INDONESIA - REGULATIONS - OJK Shariah Committee at the level of Commissioners

WWW.REPUBLIKA.CO.ID, JAKARTA - The Committee to integrate Islamic sharia units in each commissioner shall be at the same level with the commissioner. It is intended that sharia be the same priority as other conventional financial institutions.

Deputy Treasurer of the Indonesian Ulema Council (MUI), Nadratuzzaman Hosen, said although sharia is not mentioned in the OJK law, this system still can not be forgotten. By establishing a unit in each directorate and the integrating committee, will continue to develop sharia assessed.

"OJK could establish its own policy on a proposal by the commissioner," said Hosen, Wednesday (8/8).  (source)

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 - Maybank Islamic banking can spur national passion

www.bisnis.com - BANDUNG: The presence of the largest financial services group from Malaysia, Malayan Banking Berhad or Maybank, who is preparing to set up a home office base in Indonesia is believed to spur the development of Islamic banking passion grew more aggressive.
 Chairman of the National Sharia Council (DSN) Maruf Amin said the planned opening of the office because Indonesia has an open market of Islamic banking.
 "Indonesia has a Muslim population of the lot. It is a marketable, "he said in Bandung Islamic Finance events & Investment Summit (BIFIS), 2012, Tuesday (May 29).  (source)

INDONESIA - EVENTS - Islamic Banking Products and Services Need to Be Improved

www.investor.co.id - BANDUNG - Islamic banking products and services need to be improved as currently assessed insufficient to meet the interests of the customer making it difficult to compete with conventional banking products and services.
Chairman of the Indonesian Association of Islamic Banking (Asbisindo) Yuslam Fauzi in Bandung, Tuesday, said the number of Islamic banking products in Indonesia is lagging behind Islamic banking in Malaysia.
"This form of Islamic banking products in Malaysia is more diverse. Reason is because they are eight years earlier to build the Islamic banking. They year 1984, while our 1992. So they are more in the future," said Yuslam on the sidelines of an international seminar that took place since the Islamic financial Monday (7/5). (source)

INDONESIA - EVENTS - Human Resources and Product Development still problem

www.bisnis.com - BANDUNG: The problem that often limit the movement of Islamic banking is the limited human resources and product variations.
It was submitted by the Executive Director of Bank Indonesia Sharia Banking Eddy Setiadi during a press conference in Bank Indonesia The 2nd International Seminar on Islamic Finance, today is Tuesday, May 8, 2012.
Based on his observations, sharia-based banking business operations have not been fully managed by human resources (HR) with the educational background of Islamic finance. (source)

INDONESIA - BANKING - MURABAHAH GOLD: Islamic banks asked for BI issues new rules

www.bisnis.com - JAKARTA: Islamic banks urged the central bank would soon issue a rule for gold murabaha products, financing products to the ownership of gold in installments.
One of the immediate bank Bank Indonesia (BI) to issue rules murabaha financing agreement for its gold holdings are PT Bank Rakyat Indonesia Syariah (BRI Syariah).
"We urge the Bank to soon issue a rule the gold murabaha because the product is needed by customers," said Maryana Yunus, Head of Product Development BRI Syariah told Business Today.  (source)

INDONESIA - FINANCE - Shariah ETF Mutual funds need to be published

www.bisnis.com - JAKARTA: The company challenged the asset management mutual fund products issued Exchange Trade Fund (ETF) based on operational after the stock market authorities to unite in a group of Jakarta-based Islamic Shariah Index (JSI) and Indonesia Sharia Stock Index (ISSI).
Deputy Secretary Daily Board of the National Sharia Council (DSN) Kanny Hidaya said the market opportunity based Islamic capital market, especially mutual funds in Indonesia is large enough to see the population of this country with the largest Muslim population.
"After some time the stock ETF is launched, it should present an asset management company dared to publish Islamic ETF products," he said in a discussion session on Market Development of Islamic Indonesia, today (Thursday, April 5, 2012).  (source)

INDONESIA - CAPITAL MARKETS : DSN MUI - Issuer ready to publish SUKUK 5 CORPORATE

www.bisnis.com - JAKARTA: The National Islamic Council of Indonesia Ulama Council stated that there are at least five listed companies to issue corporate sukuk this year.

