INDONESIA - REGULATIONS - OJK Shariah Committee at the level of Commissioners

WWW.REPUBLIKA.CO.ID, JAKARTA - The Committee to integrate Islamic sharia units in each commissioner shall be at the same level with the commissioner. It is intended that sharia be the same priority as other conventional financial institutions.

Deputy Treasurer of the Indonesian Ulema Council (MUI), Nadratuzzaman Hosen, said although sharia is not mentioned in the OJK law, this system still can not be forgotten. By establishing a unit in each directorate and the integrating committee, will continue to develop sharia assessed.

"OJK could establish its own policy on a proposal by the commissioner," said Hosen, Wednesday (8/8).  (source)

INDONESIA - BANKING - Indonesia to Allow Currency Hedging for Banks: Islamic Finance

www.thejakartaglobe.com - Indonesia will let Shariah-compliant banks hedge against exchange-rate movements to spur growth in Islamic financial assets and narrow the gap with Malaysia’s industry, which is seven times larger.    

Bank Indonesia, the National Shariah Board and the Indonesia Institute of Accountants have approved the instruments, available in Malaysia since 2006, Adiwarman Azwar Karim, Jakarta-based vice chairman of the board’s Islamic capital market working committee, said in an Aug. 3 interview. The central bank said it is working on regulations, declining to say when they would be finished.     (source)

INDONESIA - HALAL - Indonesia: More imported products declared halal by MUI

www.halalfocus.net - Companies from 37 countries have been granted halal certificates by the Indonesian Ulema Council (MUI), indicating a growing interest in the halal product business in Indonesia, said an Indonesian Chamber of Commerce and Industry (Kadin) executive on Tuesday.
“It is a good sign that Muslims in Indonesia can consume more imported products, which are safe and in compliance with the Islamic law,” said the Institute for Economic Study, Research and Development (LP3ES) Kadin head, Anaz M Fauzi, during a seminar in Jakarta.  (source)

INDONESIA - CAPITAL MARKETS - Mayora bonds 5 times oversubscribed

www.neraca.co.id - Mayora Indah Tbk PT (MYOR) claims or oversubscribe oversubscribed 5 times over the plan to issue bonds and sukuk mudaraba with a total value of Rp 750 billion. Company Secretary MYOR, Yuni Gunawan, an indication of excess demand for high investor interest in bonds and sukuk offered, "We are delighted with the high interest of investors as indicated by the results of bookbuilding are oversubscribe almost 5 times," he said in Jakarta last weekend.
He also said that interest in bonds and sukuk Mayora mostly domestic investors in detail include insurance companies, pension funds, banks, mutual funds, other institutions and individuals.  (source)

INDONESIA - BANKING - MURABAHAH GOLD: Islamic banks asked for BI issues new rules

www.bisnis.com - JAKARTA: Islamic banks urged the central bank would soon issue a rule for gold murabaha products, financing products to the ownership of gold in installments.
One of the immediate bank Bank Indonesia (BI) to issue rules murabaha financing agreement for its gold holdings are PT Bank Rakyat Indonesia Syariah (BRI Syariah).
"We urge the Bank to soon issue a rule the gold murabaha because the product is needed by customers," said Maryana Yunus, Head of Product Development BRI Syariah told Business Today.  (source)

INDONESIA - FINANCE - Shariah ETF Mutual funds need to be published

www.bisnis.com - JAKARTA: The company challenged the asset management mutual fund products issued Exchange Trade Fund (ETF) based on operational after the stock market authorities to unite in a group of Jakarta-based Islamic Shariah Index (JSI) and Indonesia Sharia Stock Index (ISSI).
Deputy Secretary Daily Board of the National Sharia Council (DSN) Kanny Hidaya said the market opportunity based Islamic capital market, especially mutual funds in Indonesia is large enough to see the population of this country with the largest Muslim population.
"After some time the stock ETF is launched, it should present an asset management company dared to publish Islamic ETF products," he said in a discussion session on Market Development of Islamic Indonesia, today (Thursday, April 5, 2012).  (source)

INDONESIA - CAPITAL MARKETS : DSN MUI - Issuer ready to publish SUKUK 5 CORPORATE

www.bisnis.com - JAKARTA: The National Islamic Council of Indonesia Ulama Council stated that there are at least five listed companies to issue corporate sukuk this year.

