INDONESIA - TAKAFUL - Asuransi CAR enlarges sharia business line

www.bisnis.com - JAKARTA: Life insurer PT Asuransi Jiwa Central Asia Raya will enlarge its sharia business line by strengthening its distribution network through bancassurance and retail.

The company expects a premium revenue of IDR35 billion from the sharia business line this year, tripling last year’s figure of IDR10 billion, said Antony Japari, Marketing Director and Chief Marketing Officer.

Antony said the sharia insurance business potentials are still huge here. Moreover, the Islamic-based insurance is not limited to certain religion and can attract general customers. (source)

INDONESIA - TAKAFUL - Independent Staco spur Islamic premiums

www.bisnis.com - JAKARTA: PT Mandiri Staco Insurance, a company engaged in general insurance, profit target of Rp2 Islamic business units, 25 billion by 2012, growing 60% from Rp1, 4 billion in 2011.
Independent Director of Staco Ruhari said there are several strategies that companies do to achieve these targets, among others, by increasing the retention or updates from the risks covered by itself, raise the business lines that provide big business, expand business sources, and a consortium with other insurers.
"These policies were carried out in order to continue the growth of Islamic finance," he said today, January 19, 2012.  (source)

INDONESIA - IN MEMORIAM - Sofyan Harahap Syafri dies

www.bisnis.com - JAKARTA: Indonesia lost one of his best men in the field of Islamic economics, Sofyan Syafri Harahap, who died at the age of 56 years in the RSCM at around 20:30 pm last night.
Commissioner of State Bank Indonesia Sharia (Islamic BNI) and the Program Director of Islamic Economics and Finance University Trisaksi Rahmatullah returned to after battling colon cancer disease since last year.
During his life, men born in South Tapanuli, North Sumatra in 1956 to devote this much time to the development of Islamic financial world in particular.  (source)

INDONESIA - EDUCATION - HR major problem

www.bisnis.com - JAKARTA: The lack of human resources trained in Islamic economics was not only a problem in Indonesia. The same problem also occurs in many countries that have Islamic finance industry.
Alfatih Gessan Pananjung WA, Senior Lecturer Bahrain Institute of Banking Finance, said the shortage of human resources (HR) property on the Islamic finance industry continues to be exposed through mass media.
"Some of the world's mass media has always raised the issue of lack of human resources in the Islamic economy because it is one of the problems that occur at this time," he said in a seminar Sustainable Strategies of Sharia Banking in Indonesia in Response to the Global Economic Challenges, today. (source)

INDONESIA - INDEX - Margin refers to the results from the real sector index

www.bisnis.com - JAKARTA: While not using the system of interest, but Islamic banking has been making the interest rate on conventional industry as a reference for determining the level of yield and margin financing.
This is because the Islamic financial industry has not had a reference in determining the return for financing to individual industrial sectors.
However, the influence of interest in the conventional market for Islamic industry is perceived to be reduced because Bank Indonesia (BI) immediately launched an index rate of return of the real sector in the country. (source)

INDONESIA - BANKING - Profit BNI Syariah rocketed 100%

www.bisnis.com - JAKARTA: PT Bank Negara Indonesia Sharia optimistic to record profit doubled from a year earlier, to $ 73 billion at the end of 2011 from Rp36, 5 billion as at December 2010.

Business Director Islamic Bank Negara Indonesia (BNI Syariah) Bambang Widjanarko said since the beginning of the company is targeting earnings to grow 100% in comparison with the previous year.

"Fortunately, can thank double [earnings growth in 2011]. Initial target was increased 100%. Profit can not be great because we still strengthen internal and invest," he said, today Tuesday, February 7, 2012. (source)

INDONESIA - BANKING - Islamic Banking Products Exact substance of Islamic Economics

www.pkesineraktif.com- Jakarta (7/2) - The product contained in the Islamic banking should not only be based on the legal aspects of sharia, but also has economic substance of sharia. This was disclosed Directorate of Islamic Banking Director of Bank Indonesia (BI) Mulya Siregar told reporters in Jakarta, Monday (6/2).

He said that the economic substance of Islam to be above rather than Islamic legalistic. Because making a product into a product that Islamic banks could be done. (source)

INDONESIA - EDUCATION - Expand UPI BNI Syariah and Islamic Banking Education

www.pkesinteraktif.com - Bandung-In an effort to sharia banking education to the younger generation, Bank Negara Indonesia (BNI) Syariah give students the opportunity to Univeritas Education Indonesia (UPI) to do research or an internship at BNI Syariah.

