INDONESIA - TAKAFUL - Great Eastern Takaful eyes top 3 spot in Indonesia

thesundaily.com.my - KUALA LUMPUR (Nov 28, 2011): Great Eastern Takaful Sdn Bhd (GE Takaful) has unveiled a plan to become one of Indonesia's top three takaful players in three to five years, by introducing affordable takaful plans and leveraging on its bancatakaful distribution partnership with Bank OCBC NISP there.

Its CEO Mohamad Salihuddin Ahmad said the company will venture into the republic next year, initially in Java and Sumatera. It will then enter other areas such as Kalimantan and Sulawesi.  (source)

INDONESIA - BANKING - IDB to postpone selling Muamalat shares

JAKARTA: The Islamic Development Bank (IDB) officially submitted a letter to Bank Indonesia (BI) last week stating that it would postpone selling its shares of PT Bank Muamalat Tbk, a central bank official says.

BI Islamic Banking Directorate director Mulya E. Siregar said Friday that the postponement was due to a disagreement between IDB and potential investors over the stock price. (source)

SINGAPORE - BANKING - OCBC earns S$577m net profit in Q2 - Hesitant about Indonesia

SINGAPORE - Oversea-Chinese Banking Corp (OCBC), Singapore's second-largest lender by assets, yesterday reported a smaller-than-expected net profit increase of 15 per cent from the corresponding period a year earlier to S$577 million, as the continued growth in its loans business offset pressure on mortgage margins. (source)

INDONESIA - BANKING - Chairul Tanjung Withdraws from Betting on Bank Muamalat

Theindonesiatoday.com - Chairul Tanjung, owner of Trans Corporation/TransCorp), member of Para Group, has reportedly withdrawn from betting on acquiring PT Bank Muamalat Tbk, Detikfinance.com reported.

"From the result of due diligence, we consider to have a high risk (for acquiring Bank Muamalat)," he said but declined to comment on whether the price offer is expensive. (source)

INDONESIA - BANKING - Eight investors lining up for Bank Muamalat

REPUBLIKA.CO.ID, JAKARTA - Three investors have expressed its seriousness to Bank Indonesia to buy Bank Muamalat. Until now recorded eight investors who target a pioneer Islamic bank in his homeland.
Director of the Directorate of Islamic Banking, Mulya Siregar, said there are three local investors and foreign investors who are interested in five woo Muamalat. Three local investors that is Saratoga's Sandiaga Uno, The Group, led Chairul Tanjung, and Bank Mandiri. Meanwhile, five foreign investors is the Qatar Islamic Bank, OCBC Overseas, Standard Chartered, Bearing Bank, and Overseas Chinese Banking. "But until now the Muamalat has not dropped the option," he said on Wednesday (13 / 7). (source - google translate)

INDONESIA - BANKING - Chairul Tanjung and Sandiaga Uno Bet on Bank Muamalat

Theindonesiatoday.com - Two businessmen Chairul Tanjung and Sandiaga Uno are betting on acquiring PT Bank Muamalat Tbk. Also competing are PT Bank Mandiri Tbk (BMRI) and five foreign banks, Detikfinance.com reported.

Chairul Tanjung will bid Bank Muamalat through Para Group while Sandiaga Uno uses his investment arm PT Saratoga Investment Sedaya.

Mulya Siregar, director of syariah banking directorate, said those among five foreign banks interested to acquire Bank Muamalat are Qatar Islamic Bank, OCBC, Standard Chartered and ING Barings Bank. (source)

INDONESIA - BANKING - 8 investors express interest in Bank Muamalat shares

At least eight investors, including five foreign ones, have expressed their interest in purchasing 50 percent shares of Bank Muamalat, a major sharia bank in Indonesia.

Bank Indonesia deputy director for sharia banking Mulya Siregar said the interested investors included local-based Para Group, which belongs to business tycoon Chairul Tanjung; Saratoga Investama Sedaya, headed by noted businessman Sandiaga Uno; and the country's largest lender by assets, Bank Mandiri. (source)

INDONESIA - BANKING - Bidders Pulled Out From Bank Muamalat Stake Sale

JAKARTA -(Dow Jones)- Bidders have pulled out of negotiations to buy a stake in Indonesian Shariah lender PT Bank Muamalat, a person familiar with the matter said Thursday.

"All bidders are out now. They don't agree with the terms and conditions, which also include the price," said the person, who declined to be named. (source)

INDONESIA - BANKING - QIB quits Bank Muamalat bid, StanChart left-sources

* StanChart only bidder left in race - sources

* PT Bank, Bank Mandri, OCBC also backed out from deal

By Janeman Latul and Dinesh Nair

JAKARTA/DUBAI, July 4 (Reuters) - Qatar Islamic Bank has pulled out of the bidding for a majority stake in Indonesian Islamic lender PT Bank Muamalat, banking sources said, leaving Standard Chartered Plc as the sole remaining bidder.(source)

SINGAPORE - OCBC expanding Islamic banking arm

OCBC is set to grow its Islamic banking business at a gradual but steady pace, as demand for syariah-compliant financing rises among retail and corporate customers.

OCBC Al-Amin, the bank's Malaysia-based Islamic banking unit, saw loans grow by 16 per cent last year, chief executive Syed Abdull Aziz Syed Kechik told The Straits Times. (source)

BANKING - Top shareholders looking to sell 51 pct of Indonesia's Muamalat-source

May 25 (Reuters) - Top shareholders of unlisted Indonesian Islamic lender PT Bank Muamalat are looking to sell at least 51 percent stake in the bank, a source with direct knowledge of the deal told Reuters.

Singapore's second-biggest lender Oversea-Chinese Banking Corp had looked at the bank in the first round, but are no longer interested, two sources familiar with the matter said. (full story - reuters)

TAKAFUL - M'sian Islamic insurer plans Indonesia foray

MALAYSIA'S Great Eastern Takaful will begin offering Islamic insurance products in Indonesia in the third quarter and hopes to launch its business in Singapore next year, its chief executive said yesterday.!

The Islamic insurer will start a distribution channel to focus initially on Java and Sumatra as part of a plan to mine opportunities in the world's most populous Muslim nation, Chief Executive Mohamad Salihuddin Ahmad said.!

"We are the latecomers, so to be able to differentiate ourselves we will need a different strategy."  (full story)