INDONESIA - BANKING - Indonesia to Allow Currency Hedging for Banks: Islamic Finance

www.thejakartaglobe.com - Indonesia will let Shariah-compliant banks hedge against exchange-rate movements to spur growth in Islamic financial assets and narrow the gap with Malaysia’s industry, which is seven times larger.    

Bank Indonesia, the National Shariah Board and the Indonesia Institute of Accountants have approved the instruments, available in Malaysia since 2006, Adiwarman Azwar Karim, Jakarta-based vice chairman of the board’s Islamic capital market working committee, said in an Aug. 3 interview. The central bank said it is working on regulations, declining to say when they would be finished.     (source)

INDONESIA - BANKING - Sharia financing will Reaches Rp15 Trillion 2012

www.investor.com.id - JAKARTA - Islamic banking analyst estimate financing Adiwarman Karim Anwar Islamic finance industry will increase to Rp15 trillion in 2012, because the rules limit the application of the down payment (DP) of motor vehicle loans for conventional financial industry.
"With the presence of a motor vehicle loan payment for conventional banking, the Islamic bank financing would be an alternative for people to get loans," said Adiwarman told Reuters when contacted here on Saturday.
Adiwarman explained, prior Regulation of Bank Indonesia and the Minister of Finance regarding the payment of motor vehicle loans in the conventional financial industry applied, advance credit limit of a motor vehicle in the conventional banking is only five percent of the total price of the vehicle. While the Islamic banking by 10 to 15%.  (source)

INDONESIA - ECONOMY - Indonesia Potential to Become Islamic Qibla Industry

Jakarta (16/11) - As the state with the largest number of Muslims in the world, Indonesia has potential as a mecca of sharia industry. "The potential is difficult to be inhibited due to its 'market driven' which is supported by two main factors namely population and creativity," says Islamic Economic Observer, Adiwarman A. Karim Economic Outlook 2012 event that was held by the Islamic Economic Journalists (JES) in Jakarta, Wednesday (16/11).  (source)

INDONESIA - BANKING - By 2023, Indonesia Lead the World Islamic Finance Industry

REPUBLIKA.CO.ID, JAKARTA - The development of Islamic financial industry in Indonesia is predicted to continue to grow in 2012. In fact, Indonesia is predicted to lead the world's Islamic financial industry in 2023 with total assets of 1.597 trillion U.S. dollars.
In 2023, the world's Islamic financial industry is predicted to have assets of up to 8.6 trillion U.S. dollars. Indonesia Islamic finance industry's assets will be in Pakistan which has assets of over 1.388 trillion U.S. dollars. Third world Islamic finance industry will be held in Bangladesh with total assets of 1.154 trillion U.S. dollars. The predictions presented in the Islamic Finance Intelligence Summit in Kuala Lumpur, Tuesday (15/11).  (source)

INDONESIA - BANKING - Sharia Banking Assets Rp130 ​​Trillion

JAKARTA: Islamic banking assets amounting to Rp130 ​​trillion recorded at the end of October 2011 increased by 48.57% compared to same period previous year.
Mulya Siregar, Director Islamic Banking Bank Indonesia (BI) said the increase in assets is in line with the disbursement of funding and third party fund raising (DPK) conducted by Islamic banks, Islamic business units, and bank financing Islamic people  (source)

INDONESIA - BANKING - Islamic finance Indonesia part of the 'big 5'

JAKARTA - Report of the Global Islamic Finance Islamic finance industry in 2011 include Indonesia in the five major world Islamic financial industry, or rather was fourth.
"The report in London that put Indonesia in the fourth," said Director of the Directorate of Sharia Banking Regulatory Bank Indonesia (BI), Mulya Siregar in the Economic Outlook 2012: Opportunities and Challenges of Islamic Economics in Jakarta on Wednesday. (source)

INDONESIA - OPINION - 3 Institutional Focus Islamic Finance Industry in 2012

Jakarta (14/11) - The World Islamic finance industry is growing rapidly, its presence in ground water was not underestimated. Entering the year 2012, predicted that the Islamic financial industry will be met by the "new faces". This is certainly showing more interest in various circles to come to enliven the industry.

