MALAYSIA - FINANCE - Malaysia c.bank to expand new Islamic facility

www.reuters.com - (Reuters) - Malaysia's central bank will eventually expand its new Islamic money market funding facility to allow trades of the instrument between commercial banks, while introducing longer tenors, the central bank said on Thursday. The central bank announced last week that it was launching a collateralised murabaha facility through which Islamic banks could obtain funds from the central bank by pledging high investment grade sukuk as collateral. The new facility aims to aid Islamic banks' liquidity management.
The central bank told Reuters in an email on Thursday that use of the collateralised murabaha instrument would later be expanded so that banks could trade it between themselves in the interbank market. It did not give a time frame.  (source)

MALAYSIA - FINANCE - Introduction of Collateralised Murabahah

www.bnm.gov.my - Bank Negara Malaysia wishes to announce the introduction of a new Islamic monetary instrument, the Collateralised Murabahah.

Collateralised Murabahah is essentially a Shariah-compliant financing secured by assets in which the financier has the right to sell the asset should the client fail to repay the financing. It combines the widely accepted Murabahah financing transaction with Sukuk that forms as the pledged asset to back the transaction.  (source)

MALAYSIA - FINANCE - Bank Negara introduces new Islamic instrument

www.theborneopost.com -KUALA LUMPUR: Bank Negara yesterday announced introduction of a new Islamic monetary instrument, Collateralised Murabahah.
It said Collateralised Murabahah was essentially a syariah-compliant financing secured by assets in which the financier had the right to sell the asset should the client fail to repay the financing.
“It combines the widely accepted Murabahah financing transaction with sukuk (Islamic bond) that forms the pledged asset to back the transaction,” it said in a statement.  (source)

INDONESIA - BANKING - SRB Hold PT Pos Indonesia

WWW.REPUBLIKA.CO.ID, JAKARTA - In order to expand the reach, SRB Al Salam with PT Pos Indonesia (Persero) in receipt of the installment financing of customers' deposits BPRD Al Salam. Financing can now be done through the office, outlet, and postal services around the PT Pos Indonesia.

"Customers can make transactions through the entire Postal outlets throughout Indonesia," said Director of PT BPR Islamic Amal Al Salaam Salman, Cahyo Kartiko, as it is written in a release received by Reuters on Wednesday (18/4).  (source)

INDONESIA - BANKING - BNI Syariah Posts Rp89.26 Billion Profit

www.theindonesiatoday.com - JAKARTA, Indonesia Today - PT Bank BNI Syariah booked net profit of Rp89.26 billion in 2011, expects to book profit of Rp73 billion in 2011, surged 143% Rp36.7 billion in previous year.

Operating income jumped 126% to Rp1.01 trillion from Rp447.9 billion in 2010, of which income from financing accounted for Rp786.64 billion. (source)

INDONESIA - REGULATIONS - BI Regulates Ownership of Precious Metal Business

www.indonesiafinancetoday.com - JAKARTA (IFT) –After regulating gold pawn practice using qardh scheme, Bank Indonesia will also issue a policy on precious metal practice using murabahah scheme to improve banks’ intermediary function. (source)

INDONESIA - AWARDS - AXIS Financing Programs win Euromoney, IFN Awards

www.arabnews.com - The financing programs of AXIS, a subsidiary of STC in Indonesia, won the award of the best financing of the year among the awards of Euromoney and the award of Islamic Financing.

