BANKING - TAKAFUL - Partner ACA peg premium target of Rp1, 8 trillion

JAKARTA: Asuransi Central Asia (ACA) target acquisition premiums amounted to Rp1, 8 trillion by the end of this year along with the strengthening of cooperation with the banking company.

ACA Director Muljadi Kusuma said the acquisition premium company already reached 60% of the target as of August 31, 2010.

He said 10% of the premium is the contribution of collaboration products company with banks (bancassurance ).

FINANCE - BRUNEI - Have a brighter future without debt

THE Ministry of Finance's (MoF) regulations on credit card which were implemented in July, are definitely giving Brunei a rosier future as the government "nips the situation in the bud". This statement came from Tareq Muhmood, chief executive officer of HSBC Brunei. He said that although the regulations are harsh, their intentions are good and (the regulations) will put the Sultanate in "very strong" positions in three years time.

LIFESTYLE - FOOD - Argentina - World Meat Congress look at Halal trade

Approximately 1,000 attendees packed an auditorium on the first day of the 18th World Meat Congress in Buenos Aires. Fifteen diverse speakers made presentations from 9 a.m. to 6 p.m. on industry trends in many countries. Rashid Kadimi, CEO of the processed foods division of the Allana family food group in Mumbai, India, covered the surprisingly large scale of bovine buffalo meat production in India. World production of buffalo meat reached 65.9 million tons in 2009, with both India and China being major exporters, Kadimi said.

LIFESTYLE - MUI - Indonesia’s Top Muslim Body Seeks Ban on Gay, Lesbian Film Festival

Jakarta. Indonesia’s top Islamic body reiterated on Friday that homosexuality is an abuse of human rights and demanded the government ban an ongoing gay and lesbian film festival.

It also condemned foreign cultural centres for showing the films at private screenings, three days after angry Muslims held protests outside the venues.

LIFESTYLE - TOURISM and TRAVEL - Conference to promote Muslim travel and tourism

THE International Islamic Tourism Conference & Travel Mart (ITCM) will be held from October 28 till October 31 at the Putra World Trade Centre in Kuala Lumpur.

BANKING - Indonesia Bank Kesawan says QNB to take 82 pct stake

PT Bank Kesawan , a small Indonesian lender, said on Thursday it plans to raise 730 billion rupiah ($81.72 million) in a rights issue which would lead to Qatar National Bank taking a controlling stake.

Gatot Siswoyo, Bank Kesawan’s chief executive officer, told Reuters that QNB would be the standby buyer for the rights offering and would end up with an 82 percent stake in the Indonesian lender.

“We expect to get regulator and shareholders approval by December,” Siswoyo said, adding that QNB is committed to injecting more capital after the offering so that Kesawan can expand its lending to small and medium-sized businesses.

BANKING - Bank Maybank Indocorp, BPD Riau Change Their Names

PT Bank Maybank Indocorp announced on Friday it has formally changed its name to PT Bank Maybank Syariah Indonesia, following the change of the bank's core business to syariah-based business.

FINANCE - AAOIFI meets with representatives of Russian bankers association

As part of its efforts to promote Islamic finance around the world, the Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Dr. Mohamad Nedal Alchaar, together with representatives of the Ministry Finance, the Central Bank and the Grand Mufti of the Shura Council of Russian Muftis, has met in the Russian capital Moscow with the Russian Association of Experts in Islamic Finance. 

BANKING - Bank Syariah Mandiri Received Annual Report Award 2009

PT Bank Syariah Mandiri (BSM)  received  Annual Report Award (ARA) 2009. BSM as the first champion of private institutions unlisted company for the awards. This award is presented by a collaboration of the minister of finance, government corporations, the stock exchange, accounting association, national committe of regulation, tax and revenue and security commission offices.

The award is awarded in Jakarta on 22/9/2010. The honorable guests were, the minister of Government corporations Mustafa Abubakar, the minister of Industry MS Hidayat, the minister of fiannce Agus D Martowardojo, Deputy  Governor of BI, Budi Rochadi and Muliaman D Hadad, Chairman of Security Commission LK Fuad Rahmani. Director of BSM, Sugiharto, received the award from the Deputy Governor of BI, Muliaman D Hadad.

PUBLICATONS - INTERVIEW - Riawan Amin - The need for ethical finance simply will grow

Source : http://sukukasiaforum.com/redForms.aspx?id=319114&sform_id=356146

Ahmad Riawan Amin, Chairman of the Indonesian Islamic Banking Association speaks exclusively to Finance IQ Editor Bryan Camoens on the attraction of Sukuk and the potential of Islamic Finance in Indonesia.

