MALAYSIA - RESEARCH - ISRA embarks on ambitious strategic plan to strengthen its global reach

The Kuala Lumpur-based International Shariah Research Academy for Islamic Finance (ISRA), the Shariah research entity of Bank Negara Malaysia, the central bank, has embarked on an ambitious strategic plan for 2012 which focuses on strengthening its global reach, further enhancing the quality of its activities and increasing its connectivity with market players and industry stakeholders. (source)

INDONESIA - CAPITAL MARKETS - Garuda Enters Syariah List, Bakrie Telecom Kicked Out

Theindonesiatoday.com - Shares of flag carrier PT Garuda Indonesia Tbk (GIAA) enters into syariah stocks list per November 2011, while Bakrie Telecom was kicked out from the list.

Etty Retno Wulandari, Bureau Head for accountancy and transparancy at Bapepam-LK, said 24 new stocks enter the list while 10 stocks were kicked out from the list.

She said Garuda, PT Perusahaan Gas Negara Tbk (PGAS), PT Bayan Resources Tbk (BYAN) and PT Indofood Sukses Makmur Tbk (INDF) are included into the list as their debt to equity ratio have improved. "Garuda's equity increased after IPO, helping dragged down its debt to equity ratio," Etty said.

Among 10 stocks kicked out due to their debts are bigger than equities are Bakrie Telecom, PT Alfa Retailindo Tbk (ALFA), PT Colorpak Indonesia Tbk (CLPI), PT Japfa Comfeed Indonesia Tbk (JPFA) and PT Multistrada Arah Sarana Tbk (MASA). (source)