INDONESIA - BANKING - Maybank To Increase Branches In Indonesia To 450 Over Next Two Years

KUALA LUMPUR, July 22 (Bernama) -- Malayan Banking Bhd (Maybank) plans to increase its branches under the group in Indonesia to 450 over the next two years from the present 330.

President/Chief Executive Officer Datuk Seri Abdul Wahid Omar said the plan was in sync with the bank's focus to expand in the Asean region, particularly Indonesia, Singapore and the Philippines.

"We have defined our focus which is Asean. We will concentrate on that. (source)

INDONESIA - EVENTS - HIGH LEVEL CONFERENCE - Body to push cross-border handling of Islamic bank services urged

THE Association of Islamic Banking Malaysia (AIBIM) and Indonesian Syariah Banking Association (ASBISINDO) need to set up an industry task force on joint development of cross-border Islamic liquidity management products suitable for both Malaysia and Indonesia.

In a joint statement yesterday, the associations said this was decided at one of the specialised workshops held in conjunction with the Joint High Level Conference in Islamic Finance, organised by Bank Negara Malaysia and Bank Indonesia in Jakarta last week.  (source)

INDONESIA - EVENTS - HIGH LEVEL - Opening Remarks Gubernur Bank Indonesia

Opening Remarks
Joint High Level Conference In Islamic Finance
Bank Indonesia And Bank Negara Malaysia
Gubernur Bank Indonesia
Jakarta 18-19 July 2011

(source)

INDONESIA - EVENTS - HIGH LEVEL CONFERENCE - Speech by Vice President Dr. Boediono at Joint High Level Conference in Islamic Finance, Indonesia

Speech
Joint High Level Conference on Islamic Finance

Jakarta, Indonesia
Monday, 18 July 2011

Vice President Republic Indonesia  - Dr. Boediono

(source)

INDONESIA - TAKAFUL - Growth of takaful in Indonesia could surpass Malaysia

REPUBLIKA.CO.ID, JAKARTA - Takaful Growth in Indonesia is expected to surpass the growth of Takaful in Malaysia. According to the Takaful Practice Leader and Consulting Actuary Milliman, Safder Jaffer, with a good macro-economic growth, this is not something impossible.

Nevertheless, he said regulators should give full support to this industry. ''There should be a solid regulatory framework,''he said in 'International Conference of Islamic Insurance in Indonesia, New Growth Opportunity Within the Muslim World's Largest Population Country' on Thursday (21 / 7).  (source)

MALAYSIA - FINANCE - IILM Chief: Main Challenge Is To Appreciate All Jurisdictions

JAKARTA, July 19 (Bernama) -- The main challenge now for the International Islamic Liquidity Management (IILM) Corporation, perhaps, is to find the most common denominator among the jurisdictions for the global Islamic finance market, said Chief Executive Officer Mahmoud AbuShamma.

"We have to appreciate the different jurisdictions. We have institutions from Asia, Middle East and others. That's the main challenge," he said. (source)

INDONESIA - EVENTS - BI 'happy' if BUMN Shariah Bank

Jakarta (20 / 7) - release of discourse will be the establishment of state owned enterprise (BUMN) by the government not to Shariah-based bank that was well received by various parties, including the Bank Indonesia (BI) as the central bank.

It expressed the Director of Bank Indonesia Sharia Banking Directorate, Mulya Siregar on the sidelines of the event Join the High Level Conference on Islamic Finance in Jakarta on Monday (18 / 7). "We are happy if it will be sharia BUMN bank," he said. (source)

INDONESIA - BANKING - Who buys Bank Muamalat should have long term focus

Jakarta (20 / 1) - Muamalat is now the major focus in the banking world of Islamic banking in particular. This is related to a delay while the sale of shares Muamalat by current shareholders to investors who looked at because there is no financial arrangement.

Related to the Director of the Directorate of Islamic Banking Bank Indonesia (BI), Mulya Siregar revealed that the central bank as the regulator does not interfere with the affairs of the delay the release of these shares. "It's up to them. It depends on the bargaining, "he told pkesinteraktif.com on the sidelines Join the High Level Conference on Islamic Finance in Jakarta, Monday (18 / 7).  (source)

INDONESIA - EVENTS - High level conference - Islamic banks still challenged by product innovation

REPUBLIKA.CO.ID, JAKARTA - Product innovation remains a challenge for Islamic banks in the country. According to the Director of Bank Rakyat Indonesia (BRI) Sharia, Ventje Rahardjo, Islamic banks must continue to improve the innovation of products that address the needs of the market and highly competitive.

Islamic banks''is now entering the early stages of majority in the mainstream market,''he said when speaking of 'the Joint High Level Conference on Islamic Finance' that was held by Bank Indonesia (BI) and Bank Negara Malaysia (BNM), Tuesday (19 / 7) . He claimed it was characterized by high growth, competence and a high demand for banking products. (source)

INDONESIA - EVENTS - High level conference - Indonesian Islamic banks not interested to open branches in Malaysia

REPUBLIKA.CO.ID, JAKARTA - The Islamic banking, the country claimed to have attracted Islamic market in Malaysia. A number of bankers more glance at the domestic market for expansion in order to enlarge the business.