Bryan Camoens: Could you please tell us what lies behind the attraction of Sukuk?
Ahmad Riawan Amin:

PUBLICATIONS - INTERVIEW - SUWANNAYOS - 7 out of 10 Indonesians have little knowledge surrounding Islamic finance

 

Source : http://sukukasiaforum.com/redForms.aspx?id=319114&sform_id=348740 

Dheerasak Suwannayos, President of the Islamic Bank of Thailand, speaks to Finance IQs Bryan Camoens on the attraction of sukuk and Indonesia’s potential as an Islamic finance hub.

IQPC: Could you please tell us what lies behind the attraction of Sukuk?
Dheerasak Suwannayos:

There are many reasons that Sukuk is becoming increasingly attractive. One is that this tool provides an investment opportunity for the highly liquid investors in the Middle East markets.

PUBLICATIONS - INTERVIEW - Rizqullah - Indonesia set to be the leader in Islamic Finance

Source : http://sukukasiaforum.com/redForms.aspx?id=319114&sform_id=348738

Rizqullah, Head of Shari’ah Division, for Bank Negara Indonesia speaks exclusively to Finance IQ on why there is no such thing as sukuk defaults in Indonesia as yet and the trends of sukuk in Asia.

IQPC: Could you please tell us what lies behind the attraction of Sukuk?
Rizqullah: 

PUBLICATIONS - INTERVIEW - Sukuk Asia - Mohammed Shodiq - Islamic finance should move from shariah compliant products to shariah based products.

 

Source : http://sukukasiaforum.com/redForms.aspx?id=319114&sform_id=348736

Mohammed Shodiq, Academic Head for Bank Rakyat Indonesia Syariah speaks exclusively to IQPC on sukuk and the Islamic finance industry. Shodiq also talks about the huge potential in Indonesia and trends that he is seeing in Asia with regards to Sukuk?

IQPC: What lies behind the attraction of sukuk?

Mohammed Shodiq:

EDUCATON - SEMINAR - IFSB - BI - Legal Aspects of Islamic Asset Securitisation & Insolvency Regimes

The Islamic Financial Services Board (IFSB) is organising the 5th IFSB Seminar on Legal Issues in the Islamic Financial Services Industry Seminar from 2 – 3 December 2010 in JW Marriott Hotel, Jakarta, Indonesia. The theme for this year Seminar is Legal Aspects of Islamic Asset Securitisation & Insolvency Regimes. Bank Indonesia is hosting the Seminar.

FINANCE - VIVAnews - IDB to Grant Loans US$3 Bn to Indonesia

VIVAnews - The Islamic Development Bank (IDB) will grant loans worth US$2.8-3 billion to Indonesia as a form of partnership between Indonesian and IDB, which is attached in the Member Country Partnership Strategy.

Director of Multilateral Foreign Funding at the National Development Planning Ministry, Dewo Broto Joko Putranto, said the four-year cooperation is deemed the largest credit disbursed by the IDB to a country.

"The commitment can be materialized next year," said Dewo today, Sept 30.

CAPITAL MARKETS - Indonesia Revives Sukuk Market Two Months After Failures: Islamic Finance

Indonesia, the world’s most- populous Muslim nation, is reviving sales of Islamic bonds two months after consecutive auctions fell short of target because of concern over insufficient trading volume.

FINANCE - Islamic Finance Faces Battle to Unify Industry

Kuala Lumpur. Islamic finance is toughening supervision of its powerful religious advisers as shareholders worldwide demand increasing accountability from directors, but key reforms may do little to boost transparency.

Competition for investor dollars and a growing market is putting pressure on the once-arcane industry to adopt clearer, more uniform guidelines.

BANKING - Maybank expects Singapore, Indonesia to cement regional presence

KUALA LUMPUR, Sept 29 – Maybank continues to reign among the top 10 banks in the region, with high hopes of bigger returns from its overseas operations. particularly in Singapore and Indonesia.

BANKING - Maybank to boost Islamic finance ops in Indonesia

TOP lender Malayan Banking Bhd (Maybank) (1155) has obtained Indonesian authorities' approval to convert its unit PT Bank Maybank Indocorp into a full-fledged Islamic bank, its chief said.

The move allows Maybank to step up its Islamic banking activities in the world's most populous Muslim nation.

It also fits in with the group's plan of becoming the largest Islamic bank in Asean by 2015, president and chief executive officer Datuk Seri Abdul Wahid Omar said.

LIFESTYLE - FASHION - Dress Stunning Muslim Indonesia in World Expo

About 40 Muslim fashion works of Indonesian designers stunning the visitors "World Expo" in Shanghai, China, so it is not excessive if Indonesia wants to be a fashion mecca muslim world.


Director of Education and Culture of Indonesia Islamic Fashion Consortium (IIFC), Jetty R. Hadi, in a press statement received by AFP on Sunday, said the positive response of the international community to Indonesia during the Muslim fashion is high in every fashion show.