 According to Islamic economists, Adiwarman A. Karim said there are three things in Islamic Financial Institutions (LKS), which would be a concern in 2012. First, it would be a lot of standing or multi Islamic financing institutions. Secondly, a lot of insurance companies that spin off from its parent becomes a separate company. Third, a new Islamic bank will stand. (source)

INDONESIA - OPINION - Islamic Banking more character in 2012

Jakarta (14/11) - At the end of this year, Islamic banking began polarized homeland. This can be seen in the presence of specialization in terms of funding or financing from the Islamic banks.

Islamic Economic Observer, Adiwarman A. Karim said that Islamic banking is not just the same as in the case of sharia, but have started to specialize-specific spesisasi. (source)

INDONESIA - BANKING - Permata Syariah improves IT to enhance Customer Service

Jakarta, (21 / 9) - Role of Information Technology (IT) in providing service to the sharia banking customers have a prominent position. Therefore, this time with Bank Permata Syariah Islamic Economic Society (MES) hold a seminar entitled "Role of Information Technology in Improving Customer Service Quality for Sharia" performed today (21 / 9). (source)

INDONESIA - OPINION - Islamic banks do not capture the possibilities created by the US economic crisis

Jakarta (11 / 3). The global economic crisis as a result of economic recession the United States teryata not utilized directly by Islamic financial institutions particularly banks. At this time of financial recession that Indonesia will experience a flood of foreign funds that will go in Indonesia. Why Islamic banks can not take advantage of that opportunity?

Islamic economic experts, Adiwarman A Karim in the event together in `open-UI PSTTI Salemba - Jakarta, said that Islamic banking was unable to take advantage of these opportunities, this is because the concentration of Islamic banking is not chasing foreign funds but hunt domestic funds. (source)

INDONESIA - AWARDS - Institutions & Products Best Syariah 2011 Investor Magazine

JAKARTA - Best Shariah Investor Magazine Awards 2011 gives the 11 best Islamic financial institutions, eight best Islamic financial products and 3 leaders in the ceremony awarding Islamic Shariah Investor Award 2011 in Sumba Room, Hotel Borobudur, Jakarta, Wednesday (3 / 8) night. (source)

INDONESIA - EVENTS - International Conference of Islamic Insurance : Takaful Not to Touch the Upper Crust

Jakarta (22 / 7). Takaful Growth in Indonesia does look good but the assets under management are still relatively small. This happens because the Takaful market is still in the middle to lower.

President Director of Busines Consulting Karim, Karim Anwar Adiwarman revealed that Takaful policyholders in Indonesia is three million people and the average monthly payment policy stands at 150 thousand per month with an income of about 3.5 million policyholders per month. (source)

INDONESIA - REGULATIONS - Finished end of this year, Fatwa will rename Tawarruq

REPUBLIKA.CO.ID, JAKARTA - The National Islamic Council of Indonesia Ulama Council (DSN MUI) fatwa about tawaruk admitted hoped could be completed this year. However, there will be significant changes, especially of the terms used. (source)

INDONESIA - REGULATIONS - Fatwa on Tawarruq nears completion

The insistence of Islamic banking to the issuance of fatwas Tawarruq now beginning to get a reply. Until now the National Sharia Council (DSN) is still brewing targets in this fatwa to be issued later this year. "Inshallah this year," said a member of DSN MUI, Adiwarman Azwar Karim.

However, the DSN will not be using the term but with isitilah Tawarruq commodity trading in the stock. According Tawarruq term use will cause the sense that misleads. This happens because the trading activities that aim to get cash is in practice now involves only two parties only. (source)

BANKING - Indonesia Seeks Islamic Banking Lead

JAKARTA – With rapid strides and bright prospects, Indonesia is hoping to take the lead in the globally-booming Islamic banking industry, though the world’s most populous Muslim country still needs to clear away some hurdles.
“I believe that Indonesia would be a center of the global Shari`ah industry,” Adiwarman Karim, a member of the National Shari`ah Body at the Indonesian Ulemas Council (MUI), told OnIslam.net.

Indonesia currently has five Islamic banks, as well as 26 conventional banks which offer Shari`ah-compliant services.

The Central Bank’s data says assets of the Islamic banking industry have increased almost forty times over the past eight years, from $198 million in 2000 to $7.3 billion at the end of 2009.