These two are internationally famous awards for their reputation of excellence and efficiency of finance management, thus, winning either of them let alone winning both of them, ensure deep trust in the finance administration of STC Group Finance sector. (source)

HONG KONG - HK ready to roll

www.theislamicglobe.com - The Hong Kong government is pressing ahead with legislation to make it become an Islamic finance player.
Financial secretary, John Tsang, used his annual Budget speech to flag up the territory’s plans to amend current legislation and put Sukuk on an equal footing with conventional bonds.
He said: “We are close to finalizing the draft amendments to the relevant kegislation with a view to leveling the playing field for common types of Islamic bonds vis-à-vis their conventional counterparts as far as profits tax, property tax and stamp duty are concerned.” (source)

INDONESIA - BANKING - Assets Islamic banking up 49 %

www.tempo.co - TEMPO.CO, Jakarta-booming Islamic banking assets throughout 2011. Total assets of Islamic banks grew 49 percent from Rp 79.6 trillion in 2010 to Rp 149 trillion. "This figure includes 154 assets Sharia Rural Banks," said Director of Bank Indonesia Sharia Banking, Mulya E. Siregar, Monday, January 23, 2012.

With these achievements, the national Islamic bank managed to achieve 4 percent market share of banking assets, up 0.72 percent from 2010. Islamic bank financing nationwide had reached Rp 105 trillion, or grew 50.6 percent over the same period of 2010. Third party funds that can be collected by Islamic banks in 2011 also rose 51.78 percent to Rp 118 trillion. (source)

INDONESIA - TRADE FINANCE - ITFC Signs US$60 million Structured Trade Finance Sugar Deal with Indonesia

http://www.itfc-idb.org - Jeddah, January  2012: The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IDB) Group, signed a US$60 million Syndicated Structured Finance with an Indonesian sugar refinery, PT Angels Products at IDB Headquarters in Jeddah.

The US$60 million structured trade financing for Indonesia’s PT Angels is for the purchase of raw sugar for the domestic demand. The agreement was signed by Mr Tony Wijaya Ng, Director, PT Pasifik Agro Sentosa, Indonesia and Eng. Hani Salem Sonbol, Deputy CEO of ITFC. Mr. Hasjim Oemar, President Director, PT Pasifik Agro Sentosa, and Mr. Teh Choon Bok, Independent Commissioner, PT Pasifik Agro Sentosa, attended the signing ceremony along with representatives from ITFC. (source)

INDONESIA - AWARDS - IFN Deals of the Year 2011

Commodity Murabaha USD 183 million - TH Indo Plantations Tawarruq applied to refinance shareholder advances from Tabung Haji. The cross-border transaction involves funding properties in Indonesia and addressing local regulations and language requirements.

Trade Finance : Natrindo Telepon Selular (Axis Indonesia) Financing : The winner is the complex and well structured Natrindo Telepon Selular (Axis Indonesia). This was the largest private sector financing in Indonesia in 2011 and first Islamic financing involving China Development Bank supporting the procurement of product and civil works services from Huawei Technologies Company for USD 400 million. The deal also included a USD 450 million syndicated Murabaha and a USD 350 million equipment purchase from Ericsson funded by AB Svensk Eksportkredit and backed by EKN Sweden's export credit agency. The transaction also included a political risk guarantee from the World Bank Groups' Multilateral Investment Guarantee Agency.

Country Winner: Perusahaan Penerbit SBSN Indonesia II USD 1 billion Trust Certificate Issuance : Indonesia'sUSD 1 billion  issuance via Perusahaan Penerbit SBSN Indonesia II represented Indonesia's return to the capital markets with a better credit rating, better pricing and a bigger size. (honorable mention for the Natrindo Telepon Selular (Axis Indonesia).

Source : www.islamicfinancenews.com

INDONESIA - BANKING - Muamalat Embraces Sharia SMF Shelter Fund

Jakarta (14/12) - Financing shelter is now the belle of the retail banking in extending financing. Predicted by 2012 the demand for residential mortgages is still very high. This is certainly not wasted by the banking and Islamic banking is no exception Muamalat Indonesia (BMI) is one of them.  (source)

INDONESIA - REGULATIONS - BKF: Islamic Banking please report about double taxation on Leasing / Ijara IMBT

JAKARTA: Fiscal Policy Office Ministry of Finance stated until now has not received an official statement about the practice of Islamic banking in the double tax agreement leasing
The agency requested that Bank Indonesia or sharia banking association to complain formally if it still happens double taxation.
"Frankly, until now we have not received a letter or an official complaint that it [double taxation] happened, and what harm their arguments that it is double taxation," said Head of the Fiscal Policy Bambang Brodjonegoro, today.  (source)

