BMI equity of Rp 3.98 trillion and liabilities of Rp 48.08 trillion.