Kanny Hidaya Y, Deputy Secretary of the Board of the National Islamic Council of Ulama Indonesia (DSN-MUI), optimistic penerbitkan corporate sukuk this year is brighter than last year, because there are a number of issuers who have expressed interest in emissions.

"We get at least five issuers to issue corporate sukuk this year," he said Thursday, April 5, 2012.  (source)

INDONESIA - CAPITAL MARKETS - Mayora Indah and Bank Muamalat to issue 'sukuk'

www.thejakartapost.com - Publicly listed food-producer PT Mayora Indah Tbk and PT Bank Muamalat Indonesia Tbk plan to issue sukuk, or Islamic debt papers, this year in the hopes of raising Rp 250 billion (US$27 million) and Rp 800 billion, respectively, the National Sharia Council says.

Mayora Indah will launch its sukuk on Monday while Bank Muamalat, which runs according to Sharia banking principles, will follow in July, Kanny Hidaya, the council's deputy secretary, said Thursday during a discussion about sukuk development in Indonesia.  (source)

INDONESIA - BANKING - Proposed Bank Syariah funds discussed DSN-MUI

WWW.REPUBLIKA.CO.ID, JAKARTA - Bank Syariah Fund proposal or Profit Equalization Reserve (PER) is now the middle of the Shariah Council of the National Assembly discussed Ulama Indonesia (DSN-MUI). Evaluated the proposed use of funds essential to encourage a more competitive product syariah bank.

Chief DSN-MUI, Ma'ruf Amien acknowledged that the proposed use of funds do not have a fatwa. But, he admitted, sharia banks urged to immediately realize the proposed use of funds.

"We will discuss in terms of how the fatwa, what should be a fatwa or not. This month we discuss," he said on Thursday (16/2).  (source)

INDONESIA - REGULATIONS - Proposed Bank Syariah funds discussed DSN-MUI

WWW.REPUBLIKA.CO.ID, JAKARTA - Bank Syariah Fund proposal or Profit Equalization Reserve (PER) is now the middle of the Shariah Council of the National Assembly discussed Ulama Indonesia (DSN-MUI). Evaluated the proposed use of funds essential to encourage a more competitive product syariah bank.

Chief DSN-MUI, Ma'ruf Amien acknowledged that the proposed use of funds do not have a fatwa. But, he admitted, sharia banks urged to immediately realize the proposed use of funds.

"We will discuss in terms of how the fatwa, what should be a fatwa or not. This month we discuss," he said on Thursday (16/2). (source)

INDONESIA - REGULATIONS - Pawn Gold New Version of Do not Break the Sharia

WWW.REPUBLIKA.CO.ID, JAKARTA - National Islamic Council of Indonesian Ulemas Council (DSN-MUI) warned the new version of the pledge of gold should pay attention to the growth of Islamic banks. This is because mortgage gold has supported the growth of Islamic banks.

"As long as it can grow and do not violate Islamic banking, why not. The important thing is to grow the bank, "said Chairman of the MUI DSN, Ma'ruf Amien, Tuesday (14/2).  (source)

INDONESIA - REGULATONS - Starting BI Monitor Calculation and Return on Investment Risk

REPUBLIKA.CO.ID, JAKARTA - Bank Indonesia (BI) began to oversee the calculation of two additional risk management in Islamic banks, namely the risk of investment (equity of investment risk) and risk of the yield (rate of return risk). Although not yet taken into account in risk assessment (risk profile), Islamic banks are required to calculate how much capital to the management of these risks.  (source)

INDONESIA - REGULATIONS - DSN-MUI: OJK Do Until bebani Islamic Finance Industry

Jakarta (21/12) - The operational costs to run the Financial Services Authority (OJK) will be taken from the State Budget Expenditure (Budget) and the contribution of each financial institution being audited, including at dalamanya Islamic financial institutions.

