BANKING - Makaysia : The Islamic financial oasis - Maybank and CIMB Islamic eye Indonesia - Bank Islam hesitant but interested

KUCHING: With many innovations happening in the nation’s Islamic financial sector, it is just natural for the industry to attract many foreign players into the market.

With the launch of Bursa Suq Al Sila on Bursa Malaysia in August 2009, the nation established the world’s first syariah-based commodity trading platform – spurring further foreign interest in the country’s Islamic financial industry.

However, the boost was triggered even earlier than that, initiated by the release of the Financial Sector Masterplan (FSMP) in 2001. Thenceforth, the sector experienced a rapid revolution in foreign participation, which saw the issuance of dedicated Islamic banking licences to three foreign groups – led by Kuwait Finance House Malaysia Bhd (KFH Malaysia). (source)

BANKING - Maybank taps Islamic market in Indonesia

PT Bank Maybank Indocorp (BMI), which has been officially converted into a full fledged Islamic bank, is targeting the consumer, corporate and investment banking market in the relatively untapped Islamic banking sector in Indonesia.

The bank, renamed Maybank Syariah Indonesia (MSI), is also expected to strengthen Malayan Banking Bhd (Maybank)'s leadership in the region's Islamic banking industry.

BANKING - Maybank Syariah discusses merger with UUS BII

JAKARTA: PT Maybank Syariah Indonesia is now reviewing the possibility of merger with BII Sharia Business Unit (UUS BII) for efficiency reason. It is expected to realize the plan next year.

President and CEO of Maybank Dato' Sri Abdul Wahid Omar said today that the review is in process, particularly regarding laws and regulations.

"The option for consolidating Maybank Syariah and BII Sharia Business Unit does exist. We expect to finish the discussion in 2011," he said, today.

BANKING - Maybank Targets 8 Percent Of Shariah Market by 2015

Jakarta. Bank Maybank Syariah Indonesia expects its market share of Indonesia’s Shariah banking business to reach 8 percent by 2015 from its current 1.6 percent, a top executive said.

“Our aspiration is to become the No. 1 Islamic bank in the Southeast Asian region by 2015 in terms of reach, and this cannot be achieved without a presence in Indonesia, the largest market in the region,” Dato’ Sri Abdul Wahid Omar, president and CEO of Maybank, said on Friday.

BANKING - BII secures IDR689 billion net income

JAKARTA: PT Bank International Indonesia (BII) Tbk recorded additional net income of IDR689 billion in QI/2010 driven by increase in revenue after provision. 

On their company\'s disclosure, the company informed their net income jumped from minus IDR363 billion recorded in September 2009 to IDR326 billion in September 2010. 

BANKING - BII Reports Net Profit of Rp326 Billion

Theindonesiatoday.com - Bank Internasional Indonesia (BNII) reported net profit of Rp326 billion in Jan-Sep 2010 against net loss of Rp363 billion in the same period last year.

According to its public expose material available at www.idx.co.id, the Maybank unit recorded net interest income of Rp1.554 trillion, increased 7% from the corresponding period in 2009. Interest income actually declined 8% to Rp2.9 trillion, but cost of fund also dropped 22% to Rp1.35 trillion.

BANKING - Maybank Syariah may start operations next year

JAKARTA: Bank Indonesia (BI) has approved the Malayan Banking Bhd (Maybank) Indocorp plan to convert its commercial bank status to a sharia bank, named Maybank Syariah Indonesia, BI official said Friday.

“We have granted the permit, so maybe next year [the bank will be operational],” BI director for sharia banking Mulya Siregar said.

BANKING - Bank Maybank Indocorp, BPD Riau Change Their Names

PT Bank Maybank Indocorp announced on Friday it has formally changed its name to PT Bank Maybank Syariah Indonesia, following the change of the bank's core business to syariah-based business.