Bank Muamalat Indonesia (BMI) is a commercial bank in Indonesia operating on the principles of Islamic banking. The bank was founded in 1991, based on the initiative of the Indonesian Council of Ulamas (MUI) and under the auspices of the Government of Indonesia. Operations began in 1992. foreign exchange service began in 1994. Funding products apply the principles of Wadiah (deposit) and Mudharabah (profit-sharing). Financing products apply the principles of Bai’ (Buy and Sell), Musyarakah (Equity Sharing), Mudharabah (Profit-Sharing), and Ijarah (Rent). Bank Muamalat serves nearly 3,000,000 customers throughout Indonesia and Malaysia.