INDONESIA - BANKING - Indonesia Islamic Financial World Ranking 4

Jakarta (14/10) - Indonesia has a proud achievement in Islamic finance. Country Index is based on Islamic Finance, Islamic financial industry was ranked fourth of the world Indonesia. Indonesia's position was under Iran, Malaysia, and Saudi Arabia.

"This ranking is quite encouraging because we are under major countries such as Kuwait, United Arab Emirates, and England," said Director of the Directorate of Islamic Banking Bank Indonesia, Mulya E Siregar, while giving a speech at the launch of commodity sharia in Jakarta, Thursday (13 / 10).  (source)

INDONESIA - FINANCE - Moratorium will have a great impact for Remittance Services

Jakarta, (07/07). The government regulation for Indonesian migrant workers in Saudi Arabia will have a great impact in decreasing fee based income in conventional an Islamic banks from their remittance services.

The general secretary of Ikatan Ahli Ekonomi Islam Indonesia (IAEI) Agustianto, said that the new moratorium policy will have a huge impact for our Islamic banking system in developing remittance services ”our migrant workers in Saudi Arabia has contributed USD 7.1 billion”, “ it is a very significant number if the moratorium is applied”, explained Agustianto. (source)

WORLD - EVENTS - KSA - Jeddah to host major Islamic economic and finance conference: IDB official

JEDDAH: Finance, economy and planning ministers from 56 Muslim countries will attend a major Islamic economic and finance conference here next week, which is likely to be opened by Custodian of the Two Holy Mosques King Abdullah at Jeddah Hilton on Monday. (source)

BANKING - Bahrain's Al-Baraka to enter Saudi through acquisition

REUTERS - DUBAI: Bahrain's Islamic lender Al-Baraka said on Tuesday it planned to enter the Saudi Arabian market through an acquisition of an Islamic investment company, valued at around SR300 million ($80 million).

"The group is in the process of obtaining approval from Saudi authorities to enter the Kingdom this year through acquiring one of the companies operating in the Saudi market," the lender said in a statement on the bourse website.