Kanny Hidaya Y, Deputy Secretary of the Board of the National Islamic Council of Ulama Indonesia (DSN-MUI), optimistic penerbitkan corporate sukuk this year is brighter than last year, because there are a number of issuers who have expressed interest in emissions.

"We get at least five issuers to issue corporate sukuk this year," he said Thursday, April 5, 2012.  (source)

INDONESIA - CAPITAL MARKETS - Mayora Indah and Bank Muamalat to issue 'sukuk'

www.thejakartapost.com - Publicly listed food-producer PT Mayora Indah Tbk and PT Bank Muamalat Indonesia Tbk plan to issue sukuk, or Islamic debt papers, this year in the hopes of raising Rp 250 billion (US$27 million) and Rp 800 billion, respectively, the National Sharia Council says.

Mayora Indah will launch its sukuk on Monday while Bank Muamalat, which runs according to Sharia banking principles, will follow in July, Kanny Hidaya, the council's deputy secretary, said Thursday during a discussion about sukuk development in Indonesia.  (source)

INDONESIA - BANKING - Proposed Bank Syariah funds discussed DSN-MUI

WWW.REPUBLIKA.CO.ID, JAKARTA - Bank Syariah Fund proposal or Profit Equalization Reserve (PER) is now the middle of the Shariah Council of the National Assembly discussed Ulama Indonesia (DSN-MUI). Evaluated the proposed use of funds essential to encourage a more competitive product syariah bank.

Chief DSN-MUI, Ma'ruf Amien acknowledged that the proposed use of funds do not have a fatwa. But, he admitted, sharia banks urged to immediately realize the proposed use of funds.

"We will discuss in terms of how the fatwa, what should be a fatwa or not. This month we discuss," he said on Thursday (16/2).  (source)

INDONESIA - HALAL - Government Supports the Halal Food Guarantee Bill to be Approved Soon

www.halalfocus.net - Jakarta, dpd.go.id - Still in order to gather views on the Halal Products Guarantee Bill, Committee III again held a Public Hearing (RDPU) on Wednesday (22/02/2012) with guest speaker from the State Islamic University (UIN) Syarif Hidayatullah Jakarta and the Ministry of Religious Affairs of the Republic of Indonesia. On this occasion, RDPU led by Vice-Chairman of Committee III, Moh. Syibli Sahabuddin. (source)

INDONESIA - REGULATIONS - Proposed Bank Syariah funds discussed DSN-MUI

WWW.REPUBLIKA.CO.ID, JAKARTA - Bank Syariah Fund proposal or Profit Equalization Reserve (PER) is now the middle of the Shariah Council of the National Assembly discussed Ulama Indonesia (DSN-MUI). Evaluated the proposed use of funds essential to encourage a more competitive product syariah bank.

Chief DSN-MUI, Ma'ruf Amien acknowledged that the proposed use of funds do not have a fatwa. But, he admitted, sharia banks urged to immediately realize the proposed use of funds.

"We will discuss in terms of how the fatwa, what should be a fatwa or not. This month we discuss," he said on Thursday (16/2). (source)

INDONESIA - REGULATIONS - Pawn Gold New Version of Do not Break the Sharia

WWW.REPUBLIKA.CO.ID, JAKARTA - National Islamic Council of Indonesian Ulemas Council (DSN-MUI) warned the new version of the pledge of gold should pay attention to the growth of Islamic banks. This is because mortgage gold has supported the growth of Islamic banks.

"As long as it can grow and do not violate Islamic banking, why not. The important thing is to grow the bank, "said Chairman of the MUI DSN, Ma'ruf Amien, Tuesday (14/2).  (source)

INDONESIA - BANKING - MUI: Credit is Not Halal Riba

REPUBLIKA.CO.ID, Soreang - Questioned on the issue of halal haram in the process of buying and selling on credit, Chairman of the MUI Regency Bandung, KH Safiuddin Anwar Kamil asserts that the credit is allowed and certainly not unlawful. Credit is not permitted and usury when through certain requirements.