"The BNI Syariah resources provide instructors or professors in the field of Islamic Banking for UPI," said Rizqullah, president of the BNI Syariah pkesinteraktif.com press release received on Wednesday (8/2) (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)

INDONESIA - INDEX - BI to launch the Real Sector Index Reference For Islamic Banking

www.pkesinteraktif.com - Jakarta (6/2) - Bank Indonesia (BI) will launch as a reference index of the real sector financing of Islamic banking. Because of all this is the reference for Islamic banks such as Bank Rate is the interest rate.

"BI is an index to calculate the real sector since 2010 and will introduce an index to the bank this month," says researcher Associate Directorate of Islamic Banking BI, Rifki Ismal to reporters after the panel discussion "Sustainable Strategies of Sharia Banking in Indonesia in Response to the Global Economic Challenges' at the University of Bakrie, Jakarta, Monday (6/2).  (source)

INDONESIA - BANKING - BRI Syariah Receive Top Brand Award

WWW.REPUBLIKA.CO.ID, JAKARTA - PT Bank BRISyariah received the Top Brand in the category of Sharia Banking Marketing Magazine. Acceptance of the award is represented by Budi Wisakseno, Director of Compliance of PT Bank BRISyariah, at the Hotel Mulia, Jakarta.

According to Budi Wisakseno, this award is a testament to the confidence the entire people of Indonesia to PT Bank BRISyariah hard work over the past three years to be able to serve the public in Islamic banking.  (source)

INDONESIA - TAKAFUL - Jiwasraya Postpones Establishment of Islamic Business Unit

www.indonesiafinancetoday.com - JAKARTA (IFT) - PT Asuransi Jiwasraya (Persero), a large-scale life insurance company, postponed its plan to launch an Islamic business unit this year because it has not obtained a license from the Capital Market and Financial Institution Supervisory Board (Bapepam-LK). (source)

WORLD - FIQH - New report on Shariah scholars released

www.tradearabia.com - Failaka Advisors, in partnership with Paris-based Grapes Market Research & Advisory, has released the second edition of The Shariah Report.

The 2012 version of the report is the world's first comprehensive report on Shariah scholars, with detailed profiles of more than 120 of the top scholars in the Middle East and from around the globe highlighting Islamic Finance’s global reach.

“Spanning from East to West, the report profiles Shariah scholars from Asia, Middle East, Africa, Europe and North America, providing insight into the depth and breadth of the industry”, said Anne-Sophie Gintzburger, founding director at Grapes.  (source)

BRUNEI - EDUCATION - Centre for Islamic Banking, Finance & Management launched

new.brunei.fm - Her Royal Highness Princess Hajah Hafizah Sururul Bolkiah yesterday attended the official launching of the Centre for Islamic Banking, Finance and Management (CIBFM) and its first flagship, the Fiqh Mu’amalat Professional programme.

Held at the Indera Kayangan Ballroom of The Empire Hotel and Country Club, the launch opened with recitations of surah al-Fatihah and doa led by Pehin Orang Kaya Paduka Seri Raja Dato Paduka Seri Setia Ustaz Hj Awg Suhaili Hj Mohiddin. (source)

THAILAND - BANKING - Islamic Bank has ambitious growth plans

www.nationmultimedia.com - The Islamic Bank of Thailand plans to issue bonds worth Bt5 billion in the second quarter, launch a property fund for Bt1.5 billion in the third quarter and expand its retail borrower base, Dheerasak Suwannayos, president of the bank, said yesterday.  (source)

THAILAND - BANKING - IBank aims to break into Asia's top three

www.bangkokpost.com - The state-run Islamic Bank of Thailand has set a goal to be among the top three Islamic banks in Asia with asset size of 300 billion baht within the next five years, said president Dheerasak Suwanyos.

The target is ambitious considering it has been in business for only 10 years. At present, Maybank Group is the largest Islamic bank in Asia with assets of 200 billion baht, followed by CIMB Bank and RHB Bank. All three are based in Malaysia.  (source)

INDONESIA - BANKING - Jakarta Becomes Magnet of Shari`ah Assets

www.onislam.net - CAIRO – Taking a share of the booming Islamic finance industry, Indonesia is becoming a magnet of Shari`ah-compliant assets from all around the globe.

