MALAYSIA - FINANCE - Malaysia's pension reform may boost Islamic funds

www.reuters.com - SYDNEY, July 23 (Reuters) - Malaysians will have more room to allocate part of their retirement contributions to Islamic investments under sweeping government reforms to the pension system.
At present, the Employees Provident Fund (EPF) receives public pension contributions and invests the money. Some of that investment is in sharia-compliant areas such as sukuk and halal stocks, but contributors have limited scope to ensure the money is being used that way. A maximum 20 percent of savings can be placed through the EPF into a single mutual fund.  (full story)

INDONESIA - BANKING - BRI SHARIA Release Wrapped Insurance Savings

www.bisnis.com - JAKARTA: PT Bank BRI Syariah with PT Bringin Life Insurance Welfare issued saving products wrapped in insurance.

The product is called Dream Savings BRISyariah iB is a personal term deposits with the system auto-debit payments each month with a fixed period of time.

Director of Bank BRI Syariah Moch. Hadi Santoso said the product will be launched in August. "With this product, customers will benefit from insurance protection," he said at a press conference after the signing of the cooperation between the two parties today, Thursday (19/07/2012).  (source)

INDONESIA - BANKING - CIMB offers 1st Indonesian fixed returns

www.btimes.com.my - CIMB Group Holdings Ltd, Malaysia’s second-biggest Islamic bank, is introducing Indonesia’s first Shariah-compliant fixed returns on deposits, five years after their adoption in its home market.

PT Bank CIMB Niaga Syariah, a unit of the Kuala Lumpur- based bank, started offering the accounts to lenders on June 24 and plans to introduce them for consumers, Badlisyah Abdul Ghani, the head of Islamic banking at the parent, said in a July 4 interview. Indonesia’s Islamic finance assets total 147.9 trillion rupiah (US$15.6 billion), trailing Malaysia’s RM350.4 billion (US$110 billion), partly because depositors only receive floating payments based on profits or price swings.  (source)

INDONESIA - BANKING - BNI Launches Shariah iB Hasanah Tunas

www.bisnis.com - JAKARTA: PT BNI Syariah launched iB Tunas Hasanah savings, savings products that target the segment of prospective customers under 17 years of age.

Unlike the other children and youth savings, this product has been equipped with features such as e-banking ATM, SMS Banking and Internet Banking, so that in accordance with the development of today's young generation in the modern era.

  According to Imam Teguh Saptono, Director of Business BNI Syariah, the launch of this product is one of the corporate action to support public education-related savings in Islamic banks since early. (source) 

INDONESIA - BANKING - Permata Syariah develop virtual account together with Al-Ijarah

www.bisnis.com - JAKARTA: PT Bank Syariah Business Unit Permata Tbk PT working with Al-Ijarah Indonesia Finance in the development of virtual account.

This cooperation aims to facilitate the repayment of motor vehicles, both two wheels and four wheels, for consumers Al Ijarah.

"Virtual account customer support flexibility in the deal," said Head of the Sharia Bank Permata Ahmad K. Permana on the sidelines of the signing of cooperation between the two parties, Friday (06/29/2012).  (source)

INDONESIA - BANKING - Product development biggest challenge

www.bisnis.com - MAKASSAR-limited products of Islamic banks today become one of the challenges in efforts to develop Islamic banking industry in capturing the opportunities that exist.
 Chairman of the Association of Islamic Economist (IAEI) Bambang PS Brodjonegoro said the lack of Islamic banking products is one of three factors challenge the growth of Islamic finance is not significant.
 According to him, two other external factor is the absence of Islamic or Shariah compliance standards compliance standard that allows the distinction of compliance, tailored to the relevant bank or central banks concerned. Another factor is a matter of international Islamic institutional infrastructure that is still not united in substance.
 "Islamic products is relatively limited, so that consumers are still thinkers-thinkers to switch to the Shariah, it is also faced by the countries of the Islamic financial development," he said as a keynote speaker in the Islamic Banking Research Forum-5 that was held at the Muslim University of Indonesia ( UMI) Makassar today, Tuesday (26/06/2012).  (source)

INDONESIA - BANKING - CIMB Niaga launches Islamic money market transactions

www.kontan.co.id - JAKARTA. PT Bank CIMB Niaga through sharia business unit, CIMB Niaga Syariah ready to launch the Islamic money market transactions (SATISFIED), the Certificate of Commodity Trading Interbank Based on Sharia Principles (Sika).

Readiness is supported by the terms of Bank Indonesia to CIMB Niaga 14/137/DPM numbers on June 14, 2012 which affirmed the instrument permits the use of Sika SATISFIED.

"The exit of DSN-MUI fatwa and circulars concerning Sika Bank CIMB Niaga Syariah make clear the firm launched the Islamic money market transactions with Sika instruments," said Director of Commercial Banking and CIMB Niaga Syariah Handoyo Soebali, Sunday (24/6).  (source)

INDONESIA - FINANCE - HSBC to Pioneer Islamic Forex Products in Indonesia

www.bloomberg.com -HSBC Amanah will offer Islamic foreign exchange forwards and cross-currency hedging instruments in Indonesia starting next month to help Shariah-compliant banks manage risks arising from currency fluctuations. “For these two products, we are the first to receive approval from the central bank,” Herwin Bustaman, HSBC Amanah’s Indonesia head, said in a telephone interview yesterday. “Right now Islamic banks are exposed to market risk. This will help the capital markets.” (source)

INDONESIA - BANKING - Mandiri Syariah invites clients for business dinner

WWW.REPUBLIKA.CO.ID, BANDUNG - In order to tighten the silatuturahmi and cooperation with businesses, Bank Syariah Mandiri Kopo Branch organized a "Dinner & Business Gathering" at the Pagoda Restaurant, Bandung, West Java.

