INDONESIA - TAKAFUL - Allianz Life premium income up 44% of Sharia

www.kontan.co.id - JAKARTA. During the first half of 2012, the performance of PT Allianz Life Syariah bright. This insurance company had a premium of Rp 269 billion or an increase of 44% over the same period last year. Nearly 97% of premium income derived from products unitlink.

While the contribution of agency lines reached 89% of total premium Sharia. The number of agents certified Sharia Allianz Life 6300 people. Until late 6600 the number of agents targeted Islamic people.

Kiswiati Soeryoko, Chief of Sharia and Corporate Communications Officer of Allianz Life Indonesia confirms, the contribution of bancassurance also showed an increase. Throughout the first half, bancassurance contributes 9%.  (source)

INDONESIA - CAPITAL MARKETS - Indonesia plans to sell $500 mln global sukuk this year

biz.thestar.com - KUALA LUMPUR: The Indonesian Finance Ministry is targetting a $500 million 5-year global sukuk issuance this year, an official told reporters at an Islamic finance forum here on Monday.

"We are looking for the benchmark tenor, but we hope to have longer (tenures)," Dwi Irianti Hadiningdyah, deputy director of Islamic Financing for the ministry's debt management office, said.  (source)

INDONESIA - CAPITAL MARKETS - Indonesia Proceeds With Global Sukuk Plans: Emerging Bond Alert

INDONESIA is proceeding with plans to sell global sukuk and is waiting for the right timing, Bhimantara Widyajala, a director at the Finance Ministry’s debt management office, said in a press briefing in Jakarta on Sept. 28. The government hired HSBC Holdings Plc, Citigroup Inc. and Standard Chartered Plc to help it with a sale of as much as $1 billion of Islamic bonds, a person familiar with the matter who asked not to be identified as details are private said in August.(source)

INDONESIA - CAPITAL MARKETS - Indonesia hires Citi, HSBC, Stanchart for US$1 billion sukuk sale

JAKARTA: Indonsian Finance Ministry has appointed three underwriters to advise on a plan to sell US$1 billion sharia bonds in the third quarter.

The three underwriters are Citi, HSBC Securities and Standard Chartered Bank (Stanchart), two executives familiar with the matter.  (source)

INDONESIA - BANKING - Distributes Donation Fund, HSBC Attract Duafa Wallet

REPUBLIKA.CO.ID, JAKARTA - The Hongkong and Shanghai Banking Corporation (HSBC) Indonesia Republika Dhuafa Wallet hook to channel donations of funds. Through a number of branch offices in Jakarta, Bandung, Surabaya and Medan, during Ramadan, a foreign bank is trying to give a donation through Ramadan box whose results will be distributed at the institute amil zakat.

HSBC Indonesia CEO, Michael Young, said Ramadan is a perfect moment to share. "We hope this spirit can be passed on employees, customers and the younger generation," he said on the activities of the HSBC Share Happiness. Besides Wallet Dhuafa, HSBC also hook a number of other charities, such as Zakat and Heading Home Care Keadian Ummat (PKPU). In the group, HSBC also channel donations through the HSBC Foundation. (source)

INDONESIA - CAPITAL MARKETS - Indonesia Has Short-Listed Banks for Possible Global Sukuk Issuance

JAKARTA, KOMPAS.com - The Indonesian government has short-listed four banks as possible arrangers for a global sukuk issuance planned for later this year, bankers said Thursday. Two bankers told Dow Jones Newswires the four banks are CIMB, HSBC, Standard Chartered and Citigroup.
The latest development marks further steps taken by the government to tap the offshore Islamic bond market after it decided in June to delay the planned issuance to around September or October from an initial plan of July as it was still seeking approval from parliament on the assets it could use to back up such bonds.
Finance Minister Agus Martowarodjo said in April the government would seek to raise up to $1 billion from a global sukuk issuance in the second half of 2011. (source)

WORLD - TRADE FINANCE - ITFC signs up HSBC as key trade finance partner

CPF FINANCIAL  - International Islamic Trade Finance Corporation (ITFC) and HSBS sign MoU to implement Shari’ah-compliant trade financing

Dr Waleed Al-Wohaib, Chief Executive Officer, International Islamic Trade Finance Corporation

HSBC has signed a Memorandum of Understanding with the Islamic Development Bank’s ITFC on trade finance and to provide help on various treasury activities such as joint trade financing and investment of liquidity. The MoU means ITFC customers will be able to use HSBC’s services to facilitate the issuance of Letters of Credit on behalf of ITFC for customers who import or export goods.

HSBC Amanah, the bank’s global Islamic finance business, is present in seven countries, four of which contribute more than 50 per cent to the GDP of Organisation of Islamic Conference (OIC) member countries. (source)

MALAYSIA - BANKING - HSBC Bank Malaysia to open more Islamic branches

KUALA LUMPUR: HSBC Bank Malaysia Bhd, the country's largest foreign lender, plans to open six more branches, mostly Islamic, before the year-end.

 

"I think we'll probably have another six or so, and they'll be largely Islamic branches. All of it is subject to Bank Negara Malaysia (BNM)'s approval," Jon Addis, the bank's executive director and deputy chief executive officer, told repor-ters when asked about its branch expansion plans at an HSBC event here yesterday. (source)

FINANCE - STC Indonesia unit secures $1.2bn funding

Saudi Telecom Company (STC), said its Indonesian unit Axis has secured $1.2 billion in financing to help fund its expansion and growth strategies for the next five years.

The finance deal, with a tenor of seven and a half years, involves several local and international financial institutions and all facilities have been structured in a sharia-compliant manner, said a STC statement. (full story - trade arabia)

SINGAPORE - Singapore to Draw Islamic Investments With Sabana, HSBC Says

Singapore will attract more Islamic investments from the Middle East following the share sale of Sabana Shari’ah Compliant Industrial REIT, the world’s largest Islamic property trust, HSBC Holdings Plc said.

Sabana raised as much as S$664.4 million ($503 million) in the sale. The 458 million shares offered, which exclude reserved stock or those for key investors, were 2.5 times subscribed, the trust said in a statement yesterday. The shares for retail investors drew 12 times more demand, said Rafe Haneef, managing director of global markets for HSBC Amanah, the Shariah-compliant unit of Europe’s largest bank.

SUKUK - Indonesia delays global sukuk to 2011

JAKARTA, Aug 18 (Reuters) - Indonesia will delay a planned $650 million global sukuk offer to the first half of 2011 from October because a lower budget deficit forecast reduces this year's borrowing needs, a government official said on Wednesday.

Indonesia, the world's most populous Muslim country, is keen to develop Islamic finance and has sold $650 million in sovereign sukuk in 2009. It has not sold any global sukuk so far this year.

Last month, a source told Reuters that the size of the sukuk could be reduced because of the lower budget deficit.

BANKING - FINANCE - Indonesia Reviews Shariah Loan Restructurings: Islamic Finance

Jakarta. Indonesia, the nation with the biggest Muslim population, may reduce restrictions on Islamic banks by allowing them to change terms on loans before they become troubled.

“Shariah banks have asked that loans that are still current can be restructured,” Mulya Siregar, director of Islamic banking at the central bank, said in an interview in Jakarta on Tuesday.

“We’re having intensive discussions and will make a decision by the fourth quarter at the latest.”