BANKING - Maybank Expects 40 Per Cent Of Profit From International Business By 2015 (in Indonesia : Bank BII)

KUALA LUMPUR, Sept 29 (Bernama) -- Malayan Banking Bhd (Maybank) expects 40 per cent of its profit to come from international business by 2015 from 21 per cent currently, president and chief executive officer Datuk Seri Abdul Wahid Omar said on Wednesday.

CONFERENCES - Malaysia Must Be In The Position To Offer A Strong Range Of Investable Asset Classes

KUALA LUMPUR, Sept 28 (Bernama) -- Malaysia, as an international Islamic financial centre, must be in the position to offer a strong range of investable asset classes for the global investment market.

BANKING - Al Baraka Banking Group Becomes the First Banking Institution to Use the Saadiq Nostro Accounts

Al Baraka Banking Group BSC signed an agreement with Standard Chartered Bank for using its "U.S. dollar Saadiq Nostro account" which is the first Sharia-compliant U.S. dollar Nostro account in the United States of America.

REGULATIONS - ANALYSIS - Islamic finance seems overwhelmed by scholar reforms

KUALA LUMPUR/MANAMA, Sept 29 (Reuters) - Islamic finance is toughening supervision of its powerful religious advisers as shareholders worldwide demand increasing accountability from directors, but key reforms may do little to boost independence and transparency.

Islamic banking is overhauling rules that govern the conduct of its influential sharia advisers, with competition for investor dollars and a growing market putting pressure on the once-arcane industry to adopt clearer, more uniform guidelines. (full article)

REGULATIONS - AAOIFI issues three new Shari'a standards

The accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organization that formulates and publishes, accounting, auditing, ethics, governance and Shari'a standards for the Islamic banking and finance industry, issued three new Shari'a standards, namely "Contemplation Option", "Defects Option" and "Honesty Option".

FINANCE - Islamic Relief Indonesia signs multimillion dollar contract with World Bank and Indonesian Government

Shabel Firuz, Islamic Relief Worldwide’s Indonesia Coordinator said, "Islamic Relief is very grateful to the Government of Indonesia, the World Bank and to all our colleagues who made this happen. Support of this nature is essential for sustaining Aceh's economic development and helps us to continue partnering with communities who survived the tsunami nearly six years ago. 

Islamic Relief’s Indonesia office has signed a contract worth $4.84 million dollars with the Government of Indonesia and the World Bank, which will be used to strengthen the sustainability and productivity of the fisheries sector in the province of Aceh, Sumatra.

CAPITAL MARKETS - SUKUK - Soaring Sukuk - Indonesia

According to KFH Research and NCB Capital, there seemed to be a recovery in the growth of the total value of Sukuk issuance in 2009 and during the first half of this year. KFH Research expects the Sukuk market to maintain its vitality during 2010 and for the foreseeable future. It said that the most important factors that will drive this are stimulus programmes, huge government expenditures and government initiatives that will enforce and develop Sukuk as well as the increasing popularity of Shari'ah-compliant products.

CAPITAL MARKETS - SOVEREIGN SUKUK - Indonesia to issue 2.36 trln rupiah sukuk in Q4

(Reuters) - Indonesia's government will issue 2.364 trillion rupiah ($264.2 million) worth of sukuk in the fourth quarter of this year, a debt office official said on Tuesday. ($1=8947 Rupiah)

CAPITAL MARKETS - SOVEREIGN SUKUK - Indonesia aims for 1 trln rph at Oct 5 sukuk auction

(Reuters) - Indonesia's debt office said on Tuesday it aimed to raise 1 trillion rupiah ($111.8 million) at its auction of sukuk, or Islamic debt, scheduled for October 5. ($1=8947 Rupiah)

TAKAFUL - Group effort - FWU eyes Indonesia

It's been a big year for FWU Group, as the business has been spreading its wings across the globe, acquiring new distribution partners and launching new products. Sohail Jaffer, Partner of FWU Group, explained all to Isla MacFarlane.

EDUCATION - Asia-Pacific Universities Adding Islamic Finance Courses

KUALA LUMPUR — With the Islamic finance industry worth an estimated $1 trillion and growing rapidly, it is perhaps no surprise that a number of Asia-Pacific nations are among a growing band of countries worldwide to signal their intention to carve out a larger share of the market.

BANKING - Maybank in Indonesia for the long term

MALAYAN Banking Bhd (Maybank), the country's largest lender, will continue to invest and expand in neighbouring Indonesia despite the anti-Malaysia sentiment of a few Indonesians.

Its president and chief executive officer Datuk Seri Abdul Wahid Omar is unfazed by the demonstrations which have taken place and considers them as isolated cases.