"Credit different from the name of usury," he said in a discussion held at the RM FIF. Rice Village, Soreang, Tuesday (24 / 1). Anwar added that credit is the process of buying through a gradual manner. Credit is allowed when the distance between the seller and buyer are not mutually harmed. (source)

INDONESIA - HALAL - Europe, U.S, Australia Support Indonesia As World's Halal Centre

www.bernama.com - JAKARTA, Jan 17 (Bernama) -- The leaders of the European Union, United States and Australian delegations supported the idea of Indonesia serving as the world's halal centre, according to Antara News Agency. (source)

INDONESIA - REGULATONS - Starting BI Monitor Calculation and Return on Investment Risk

REPUBLIKA.CO.ID, JAKARTA - Bank Indonesia (BI) began to oversee the calculation of two additional risk management in Islamic banks, namely the risk of investment (equity of investment risk) and risk of the yield (rate of return risk). Although not yet taken into account in risk assessment (risk profile), Islamic banks are required to calculate how much capital to the management of these risks.  (source)

INDONESIA - REGULATIONS - DSN-MUI: OJK Do Until bebani Islamic Finance Industry

Jakarta (21/12) - The operational costs to run the Financial Services Authority (OJK) will be taken from the State Budget Expenditure (Budget) and the contribution of each financial institution being audited, including at dalamanya Islamic financial institutions.

  "Islamic finance industry is still small it has not been able to be a burden, seharusmya given incentives. So it's better budget for the OJK first state budget and financial institutions are able to provide tuition, "said Chairman of the National Sharia Board-Council of Ulama Indonesia (DSN-MUI), KH Ma'aruf Amin when found in the OJK seminar at the Ministry of Finance, Jakarta, Tuesday (21/12).  (source)

INDONESIA - REGULATIONS - Walking OJK, DSN-MUI Ready coordinate

Jakarta (21/12)-The establishment of the Financial Services Authority (OJK) will be a new era of financial sector supervision in Indonesia. OJK will hold full control over all aspects of financial institutions are no exception based on sharia. So overall, Islamic financial institutions will be supervised by the OJK and the National Sharia Council, Council of Ulama Indonesia (DSN-MUI) through the Sharia Supervisory Board.

Chairman of the DSN-MUI, KH Ma'aruf Amin said the company is currently in talks with regulators from the Bapepam-LK and Bank Indonesia (BI). This is an effort so that later when OJK already running then there is coordination with the DSN-MUI.  (source)

INDONESIA - BANKING - Sharia Center Jabar inaugurated

BANDUNG: Deputy Governor of Bank Indonesia Sharia Halim Alamsyah Center inaugurated an office in West Java, Bandung BI.

BI leader Bandung Lucky Fathul Aziz Center Hadibrata say Sharia is a shared dream and a concern to improve the sharia in West Java.  (source)

INDONESIA - FINANCE - DSN-MUI Urges Government In Place All Funds Hajj Islamic Instruments

Jakarta (12/12) - After the seventh astral conjunction Sanawi on 4-6 December 2011, the National Sharia Board-Council of Ulama Indonesia (DSN-MUI) produces a variety of recommendations related to developing a Islamic Financial Institutions (LKS). Dana Hajj became one focus of the recommendations.

DSN-MUI urged the House of Representatives and the Ministry of Religious Affairs to accommodate Islamic principles in the Bill (the Bill) Fund Management Hajj, pilgrimage and place funds in Islamic Banking.  (source)

INDONESIA - ECONOMY - Indonesia Potential to Become Islamic Qibla Industry

Jakarta (16/11) - As the state with the largest number of Muslims in the world, Indonesia has potential as a mecca of sharia industry. "The potential is difficult to be inhibited due to its 'market driven' which is supported by two main factors namely population and creativity," says Islamic Economic Observer, Adiwarman A. Karim Economic Outlook 2012 event that was held by the Islamic Economic Journalists (JES) in Jakarta, Wednesday (16/11).  (source)