INDONESIA - CAPITAL MARKETS - Garuda Enters Syariah List, Bakrie Telecom Kicked Out

Theindonesiatoday.com - Shares of flag carrier PT Garuda Indonesia Tbk (GIAA) enters into syariah stocks list per November 2011, while Bakrie Telecom was kicked out from the list.

Etty Retno Wulandari, Bureau Head for accountancy and transparancy at Bapepam-LK, said 24 new stocks enter the list while 10 stocks were kicked out from the list.

She said Garuda, PT Perusahaan Gas Negara Tbk (PGAS), PT Bayan Resources Tbk (BYAN) and PT Indofood Sukses Makmur Tbk (INDF) are included into the list as their debt to equity ratio have improved. "Garuda's equity increased after IPO, helping dragged down its debt to equity ratio," Etty said.

Among 10 stocks kicked out due to their debts are bigger than equities are Bakrie Telecom, PT Alfa Retailindo Tbk (ALFA), PT Colorpak Indonesia Tbk (CLPI), PT Japfa Comfeed Indonesia Tbk (JPFA) and PT Multistrada Arah Sarana Tbk (MASA). (source)

INDONESIA - BANKING - There is a special savings account at Bank Muamalat tours

JAKARTA: PT Bank Muamalat Indonesia Tbk plans to open a savings program for package tours with special pricing options facilitated by Garuda Indonesia Holiday.

Director of Retail Banking of Bank Muamlalat Adrian A. Gunadi also hope that such cooperation can increase the volume of funds under management of Rp 5 billion-10 billion with a total of 20,000 customers that travel savings.  (source)

INDONESIA - BANKING - Muamalat spur savings hajj commission income

JAKARTA: PT Bank Muamalat Indonesia Tbk fee-based revenue target of Rp3 billion - 5 billion of savings Hajj and Umrah are supported by working with PT Garuda Indonesia Tbk.

Director of Retail Banking of Bank Muamalat Adrian A. Gunadi also hope that such cooperation can increase the volume of funds under management of Hajj and Umrah savings up to 30%.  (source)

INDONESIA - BANKING - Market Snap Hajj and Umrah, BMI Embraces Garuda

Jakarta (21/11) - PT Bank Muamat Indonesia (BMI) to cooperate with PT Garuda Indonesia in developing the aviation business to the middle east in particular relating to the Hajj and Umrah.
The signing of a memorandum of understanding was conducted by the Director of Retail Bank Muamalat Asharyanto Adrian Gunadi and Director of Marketing and Sales Garuda M. Arif Wibowo witnessed by the Director of the Bank, adding the Arviyan Garuda president director Arifin and Satar was attended by Director of BMI, Arviyan Arifin and Director of Garuda Indonesia, Ermisyah Satar in Jakarta, Monday (21/11).  (source)

INDONESIA - BANKING - Embraces Garuda, BMI Develop Travel Savings

Jakarta (21/11) - By holding PT Garuda Indonesia, PT Bank Muamalat Indonesia (BMI) to open Travel Savings program. A savings plan for tour packages with special pricing options that will be facilitated by Garuda Indonesia Holiday (GIH).

Director of Retail BMI, Adrian A. Gunadi said the tour savings, customers can plan vacation well and provided a variety of packages with prices and adequate facilities. (source)

INDONESIA - FINANCE - Kokarda (Garuda Airlines) decides to Sharia Economy Movement

pkesinteraktif.com - Jakarta, (25/10). After getting financing from Bank Syariah Mandiri (BSM), Garuda Employees Cooperative (Kokarda) launched a program of Sharia Economy Movement (GPS), which is a program to encourage people in developing Islamic financial services.

Chairman Kokarda, Sukarman Iskandar, said that Islamic economics is not only oriented to the Muslims alone, this system is a requirement of the market who want the concept of profit sharing. So everyone is not only Muslims can use the system to accelerate its economy. (source)