Long-Term Collaboration to Expand Sharia Financial Services and Serve Customers Across Indonesia

Jakarta, 11 February 2025 – Sun Life Indonesia (SLI), a leading provider of life insurance solutions in Indonesia, and Bank Muamalat Indonesia (BMI), the country’s largest privately owned pure-play Sharia bank, have officially extended their strategic bancassurance partnership until 2036. This long-term collaboration reflects both institutions’  commitment to expanding Sharia-compliant financial services for the Indonesian market, addressing the evolving needs of BMI’s customers, and capitalizing on the immense potential of Indonesia’s rapidly growing Sharia economy. With a Muslim population exceeding 230 million, Indonesia represents the largest market for Sharia-based financial services, exhibiting sustained growth across key sectors such as banking, investments, and insurance.

In recent years, Sharia-based financial products experienced substantial growth , driven by increasing public awareness of ethical and transparent financial principles. According to Bank Indonesia, Sharia financial assets have grown at an annual rate exceeding 15%, while the Sharia insurance sector has seen rapid development, particularly in Hajj savings, health protection, and Sharia-based investment products.

This positive trajectory presents significant opportunities for continued innovation and collaboration in the Islamic finance ecosystem. 

The strategic partnership between Sun Life Indonesia and Bank Muamalat has been in place since 2019, with a focus on strengthening their bancassurance collaboration to meet the financial protection needs of BMI’s customers. Despite economic challenges during the pandemic, the partnership demonstrated resilience and recorded steady growth, positioning Sun Life Syariah as a leader in the Islamic bancassurance sector. 

“This collaboration enables us to continuously provide  relevant and innovative financial solutions according to the needs of BMI’s customers—whether for Hajj preparation, health protection, or other financial planning needs. . By extending this partnership , we reaffirm our commitment to supporting BMI’s aspiration to become the leading force in Indonesia’s Sharia banking sector.” said Danning Wikanti, Chief Distribution Officer & Sharia Director, Sun Life Indonesia.

Under this renewed  partnership, Sun Life Indonesia and BMI will integrate multiple distribution channels to improve accessibility and elevate service excellence, including in-branch recommendations facilitated by Relationship Managers (RMs) and Customer Service (CS) representatives, telemarketing initiatives, digital platform-based product offerings, and the bundling of insurance products with financing solutions.

Furthermore, this collaboration features a comprehensive portfolio of market-leading Sharia-compliant products, such as ASHA Pro (Amanah Syariah Haji Plus) and ASHAR USD (Amanah Syariah Haji Reguler), designed to support both Regular and Plus Hajj investment needs. Additionally, SAHAJA (Solusi Amanah Jiwa) offers flexible protection with a Return of Premium (ROP) feature, while SHSS (Solusi Hidup Sehat Syariah) provides Sharia-based health coverage. The portfolio is further strengthened by traditional and digital education insurance products, as well as bundled loan protection solutions.

As Indonesia’s largest privately owned Sharia bank, BMI operates a nationwide network of 225 branches with a dedicated sales force of over 1,000 professionals. Holding a top three position in Indonesia’s Sharia banking sector, BMI is well-positioned to serve a broad spectrum of customers, from high-net-worth individuals with Assets Under Management (AUM) exceeding IDR 500 million to mass-market clients with AUM below IDR 50 million.

“Our collaboration with Sun Life Indonesia marks a significant step in our mission  to becoming Indonesia’s foremost Sharia bank, offering innovative and comprehensive financial solutions. By offering specialized products that support Hajj investment, education planning, and health protection, we are confident that this collaboration will provide significant long-term value for our customers,” said Karno , Director of  Bank Muamalat Indonesia.

The extension of this partnership also aligns with Sun Life Indonesia’s strategic initiative to spin off its Sharia business unit, enabling a stronger focus on developing and enhancing Sharia-compliant products and services. As a key strategic partner, BMI is expected to play an instrumental role in ensuring the long-term sustainability and success of this initiative.

As this collaboration remains in place from 2025 to 2036, both institutions reaffirm their shared commitment to expanding financial inclusion, advancing Sharia-compliant financial solutions, and reinforcing their leadership within Indonesia’s dynamic Islamic finance landscape.

Notes (left to right):

• Teck Seng Ho - President Director, Sun Life Indonesia
•  Karno – Direktur Kepatuhan / Plt. Direktur Utama Bank Muamalat Indonesia
• Kevin Strain - President & Chief Executive Officer, Sun Life
• Manjit Singh - President, Sun Life Asia
• Randy Lianggara - President, Emerging Markets, Sun Life Asia

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of September 30, 2024, Sun Life had total assets under management of $1.51 trillion. For more information, please visit www.sunlife.com.

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

About Sun Life Indonesia

Sun Life Indonesia is a subsidiary of Sun Life Financial. We offer a variety of products protection and wealth management, from life insurance, education insurance, health insurance, and retirement plans. Sun Life partners with leading financial institutions, both national and international, to serve multi-distribution channel strategies and provide wider access to our insurance solutions. As of September 30, 2024, our conventional agency distribution of is supported by more than 3,166 sales force and 49 Conventional Independent Marketing Offices throughout Indonesia. Whilst Sharia distribution is supported by more than 1,483 agents with 18 Sharia Independent Marketing Offices throughout Indonesia.

As of September 30, 2024, Risk Based Capital (for Conventional business) is 586%, far exceeding the government’s minimum requirement which of 120% and Risk Based Capital (for Sharia business) is 256%, which meets the government’s minimum requirement of 120% with total assets of Rp19.7 trillion.

For more information, please visit www.sunlife.co.id.

About PT Bank Muamalat Indonesia, Tbk

PT Bank Muamalat Indonesia, Tbk is the pioneer of Sharia banking in Indonesia. Established on November 1, 1991, it was initiated by the Indonesian Ulema Council (MUI), the Association of Indonesian Muslim Intellectuals (ICMI), and several Muslim entrepreneurs, with subsequent support from the Government of Indonesia.

Since commencing operations on May 1, 1992, the bank has continuously innovated by introducing market-leading programs and services. The Shar-E Gold Debit Card by Bank Muamalat became the first Sharia bank chip card in Indonesia, enabling fee-free transactions at millions of merchants worldwide. Additionally, Bank Muamalat launched the #AyoHijrah campaign, encouraging individuals to embrace a blessed financial life by utilizing Sharia-compliant banking services.

As of November 15 and 16, 2021, the Hajj Financial Management Agency (BPKH) officially became the Controlling Shareholder (PSP) of Bank Muamalat after receiving a share grant from the Islamic Development Bank (IsDB) and SEDCO Group. Consequently, BPKH now holds an 82.66% ownership stake in Bank Muamalat. In addition to BPKH, the bank’s shares are also owned by IsDB (2.04%) and other shareholders, collectively holding a 15.30% stake.

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