"We have no plans to make a branch in Malaysia," said Director of Bank Rankyat Indonesia (BRI) Sharia, Ventje Rahardjo. He claimed the national Islamic bank will be intensively working on the domestic market is still very large. (source)

INDONESIA - EVENTS - High level conference - There is no Restricted to Open a Branch Office in Malaysia

Jakarta, (20/7). Bank Negara Malaysia (BNM) will not restrict foreign investor especially Islamic banks to open up branch offices in Malaysia. as stated by the governor of BNM  Zeti Akhtar Aziz at Joint High Level Conference on Islamic Finance in Jakarta, Monday(18/7). (source)

INDONESIA - EVENTS - High level conference : Speech by Tan Sri Dr Zeti Akhtar Aziz, Governor, Bank Negara Malaysia

Joint Opening Remarks by Governor
Joint High Level Conference on Islamic Finance

Jakarta, Indonesia
Monday, 18 July 2011

Tan Sri Dr Zeti Akhtar Aziz,
Governor, Bank Negara Malaysia

“Enhancing Financial Linkages Towards Economic Prosperity”

(source)

INDONESIA - EVENTS - High level conference : Malaysia to Award Islamic ‘Mega-Bank’ License in Third Quarter

Malaysia will issue a license for an Islamic “mega bank” in the third quarter of this year to help mobilize funds for businesses around the world, the country’s central bank governor said.

The Southeast Asian nation will also start a cross-border clearance platform for Shariah-compliant bonds, or sukuk, around the same time, Bank Negara Malaysia Governor Zeti Akhtar Aziz said in an interview in Jakarta yesterday. The initiatives are part of a plan to help fill gaps in the $1 trillion global Islamic finance industry. (source)

INDONESIA - EVENTS - High level conference : Significant Potential For Shariah-compliant Instruments, Says Zeti

JAKARTA, July 18 (Bernama) -- The favourable reception by the international market to Malaysia's recent Wakala global sukuk indicates significant potential for Shariah-compliant instruments, said Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz.

"The RM2 billion sukuk was huge and oversubscribed 4.5 times. There is significant demand and potential for Shariah-compliant instruments," she said at the "Joint High Level Conference on Islamic Finance by Bank Negara and Bank Indonesia: Enhancing Financial Linkages Towards Economic Prosperity", here, today. (source)

INDONESIA - EVENTS - High level conference - Indonesia, Malaysia Look to Work Together to Boost Shariah Banking

The Indonesian and Malaysian central banks agreed on Monday to improve cooperation to boost the development of Islamic finance in the two nations.

“Islamic finance like Shariah banking is no longer just complementary but has now become a genuine alternative financing option,” said Darmin Nasution, the governor of Bank Indonesia. “So there is a strong need for Islamic banks in Malaysia and in Indonesia to improve their cooperation and develop the Islamic finance market.’’  (source)

INDONESIA - EVENTS - High level conference - Potential of Syariah securities touted

THE favourable reception by the international market to Malaysia's recent Wakala global sukuk indicates significant potential for Syariah-compliant instruments, said Bank Negara Malaysia Governor, Tan Sri Dr Zeti Akhtar Aziz.

"The RM2 billion sukuk was huge and oversubscribed 4.5 times. There is significant demand and potential for Syariah-compliant instruments," she said at the "Joint High Level Conference on Islamic Finance by Bank Negara and Bank Indonesia: Enhancing Financial Linkages Towards Economic Prosperity" yesterday.  (source)

INDONESIA - EVENTS - High level conference - RAJA NAZRIN: Indonesian and Malaysian financial centers can look into products for lower income groups

JAKARTA, July 18 (Bernama) – The Indonesian and Malaysian Islamic financial centres can look into developing productive Syariah-based instruments such as micro-financing tools, incorporating Qardhul Hassan (or benevolent loans), Zakat and Sadaqah to channel financing to and facilitating the economic participation of the lower income groups, said the Raja Muda of Perak, Raja Dr Nazrin Shah. (source)

INDONESIA - EVENTS - High level conference - RI, Malaysia to promote ties on Islamic banking

Indonesia and Malaysia have agreed to establish a regulatory framework that will enable them to better synchronize their Islamic financial concepts.

As part of the plan, two memorandum of understandings (MoUs) were inked on Monday between the Indonesian Sharia Banks Association (Asbisindo), the Association of Islamic Banking Institutions Malaysia (AIBIM), as well as between Maybank Islamic Bhd and PT Bank Syariah Mandiri. (source)

INDONESIA - BANKING - Share sale delayed Bank Muamalat

REPUBLIKA.CO.ID, JAKARTA - Sales of shares of the country's oldest Islamic bank, PT Bank Muamalat Indonesia, was postponed until an undetermined time. According to Director of Muamalat, Arviyan Arifin, have not found an agreement on prices is one reason.

He confessed to the bank with a performance like Muamalat, the bank is indeed quite high. ''So, the possibility of local investors do not have the funds for it,''he told Reuters when met at the sidelines of the Joint High Level Conference on Islamic Finance, on Monday (18 / 7). (source)

INDONESIA - EVENTS - High level conference - VP : Sukuk balances global portfolio flows

REPUBLIKA.CO.ID, JAKARTA - Vice President Boediono said the sukuk (bonds / Islamic bonds) to balance the flow of global portfolio funds into Indonesia and became an alternative source of funding for infrastructure development in Indonesia. "For Indonesia, the global sukuk market has become an alternative source of funding for infrastructure and other investments. Simultaneously sukuk market was used as a counterweight to global portfolio flows into Indonesia," said vice president at the Joint High Level Conference On Islamic Finance in Jakarta Monday.
According to Vice President, sukuk continues to experience significant development in various countries, not only in Islamic countries. Even China has also begun to pay serious attention to the development of the global sukuk market. (source)