Asian Finance Bank Bhd., the Malaysian unit of Qatar Islamic Bank SAQ, said it has identified up to three Shariah-compliant banks for purchase in Indonesia.
Asian Finance is conducting a due diligence and aims for the acquisition by Qatar Islamic to be completed by April next year, Mohamed Azahari Kamil, chief executive officer of the Malaysian unit, said in an interview in Kuala Lumpur today.
Qatar Islamic, the Persian Gulf country’s biggest lender that complies with the religion’s ban on interest, is seeking to expand its services to take advantage of growth in the $1 trillion industry. Asian Finance also held meetings with Australian government officials to advise them on Islamic products, Azahari Kamil said in a phone interview on Oct. 20, as the nation plans to change laws to attract investors from the Middle East and Asia.
“The financial and legal due diligence is expected to be completed by the end of the year,” he said. “We’re not looking to pay a very high premium because our participation is to add value to the bank.”
Indonesia, the world’s most populous Muslim country, is studying ways to make tax laws more conducive to developing Islamic finance, Mulya Siregar, director of Shariah banking at the central bank, said on Oct. 20.
The Islamic Financial Services Board, a Kuala Lumpur-based standards body, and the Islamic Development Bank, forecast in April the industry’s assets will reach $1.6 trillion by 2012.
To contact the reporter on this story: Chong Pooi Koon in Kuala Lumpur at pchong17@bloomberg.net
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