KUALA LUMPUR: Bank Muamalat Malaysia Bhd (BMMB) has teamed up with Bank Muamalat Indonesia (BMI) to provide remittance service between the two countries known as Muamalat Kas Kilati (mk2).
BMMB chief executive officer Datuk Abdul Manap Abd Wahab said the service was targeted at students, workers and entrepreneurs.
“The potential market is huge as there are about two million Indonesian workers here,” he told reporters after the launch of the service on Saturday.
Abdul Manap said BMMB and BMI would collaborate with the Indonesian embassy and Sekolah Indonesia Kuala Lumpur to promote the service.
“BMI will also attach its staff in BMMB branches to market the service. The service will be available at BMMB’s Jalan Melaka branch from Nov 1 and other branches in the central region, including Seremban, on Nov 15,” he said.
Abdul Manap said under the service, the money remitted would be credited into beneficiary accounts at BMI, and the receivers and senders would get short messaging service notification.
“The money can be withdrawn at all automated teller machines and post offices in Indonesia. Each transaction will cost RM10,” he said.
He said this service would be replicated in other countries as well in the future such as Bangladesh, Myanmar and Nepal.
He said the service would increase Bank Muamalat’s foreign exchange revenue.
“The foreign exchange business has been increasing and the bank plans to set up its own foreign exchange booth soon,” he said. – Bernama