“We are on the lookout for any good Indonesian acquisition, if the price is right,” Mohamed Azahari Kamil, the Kuala Lumpur-based chief executive of Asian Finance Bank Bhd, the Malaysian unit of Qatar Islamic Bank, told the Gulf Times on Thursday, February 9. (source)

INDONESIA - BANKIING - BNI Syariah's 2011 Profit Doubled

www.theindonesiatoday.com - JAKARTA, Indonesia Today - PT Bank BNI Syariah booked expects to book profit of Rp73 billion in 2011, doubled from Rp36.5% in previous year, Bisnis.com reported.

Bambang Widjanarko, business director of BNI Syariah, said the profit growth was mainly supported by margin from financing, internal management and investment.  (source)

INDONESIA - CAPITAL MARKETS - Indonesia debt sees more strong demand on GDP data, yield down - new global sukuk half 2012

www.reuters.com - Feb 7 (Reuters) - Indonesia saw strong demand and weaker yields for its debt on Tuesday as last month's upgrade to investment status continued to spur investor buying and robust 2011 GDP growth figures underscored the economy's resilience.

Investors snapped up 12 trillion rupiah ($1.34 billion) in a debt auction on Tuesday, above a 8 trillion rupiah target, the debt office said. Incoming bids were 42.38 trillion rupiah , lower than 50.13 trillion rupiah seen in an auction on Jan. 26, but still much higher than previous bids.  (source)

INDONESIA - BANKING - REGULATIONS - BI eases Islamic banking to boost SME

WWW.REPUBLIKA.CO.ID, JAKARTA – Bank Indonesia (BI) is ready to ease some provisions to help Islamic banking distributing its financing to Small and Medium Enterprise (SME). The measure is expected to boost the financing in SME sector.

The flexibility is given to Islamic banking providing mudharabah and musyarakah arrangements. The customers, for example, can payback the installment of financing at the end of the period. “For example, in two year contract, the customers pay off by the end of the second year,” the The Director of Directorate of Islamic Banking BI, Mulya Effendi Siregar, said.  (source)

INDONESIA - BANKING - Indonesia lures Mideast Shariah lenders

www.gulftimes.com - Indonesia’s Islamic finance industry is luring investment from Middle Eastern and European banks as regulator seeks to double Shariah-compliant assets to 10% of the total this decade.
Al Rajhi Bank, Saudi Arabia’s largest, is chasing investment banking business in Indonesia and may open branches “at the right time,” Mudassir Amray, the head of wholesale banking in Kuala Lumpur, said in a February 2 interview. Standard Chartered Saadiq will add more outlets, said Wasim Saifi, the Singapore-based global head of Islamic and consumer banking.  (source)

HONG KONG - HK ready to roll

www.theislamicglobe.com - The Hong Kong government is pressing ahead with legislation to make it become an Islamic finance player.
Financial secretary, John Tsang, used his annual Budget speech to flag up the territory’s plans to amend current legislation and put Sukuk on an equal footing with conventional bonds.
He said: “We are close to finalizing the draft amendments to the relevant kegislation with a view to leveling the playing field for common types of Islamic bonds vis-à-vis their conventional counterparts as far as profits tax, property tax and stamp duty are concerned.” (source)

INDONESIA - BANKING - Java Muamalat Earn Highest Asset Growth

WWW.REPUBLIKA.CO.ID, SURABAYA - Muamalat East Java, Bali, and Nusa Tenggara to the region recorded the highest asset growth in 2011. Improvement occurred about 45.8 percent from Rp 1.77 trillion in 2010 to Rp 2.58 trillion in 2011.

The third region also records up to 94 percent of the retail portion of its business portfolio Muamalat nationally. This achievement made ​​by the Bank Muamalat reason to roll out the program 'Muamalat Share Rezeki' appreciation to the account holder's savings products. The main prize of Serie 5 BMW sedan. (source)

INDONESIA - IN MEMORIAM - Accounting experts Syariah Sofyan Safri dies

Jakarta (3/2) - Islamic accounting experts as well as Dean of the Faculty of Economics, Prof. Dr. Sofyan Univeritas Trisakti Safri Harahap died last night, Thursday (02.02.12). He exhales his last breath at 20:23 pm in room 304 Cipto Mangunkusumo, after being treated for 3 weeks. He died at age 55. (source)

INDONESIA - BANKING - FINANCING SMEs: Target Muamalat Rp29, 12 trillion

www.bisnis.com - JAKARTA: The contribution of SME financing Muamalat this year is projected to reach 60% of total financing.
"This year the total funding is expected to reach Rp 29.12 trillion. Number is up by 30.16% compared to last year. Of the total financing to SME financing will contribute to Rp 17.47 trillion, or 60%," said president director Arifin Thursday Muamalat Arviyan February 2, 2012.  (source)

INDONESIA - BANKING - BNI Syariah Micro To Open 50 stalls

www.bisnis.com - JAKARTA: PT Bank Negara Indonesia Syariah plans to open 50 outlets this year micro, add five outlets that have been launched in mid-January.

