INDONESIA - BANKING - BRI SHARIA Release Wrapped Insurance Savings

www.bisnis.com - JAKARTA: PT Bank BRI Syariah with PT Bringin Life Insurance Welfare issued saving products wrapped in insurance.

The product is called Dream Savings BRISyariah iB is a personal term deposits with the system auto-debit payments each month with a fixed period of time.

Director of Bank BRI Syariah Moch. Hadi Santoso said the product will be launched in August. "With this product, customers will benefit from insurance protection," he said at a press conference after the signing of the cooperation between the two parties today, Thursday (19/07/2012).  (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)

INDONESIA - TAKAFUL - Independent Staco spur Islamic premiums

www.bisnis.com - JAKARTA: PT Mandiri Staco Insurance, a company engaged in general insurance, profit target of Rp2 Islamic business units, 25 billion by 2012, growing 60% from Rp1, 4 billion in 2011.
Independent Director of Staco Ruhari said there are several strategies that companies do to achieve these targets, among others, by increasing the retention or updates from the risks covered by itself, raise the business lines that provide big business, expand business sources, and a consortium with other insurers.
"These policies were carried out in order to continue the growth of Islamic finance," he said today, January 19, 2012.  (source)

WORLD - TAKAFUL - ICIEC set to launch sukuk policy to facilitate credit enhancement

The idea of a third party sukuk guarantee fund is still being considered by the Islamic Corporation for the Insurance of Export Credits and Investment (ICIEC), the standalone export credit agency of the Islamic Development Bank (IDB) Group. However, according to Abdel Rahman Taha, the chief executive officer of ICIEC, the corporation "has initiated work internally to design a new sukuk policy which can be offered as a means to enhance the credit structure and appeal of sukuk. It is expected that this new policy will be able to provide the much needed respite to the sukuk market." (source)

INDONESIA - INSURANCE - World Bank Starts Campaign on Microinsurance

TEMPO Interactive, Jakarta:The World Bank has started a campaign on the importance of insurance for the poor. Stefan Koeberle, the World Bank’s Country Director for Indonesia, suggested Indonesia to develop microinsurance.

Indonesia’s natural landscape, which is prone to disaster, is considered to have a major impact on marginal household. Should a natural disaster occur, the impact is more severe in these household. So far, there are 77 million out of 238 million Indonesian citizens living without insurance or savings.  (source)

INDONESIA - TAKAFUL - Danamon and Manulife Collaborate to Grow Bancassurance in Indonesia

Insurance and wealth management solutions offered to wide range of customer segments.

Strong sales and fee-based income potential for Danamon and Manulife Indonesia.

prnenewswire.com - TORONTO / JAKARTA, Oct. 19, 2011 /PRNewswire/ - PT Bank Danamon Indonesia Tbk ("Danamon") and PT Asuransi Jiwa Manulife Indonesia (Manulife Indonesia) have announced the signing of a strategic partnership. This collaboration will enhance their joint offerings of banking, insurance and wealth management products to a broad base of Danamon customers, including microfinance, commercial and corporate customers.  The partnership will be effective from July 1, 2012.  (source)

BANKING - TAKAFUL - Bank Negara Malaysia reviews new guidelines for Takaful products

Because of market developments and increasing competition which has led to product innovation and diversity, the Prudential Financial Policy Department of Bank Negara Malaysia has reviewed the regulatory framework for insurance and Takaful products "to further enhance consumer protection while according greater flexibility for insurers and Takaful operators to respond to changing market conditions, both in managing risks and enhancing their competitiveness".

BANKING - TAKAFUL - Partner ACA peg premium target of Rp1, 8 trillion

JAKARTA: Asuransi Central Asia (ACA) target acquisition premiums amounted to Rp1, 8 trillion by the end of this year along with the strengthening of cooperation with the banking company.

ACA Director Muljadi Kusuma said the acquisition premium company already reached 60% of the target as of August 31, 2010.

He said 10% of the premium is the contribution of collaboration products company with banks (bancassurance ).