INDONESIA - FINANCE - After downpayment rule : Islamic finance companies broke

www.kontan.co.id - JAKARTA. Islamic finance company's business concept of profit after finance ministers enforcement of regulations (PMK) about the deposit or down payment (DP) of motor vehicle loans at finance companies two weeks ago. Customer loans are increasingly interested in taking a motor vehicle through a scheme based on Islamic law, because the DP is more expensive than the conventional multi.
Al Ijarah Indonesia Finance (ALIF) for example, closing a fantastic jump in performance in June. Amount of financing in June 2012 reached Rp 130 billion, growing at about 85% over the same period last year. Of that amount, 60% came from the motorcycle. Hoist the total amount of financing that it has reached Rp 1 trillion in May 2012. "After the DP rule applies, our financing grew 38% every day," said Efrinal Sinaga, Director of Al-Ijarah, last week. (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 - LEASING - Semester II, Al Ijarah Muamalat Acquisition Completed

WWW.REPUBLIKA.CO.ID, JAKARTA - Bank Muamalat plans to complete the acquisition of Al Ijarah Indonesia Finance (Alif) in the second half. For the acquisition Muamalat spend about Rp 70 billion.

"Target is completed in the second half and it has been approved in general meeting of shareholders," said Director of Compliance and Risk Management of Bank Muamalat, Andi Buchori, the Office of Bank Muamalat, Monday (28/5). (source)

INDONESIA - FINANCE - Bank Muamalat completed Rp60-70 billion fund to become a majority shareholder.

www.VIVAnews.com - PT Bank Muamalat Indonesia plans to increase its ownership in PT Al Ijarah Indonesia Finance (Alif) a majority or 90 percent. Today, Bank Muamaat holds shares of 33.3 percent Alif.

Director of Compliance and Risk Management of Bank, Andi Buchari, said her company has completed the total amount of Rp60 to Rp70 billion to increase the share in Alif.

"But these stages are still waiting for long, because they have to ask permission from the commissioner, and will be discussed in the upcoming May RUPS. Then, ask the permission of the new Capital Market Supervisory Agency and the Board of Finance," said Andi at Hotel Mulia, Senayan, Jakarta, Thursday 26 April 2012.  (source)

INDONESIA - BANKING - BRI Syariah Distributes Funding Target Rp14 Trillion

www.investor.co.id - JAKARTA - PT Bank BRI Syariah finance disbursement target of about Rp14 trillion during 2012 which will be channeled into five segments, namely the commercial sector, cooperative finance, microfinance, consumer and SME.
"Targeting our funding this year of about Rp14 trillion, an increase of 55.5% compared with last year Rp9 trillion," said Director of Business BRI Syariah Ari Purwandono here on Wednesday.
He added that the financing of the commercial sector is expected this year reached Rp3, 6 trillion, co-operative financing amounting to Rp1, 9 trillion, consumer Rp3 trillion, micro amounting to Rp2, 2 trillion, as well as small and medium enterprises (SMEs) around Rp1, 5 trillion.  (source)

INDONESIA - CAPITAL MARKETS - Indonesia sells 13.6 trln rph retail sukuk

www.reuters.com - (Reuters) - Indonesia's finance ministry sold a record 13.6 trillion rupiah ($1.49 billion) in retail sukuk after receiving 19 trillion rupiah in demand, debt office chief Rahmat Waluyanto said on Monday.

The three-year retail sukuk has a coupon of 6.25 percent and can only be bought by individual investors who are Indonesian citizens. The ministry initially set an indicative target of 10 trillion rupiah. (source)

INDONESIA - FINANCE - Computerized Design BI For The Real Sector Index

WWW.REPUBLIKA.CO.ID, JAKARTA - Bank Indonesia is preparing a model for the real sector index for the reference yields Islamic bank financing. Models are organized by computerized in order to be updated every day.

Director of the Directorate of Islamic Banking Bank Indonesia, Mulya Effendi Siregar, said computerized model of the index for the real sector will use the information from public and nonpublic companies. The results of manual calculations of such information has previously been done.  (source)

INDONESIA - IN MEMORIAM - VIDEOS - Sofyan Harahap (6 clips)

Professor Sofyan Syafri Harahap Ph.D - Air date: 01-14-05

Professor SOFYAN SYAFRI HARAHAP Ph.D. Professor Accounting -- Trisakti University (Indonesia) - Expert on Islamic Banking & Accounting Commissioner of PT Bank Syariah Mandiri
Author of 20 Books on Accounting & Management. www.managementturnaround.com
www.ief-trisakti.or.id syafri@indo.net.id (more clips hereunder)

INDONESIA - BANKING - BI will Set Syariah gold pawning regulation

REPUBLIKA.CO.ID, JAKARTA - Bank Indonesia will establish rules relating to gold pawning transactions in Islamic banks. That policy because there are a number of Islamic banks in violation of the agreement of gold pawning transactions.

Gold pawn transaction agreement violations committed by Islamic banks which were related to financing ratio (FTV) or the value of mortgage financing as well as the ceiling. According to the Director of the Directorate of Islamic Banking BI, Mulya Effendi Siregar, FTV and ceiling amount of financing previously submitted by the respective Islamic banks.

