Indonesian Sharia International Trade Community Officially Formed


PT Bank Muamalat Indonesia Tbk hosted the inauguration of the Sharia International Trade Community (SITC) which was held at Muamalat Tower on Tuesday (1/29).

Bank Muamalat Chief Executive Officer (CEO) Achmad K. Permana said that Bank Muamalat welcomed the momentum of the Sharia International Trade Community’s cooperation with positive enthusiasm.

“The presence of this SITC will make the Islamic banking industry in Indonesia more active and optimistic and it is hoped that business people can better understand that Islamic banks can and are able to conduct international trade transactions such as conventional banks,” he said.

The formation of SITC was initiated by six representatives of Islamic banking who have foreign exchange status, namely Bank Muamalat, Bank Sinarmas (Islamic Business Unit), Bank Syariah Mandiri, BNI Syariah, BRI Syariah and CIMB Niaga Syariah which are mediated by the Indonesia International Chamber of Commerce (ICC Indonesia) on December 6, 2018.

SITC was formed as a means or forum for communication between Islamic banks in Indonesia with activities in the form of regular meetings every 2 or 3 months.

The aim is to establish a relationship between Islamic banks in Indonesia, share information and experience, resolve issues related to trade and increase sharia international trade transactions in Indonesia.

“Through this organization, Islamic banking bankers can work together and discuss to find solutions to problems faced in bank practices and can also socialize information related to sharia trade to the public to increase transactions,” Permana said.

In addition to the inauguration of SITC, in this activity a panel discussion was also held which discussed issues related to sharia trade in Indonesia. The event was attended by the management of Islamic banking in Indonesia, especially from the international trade and banking transaction division and the Indonesian Islamic Bank Association (ASBISINDO) and the Financial Services Authority (OJK).

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