REPUBLIKA.CO.ID, JAKARTA - Despite its rapid growth, business development of PT Bank Muamalat Indonesia in Malaysia is still strugling with strict banking regulation in the country. 

"The only obstacle is the regulation. Malaysian authority does not allow Bank Muamalat's to conduct transaction in Malaysian ringgit (RM). Furthermore, Malaysia also restricts us to open new office," Director of Compliance and Risk Management at Bank Muamalat Andi Buchari said on Friday.

Other restriction is calculation of Loan Foreign Commercial (PKLN). Every incoming fund transfer to Bank Muamalat branch offices in Malaysia, it still have to be taken into account and may not exceed PKLN maximum of 20 percent of capital. Currently, Bank Muamalat continues to lobby the authority to ease the regulation.

Previously, Bank Muamalat only has one branch in Malaysia. Currently, the bank is allowed to add five more offices in the form of Customer Service Point (CSP) -the smaller type of cash office- especially in Indonesian workers enclaves in Malaysia. Bank Muamalat hopes to ease the strict regulation, since Malaysian banking can operate without such restriction in Indonesia.

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