"We have launched a five outlets in the area of micro Depok and Bogor in mid-January. This year we plan to open a new outlet to total 55 units, "said Bambang Widjanarko BNI Syariah Business Director, the Business today. Sunday February 5, 2012 (source)

INDONESIA - BANKING - Muamalat Deposits grew 25.21% seek

www.bisnis.com - SURABAYA: PT Bank Muamalat Tbk Third Party Fund raising target for the area of ​​East Java, Bali, and Nusa Tenggara to grow 25.21% in 2012, to Rp2, 93 trillion.
Setiabudi, Manager of the bank to plan the third area, said that throughout 2011 the acquisition of bank deposits Muamalat of East Java, Bali, and Nusra reached Rp2, 34 trillion, up 50% compared with the previous year.  (source)

INDONESIA - BANKING - Muamalat 100 billion budget for the added network

www.bisnis.com - SURABAYA: Corporation Bank Muamalat budget around 100 billion to increase the network of offices throughout Indonesia this year.
Hendiarto, Director of Finance and Operations Bank Muamalat, said the company plans to add 100 network offices throughout Indonesia in 2012, with investment of around Rp 1 billion per office.
"The addition of a network of offices we do to encourage the acquisition of third party funds (DPK) and the distribution of financing for retail in 2012," he told a news conference today. (source)

INDONESIA - BANKING - Muamalat financing grew 60.1%

www.bisnis.com - SURABAYA: PT Bank Muamalat Tbk recorded in 2011 for financing the distribution of East Java, Bali and Nusa Tenggara reached Rp2, 37 trillion, up 60.1% over the previous year.
Setiabudi, Manager of the bank to plan the third area, said the increase is due to the positive economic situation and development of industry in East Java, Bali, and Nusra. (source)

INDONESIA - RATINGS - Pefindo rates BPSL

www.pefindo.com - PEFINDO affirmed its id rating of PT Bank Pembangunan Daerah Sulawesi Selatan dan Sulawesi Barat (BPSL or the Bank).  At the same time PEFINDO also affirmed its “_idA” rating to the Bank’s outstanding Bonds I/2011 of IDR400 billion and its “_idA_(sy)” rating to the Bank’s Sukuk Mudharabah I/2011 of IDR100 billion.  (source)

INDONESIA - BANKING - US$330m BDSN loan boosts Maybank's reach

www.btimes.com.my -
THE Maybank Group has concluded the syndication of a US$330.6 million (RM1 billion) term facility for Indonesia's PT Bajradaya Sentranusa (BDSN).

The 10-year facility is segregated into dual-currency conventional tranches of US$187.5 million (RM570 million) and 400 billion rupiah (RM126 million) as well as US$100 million (RM304 million) in an Islamic tranche.

Proceeds will be used to take over the entire existing project loans for the construction of the 2x90 megawatt Asahan 1 Hydroelectric Power Plant (Asahan 1 Hydroplant) located in North Sumatra, Indonesia, said Maybank in a statement yesterday .  (source)

INDONESIA - TAKAFUL - Up close and personal with Hans De Cuyper

www.thestar.com.my - FOR someone who had never aspired to work in insurance, Hans De Cuyper has come a long way.

The 42-year-old CEO of Etiqa Insurance and Takaful - Malayan Banking Bhd's (Maybank) insurance arm - grew up in Belgium where he read mathematics and actuarial science in university.

“If you come out as a mathematician, the world is not very exciting,” he tells StarBizWeek in an interview. “And once you do actuarial science, you have more or less chosen your profession because 90% of actuarists go into insurance.”  (source)

INDONESIA - BANKING - Islamic banking offers a bright outlook in 2012

WWW.REPUBLIKA.CO.ID,  JAKARTA – Indonesian Islamic banking believes the increasing Indonesian debt to become investment grade will indirectly affect business performance in 2012. The ongoing of economic condition and the increase of middle class society are important supports to Islamic bank performance this year.

After Indonesian debt-grade improves to investment grade –as stated by Fitch Ratings and Moody’s Investor Service- the capital flow to Indonesia is believed to grow. The Director of Business in BNI Syariah, Bambang Widjanarko, said, those factors are the stimulus for Indonesian economic development.  (source)