A total of 50 customers and prospective customers from various circles attended the gathering. They introduced some excellent products Bank Syariah Mandiri.

One excellent product is presented by the Head of Branch Bank Syariah Mandiri Branch Dago, Andri Salman, is a program Mudharabah muqayyadah on Balance Sheet (MMOB).

"Customer is our most important partners. Therefore, this program is the program beneficial to all parties. Both donors and recipients of funds," he said on Friday (27/4).  (source)

INDONESIA - BANKING - Permata Syariah IB gems Optima Savings, Investing Right Solution

www.pkesinteraktif.com - Jakarta-Today, investing in Islamic instruments to be ogled by the choice of many people. In addition to reassuring, of course, many advantages presented no less than the conventional-based investments.

IB Optima is offering savings of PermataBank Sharia, for those who want the flexibility to invest in transactions that access is easy, fast and safe, and wishes for the equivalent of Islamic deposits and free of charge as well as numerous other benefits. (source)

INDONESIA - BANKING - BRI Syariah Launches ATM card mustahik Griya Orphans & Dhuafa (GYD)

www.pkesinteraktif.com - Jakarta (20/2) - Bank Rakyat Indonesia (BRI) Syariah launched ATM Card Co-Branding BRISyariah mustahik Griya Orphans & Dhuafa (GYD) GYD built for the residents. Approximately 830 people and the orphans of orphans assisted GYD will receive the card. Symbolically, the delivery is conducted at the Village Office, Kramatjati, East Jakarta by Budi Wisakseno as Director of Compliance of PT Bank BRISyariah and accepted by Haryono, Chairman of the Foundation for Orphans & Dhuafa Griya.

"Through the delivery of this ATM card, BRISyariah hope to educate the public, particularly the recipients of this GYD mustahik ATM card, about the importance of the banking sector, to facilitate various activities including charity work," Budi said in his press release here on Sunday (19 / 2) (source)

INDONESIA - BANKING - Realize House of Dreams by CIMB Niaga Syariah

www.pkesinteraktif.com - Jakarta (9/2) - Having your own home is probably one of the dreams of every individual, especially for those who are already married. However, in reality the dream is not easy.

Home Ownership Financing is IB, a product of House Ownership Loan (mortgage) of Bank CIMB Niaga Syariah are present in the community and are ready to help realize the dream of dreams a good house. (source)

BRUNEI - TAKAFUL - Two Takaful products launched

www.bt.com.bn - TWO Takaful (Islamic insurance) products were launched yesterday by Takaful Brunei Keluarga Sdn Bhd as part of its ongoing commitment to encourage savings culture among Bruneians.

At its headquarters Takaful Brunei Darussalam Sdn Bhd in the capital yesterday, the subsidiary introduced the two new products; the Takaful Nur Savings and the Takaful Employee Package. (source)

INDONESIA - BANKING - BNI Syariah Shutter with Tapenas Long-Term Funding

REPUBLIKA.CO.ID, JAKARTA - Bank ready to target the growth of Islamic savings plan (tapenas) a source of long-term financing. Growth funding or the Third Party Funds (TPF) BNI Syariah is targeted in 2012 jumped 30 percent.

Tapenas products, according to Director of Compliance BNI Syariah, Imam Teguh Saptono, a savings that makes the customer order to save. Because, savings can only be taken within a certain timeframe. "This product is an alternative between a regular savings and deposits," he said.  (source)

INDONESIA - BANKING - CIMB Group To Introduce New Islamic Products In Singapore And Indonesia

KUALA LUMPUR, Dec 28 (Bernama) -- CIMB Group Holdings Bhd plans to introduce new Islamic products in Indonesia and Singapore next year through its Islamic units in the two countries.

The bank is looking at introducing Islamic wealth management products and services as well as basic consumer banking products such as deposits for the two countries. (source)

INDONESIA - BANKING - Saving money at the Post Office With Muamalat

Jakarta (19/12) - Post Office is now known not only serve the delivery of mail. Moreover, the Post Office can serve the package delivery, payment of electricity bill, telephone bill payments, and even sharia-based savings service.

Muamalat Postal Savings is an offering of Bank Muamalat for people who regularly transact at the Post Office and want to enjoy the services of Sharia-compliant savings. These savings are for individuals aged 18 years and over. (source)

FINANCE - MALAYSIA - Develop Other Premium Islamic Financial Products & Services, Says Ahmad Husni

KUALA LUMPUR, Oct 4 (Bernama) -- Although Malaysia has done very well in the sukuk market, it has to seriously develop its capacity in other products and services that would command greater premiums not only within the domestic market but also in the foreign Islamic financial markets.