  "Islamic finance industry is still small it has not been able to be a burden, seharusmya given incentives. So it's better budget for the OJK first state budget and financial institutions are able to provide tuition, "said Chairman of the National Sharia Board-Council of Ulama Indonesia (DSN-MUI), KH Ma'aruf Amin when found in the OJK seminar at the Ministry of Finance, Jakarta, Tuesday (21/12).  (source)

INDONESIA - REGULATIONS - Walking OJK, DSN-MUI Ready coordinate

Jakarta (21/12)-The establishment of the Financial Services Authority (OJK) will be a new era of financial sector supervision in Indonesia. OJK will hold full control over all aspects of financial institutions are no exception based on sharia. So overall, Islamic financial institutions will be supervised by the OJK and the National Sharia Council, Council of Ulama Indonesia (DSN-MUI) through the Sharia Supervisory Board.

Chairman of the DSN-MUI, KH Ma'aruf Amin said the company is currently in talks with regulators from the Bapepam-LK and Bank Indonesia (BI). This is an effort so that later when OJK already running then there is coordination with the DSN-MUI.  (source)

INDONESIA - FINANCE - DSN-MUI Urges Government In Place All Funds Hajj Islamic Instruments

Jakarta (12/12) - After the seventh astral conjunction Sanawi on 4-6 December 2011, the National Sharia Board-Council of Ulama Indonesia (DSN-MUI) produces a variety of recommendations related to developing a Islamic Financial Institutions (LKS). Dana Hajj became one focus of the recommendations.

DSN-MUI urged the House of Representatives and the Ministry of Religious Affairs to accommodate Islamic principles in the Bill (the Bill) Fund Management Hajj, pilgrimage and place funds in Islamic Banking.  (source)

INNDONESIA - REGULATIONS - DSN agree equalization gains proposal to a number of conditions

JAKARTA: The National Shariah Council DSN approve the proposed equalization gains when the fund was taken from the bank's results instead of the value of the results that have not been distributed.
Director of Bank Indonesia Sharia Banking Mulya National Shariah Council expresses Siregar (NSP) to evaluate the gains from the proposed equalization fund (Preserve equalisation reserve / PER) taken from the lopsided results have not been divided will diminish the customer.  (source)

INDONESIA - TRADE FINANCE - Move towards more trade between MENA and East Asia

A number of new initiatives have given Islamic trade finance and export credit insurance a major boost. MUSHTAK PARKER explains Trade facilitation between member countries of the Organisation of Islamic Cooperation (OIC), especially the Middle East and North Africa (MENA) states, and an increased role for Islamic trade finance and export credit insurance, is set for a major boost. This is due to the launching of several new initiatives and the fact that the stated target for intra-Islamic trade of 20 per cent of the total trade of OIC countries has been achieved. (source)

INDONESIA - BANKING - Malay Sharia Banking Indonesia at the Fourth World Order

REPUBLIKA.CO.ID, JAKARTA - The growth of sharia banking in Indonesia is relatively fast in the last five years, with an average asset growth of 40 percent. The position of Islamic banking assets as of September 2011 has reached Rp 126 trillion. With that position, Indonesia Islamic banking occupied the fourth position of the world after Iran, Malaysia, and Saudi Arabia.

Deputy Governor of Bank Indonesia, Halim Alamsyah, Friday (11/11), said the growth of Islamic banking assets of Indonesia is relatively fast compared to the average growth of Islamic banking in another country. While the average growth of Islamic banking in the world is only 10-15 percent. (source)

INDONESIA - LIQUIDITY MANAGEMENT - Council OK's Islamic Commodities as Money Market Instruments

JAKARTA (IFT) – Bank Indonesia has obtained an approval from National Shariah Council – Indonesian Council of Ulema (DSN-MUI) to use Islamic commodities as one of the instruments for Islamic Interbank Money Market (PUAS). Currently, Bank Indonesia is preparing the regulation concerning the use of Islamic commodities as an instrument for PUAS. (source)