THAILAND - BANKING - IBank Thailand sets sights on halal export loans

www.bangkokpost.com -The Islamic Bank of Thailand (IBank) plans to increase its focus on halal food exports, with a target of 3 billion baht in loans for the industry this year, says bank president Dheerasak Suwannayos.
The target is a 50% increase from last year, he said. IBank expects to extend 20 billion baht in credit to all sectors this year.
Mr Dheerasak said of Asean's 601 million people, Muslims account for 260 million.
The planned market integration called the Asean Economic Community in 2015 will result in new business opportunities for the Thai halal food industry across the region, he said.  (source)

INDONESIA - FINANCE - ASEI Export Guarantees Muamalat USD300 Jt

www.okezone.com - JAKARTA - PT Bank Muamalat Indonesia Tbk PT has worked with Insurance Export Indonesia (ASEI) for financing export bills up to USD300 million company this year. The cooperation aims to protect the risks covered by the exporter and Bank Muamalat of export payment risk of repayment failure.

"We target volume amounting to USD300 million trade finance. So working with ASEI is to support export transactions," said Director of Corporate Bank Muamalat Luluk Mahfudah at Menara Kadin, Jakarta, Tuesday (04/24/2012).  (source)

WORLD - TAKAFUL - Islamic Insurer to Finance Iran Trade

The Dubai office of the Islamic Corporation for Insurance of Investments and Export Credit (ICIEC) will insure trade with Iran.

From the Arab Spring to tightening global sanctions against Iran, risks in the Middle East have hampered trade deals in some parts of the region this year. The Dubai office of the Islamic Corporation for Insurance of Investments and Export Credit (ICIEC) will insure exports that otherwise might not be possible because of unwillingness by banks to supply finance.

Part of the Islamic Development Bank (IDB) Group based in Jeddah, ICIEC insures trade finance offered by banks to IDB's 40 member countries across the Islamic world, taking over exposure to the risk of default from the lender. It also insures political risks. (source)

HALAL - Russia, Indonesia to boost economic cooperation

Indonesia and Russia expect to increase bilateral economic activities in the upcoming years following the 60th anniversary of their diplomatic ties.

Russian Ambassador to Indonesia Alexander Ivanov said Friday that the trade volume between both countries was projected to exceed US$1.8 billion this year.