The Murabaha financing (cost plus financing) facility for PT Krakatau Steel, the Indonesian state owned company and the largest integrated steel manufacturer in Indonesia, is solely funded by HSBC has been designed to finance Krakatau Steel’s raw material purchasing.
Rajeev Babel, Head of Global Banking HSBC Indonesia said, “We are delighted to announce this Shari'ah financing facility with Krakatau Steel, which is one of our most valued clients in Indonesia. This transaction was facilitated by the recent amendment of VAT law which removes double taxation for Murabaha transaction. Our first collaboration with Krakatau Steel, in Shari'ah financing, was back in 2007 when we arranged their first $50 million Murabaha syndication. Our multi-dimensional partnership with leading Indonesian corporates like Krakatau Steel and good understanding of the local regulatory framework clearly demonstrates the strength and diversity of HSBC's global banking franchise in Indonesia."
Sukandar, Financial Director Krakatau Steel, said “This fund will be used to finance the purchasing of raw material from our supplier. Aside from its operational purpose, receiving this Shari'ah financing facility is also being part of our strategy in diversifying our funding sources, both from conventional and Shari'ah.”
Mukhtar Hussain, Global CEO of HSBC Amanah said, "We first launched our Islamic financial services in Indonesia in 2003 after looking closely at the developing market. This transaction demonstrates the ability of shariah finance to deliver financing solutions for corporates in Indonesia at a competitive price. As the first foreign bank to establish a Shari'ah unit in Indonesia, HSBC is committed to accelerating growth of the local Shari'ah industry through various initiatives. We are proud to have brought this deal to the market and look forward to concluding more Shari'ah-compliant transactions in the country."
HSBC is the first international bank to establish a Shari'ah Banking Unit in Indonesia. After initially focusing on the corporate segment since its establishment in 2003, HSBC Amanah Syariah arranged two international Islamic financing syndications for PT Pertamina (Persero) of $322 million (2004) and $200 million (2006). These syndications successfully introduced Indonesia to the Middle Eastern investor.
Source : http://cpifinancial.net/v2/News.aspx?v=1&aid=5956&sec=Islamic%20Finance - Sept 5, 2010
Sukandar, Financial Director Krakatau Steel, said “This fund will be used to finance the purchasing of raw material from our supplier. Aside from its operational purpose, receiving this Shari'ah financing facility is also being part of our strategy in diversifying our funding sources, both from conventional and Shari'ah.”
Mukhtar Hussain, Global CEO of HSBC Amanah said, "We first launched our Islamic financial services in Indonesia in 2003 after looking closely at the developing market. This transaction demonstrates the ability of shariah finance to deliver financing solutions for corporates in Indonesia at a competitive price. As the first foreign bank to establish a Shari'ah unit in Indonesia, HSBC is committed to accelerating growth of the local Shari'ah industry through various initiatives. We are proud to have brought this deal to the market and look forward to concluding more Shari'ah-compliant transactions in the country."
HSBC is the first international bank to establish a Shari'ah Banking Unit in Indonesia. After initially focusing on the corporate segment since its establishment in 2003, HSBC Amanah Syariah arranged two international Islamic financing syndications for PT Pertamina (Persero) of $322 million (2004) and $200 million (2006). These syndications successfully introduced Indonesia to the Middle Eastern investor.
Source : http://cpifinancial.net/v2/News.aspx?v=1&aid=5956&sec=Islamic%20Finance - Sept 5, 2010
mudah-mudahan HSBC amanah dan bank-bank syariah lain melakukan hal yang sama untuk menggali semua kekayaan alam indonesia agar bisa dinikmati hasilnya untuk bangsa kita sendiri.Tanpa turut campur dunia luar
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