"We set them based on the assertion that FTV so, we hold, it turns out after we check her FTV exceeded," he said on Friday (23/12).  (source)

INDONESIA - FINANCE - ICD poised to boost activity with SR1 billion SME fund - Indonesia gets attention

In the wake of the impact of the continuing global financial crisis, the euro zone debt crisis and the so-called Arab Spring - and their economic impact on global and regional markets including member countries of the Islamic Development Bank (IDB), the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the IDB Group, is embarking on a new strategy to take its financing directly to its constituencies and to make its financing impact more on the real economy through the generation of employment and promoting growth. This includes opening regional offices; setting up two new departments at the ICD; launching more Ijara (leasing companies) in diverse markets such as Albania, Saudi Arabia and Algeria; establishing SME investment funds including a SR1 billion fund for Saudi Arabia; and establishing a mortgage finance company in Saudi Arabia in anticipation of the long-awaited mortgage law. (source)

INDONESIA - BANKING - Muamalat spur financing konsumser

JAKARTA: PT Bank Muamalat Indonesia Tbk will boost consumer cost sharing from 30% to 40% of the total financing through the establishment of a special division of consumer financing in order to increase product variety.

Complience and Risk Management Director Muamalat Buchari Andi said a September 2011 financing consumption has reached Rp 6 trillion and is expected to reach Rp 7 trillion at the end of this year. (source)

INDONESIA - LEASING - Al Ijarah focus on retail

JAKARTA-PT Al-Ijarah Indonesia Finance (ALIF) until the end of this year will focus on retail business instead of financing the corporate sector, because the market is very promising.

President Director of PT ALIF, Herbudhi S Tomo here on Friday said the company originally did business financing to corporations, but the growth is far slower than the retail sector.

"Therefore, with the remaining time available, the company will focus its attention to the retail market is still pretty good," he said. (source)

INDONESIA - BANKING - Alijarah Finance Get 300 M From Sinarnmas Bank Syariah

Jakarta (15 / 9). By channeling facility, PT Alijarah Finance (Alif) Indonesia get the funds of Rp 300 billion from the Bank Sinarmas Sharia for financing to the public. This is evidenced by the signing of the Facility Agreement Sharia channeling $ 300 billion between the two sides today, in Alijarah Head Office, Jakarta.

President Director of Alif, Herbudi S. Tomo said Rp 300 billion fund will be used to finance cars and motorcycles. "For car finance period is 4 years and 3 years motor. Everything is disposable murabaha contract," he said. (source)

INDONESIA - BANKING - AutoMuamalat : strategic solution for car dreams

Jakarta (24 / 8) - Ahead of the holiday like-this, the need for private vehicles, especially cars increasingly felt. This happens because the number of people who want to home to home, met with the family and took off homesickness. No wonder the transaction and the lease of this four-wheeled vehicles increased sharply in moments like this.

So is there any alternative other than cash sale and lease can be made ​​public to get the car in a pinch before the feast day like this? AutoMuamalat is the answer. (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)

CAPITAL MARKETS - Indonesia's global sukuk offering on track-official

(Reuters) - Indonesia is on track for a global sukuk offering in July to August, said an official with the country's finance ministry on Wednesday.

Langgeng Basuki, deputy director of sukuk market development, confirmed earlier reports that Indonesia planned to issue the global sukuk bond in the second half of this year. 

He was speaking to reporters at the sidelines of an Islamic finance conference in Singapore. (Reporting by Liau Y-Sing, writing by Razak Ahmad: Editing by Niluksi Koswanage) (source)

CALL FOR PAPERS - International Zakat Conference “Sustainable Zakat Development in the Poverty Alleviation and Improvement of Welfare of the Ummah” Bogor, July 19-21, 2011 (deadline abstract March 29, 2011)

International Zakat Conference
“Sustainable Zakat Development in the Poverty Alleviation and
Improvement of Welfare of the Ummah”
Bogor, July 19-21, 2011
Organized by:
WORLD ZAKAT FORUM

CALL FOR PAPERS (detail hereunder)

FINANCE - Amanah Finance Changes Portfolio Target

JAKARTA (IFT) - PT Amanah Finance, an Islamic vehicle-financing company, adjusts its finance portfolio target this year from Rp 1.2 trillion to Rp 2.5 trillion. This will also cause a change in its net income target, said Adnan Bintang, Director of Amanah Finance. (full story - indonesia finance today)

HALAL - MUI to stage halal products expo (24-26 June Jakarta)

Jakarta (ANTARA News) - The Cosmetic and Food Research Division of the Indonesian Ulema Council (LPPOM MUI) is to hold a Halal Products Expo (Indhex) next June 24-26 at the Smesco building in Jakarta, a source said.

"The exhibition is designed to increase awareness among Indonesian Muslims about the importance of halal food certification," Director of LPPOM MUI Lukmanul Hakim said on Monday. (full story - antara news)

CAPITAL MARKETS - Fragile sukuk market clamors for sovereign issuances (Indonesia, Bank Muamalat)

The talk is big, but are potential sukuk originators walking the walk? Depending on who you speak to, the picture is mixed, marked on the other hand by the "irrational" exuberance and ambition of potential issuers, many of whom do not get near to an offering, and on the other hand those who are skeptical and indifferent based on an erroneous belief that sukuk origination is always more expensive than conventional bonds and is further complicated by the Shariah compliance requirement.

The real potential probably lies in between where issuers genuinely see sukuk as an attractive and competitive alternative way of raising funds and therefore a tool to diversify sources of funding. They would however go to the market only when the timing and the pricing is right. Such an issuance in question is the proposed issuance which is expected to be closed this week. (full story - arab news)