INDONESIA - BANKING - Islamic Banking Deposits Reach Rp 103.3 Trillion

JAKARTA - Bank Indonesia (BI) recorded Third Party Funds (TPF) of Islamic banking to October 2011 reached Rp 103.3 trillion, up 50 percent from the same period in 2010 amounted to Rp 69 trillion.
Director of the Directorate of Bank Indonesia Sharia Banking Mulya Siregar express it here on Friday.
Mulya detailing the Commercial Bank Deposits for Sharia and Sharia reach Rp 101.6 trillion, coupled with SRB deposits that reached Rp 1.7 trillion. Islamic banking assets up to 16 November 2011 reached Rp 130 trillion, with total customer until today reaches about 8 million customers. (source)

INDONESIA - TAKAFUL - BNI Syariah wil focus on Griya Hasanah in 2012

Jakarta (18/11) - PT Bank Negara Indonesia (BNI) Syariah in the next year will focus on developing products Griya Hasanah. So it is believed, Home Ownership Credit (KPR) will dominate fortopolio bank.

Demikan it is conveyed by the Director of BNI Syariah, Rizqullah on the sidelines of a business seminar in Jakarta, Thursday (17/11). He revealed in 2012 Griya Hasanah will be product favored by BNI Syariah with a target of 60% of the overall financing products.  (source)

INDONESIA - BANKING - Bank Syariah Mandiri Profit Grows 27.8%

Theindonesiatoday.com - PT Bank Syariah Mandiri (BSM) posted net profit of Rp409.12 billion in the first 9 months of 2011, grew 27.8% compared to Rp320.05 billion in the corresponding period of last year.

It said operating income after sharing profit distribution reached Rp2.16 trillion, jumped 37.7% from Rp1.54 trillion a previous year. While operating profit was Rp548.59 billion, rose 26.8% from Rp432.5 billion in first 9 months of 2010.

It said assets increased 55% to Rp43.51 trillion as of September 2011, of which murabaha credit or receivables amounted Rp23.49 trillion.  (source)

INDONESIA - BANKING - Sharia Banking Assets Rp130 ​​Trillion

JAKARTA: Islamic banking assets amounting to Rp130 ​​trillion recorded at the end of October 2011 increased by 48.57% compared to same period previous year.
Mulya Siregar, Director Islamic Banking Bank Indonesia (BI) said the increase in assets is in line with the disbursement of funding and third party fund raising (DPK) conducted by Islamic banks, Islamic business units, and bank financing Islamic people  (source)

INDONESIA - FINANCE - Mandala Multifinance Obtains $ 25 Million Murabaha Syndicated Loan Credit

JAKARTA - PT Mandala Multifinance Tbk (MFIN) gain in the form of murabaha syndicated loan of U.S. $ 25 million or about Rp214, 225 billion on 14 November 2011.

According to the Corporate Secretary MFIN Mahrus in a statement here on Tuesday, in the form of murabaha facility is derived from several financial institutions. (source)

INDONESIA - FINANCE - ICD to extend $157m of loans in 2012 (PT Sritex and PT Mandala Multifinance)

The Dubai-based Islamic Corporation for the Development of the Private Sector (ICD) says it will distribute US$157 million in sharia loans in 2012, comprising $17 million for three banks and $140 million for military uniform maker PT Sritex.

Director for the ICD’s financial institutions development department, Basel A. Al-Hag Issa, said ICD was still in discussions with some banks, but had yet to decide which banks would receive the $17 million loan. (source)

INDONESIA - TRADE FINANCE - Move towards more trade between MENA and East Asia

A number of new initiatives have given Islamic trade finance and export credit insurance a major boost. MUSHTAK PARKER explains Trade facilitation between member countries of the Organisation of Islamic Cooperation (OIC), especially the Middle East and North Africa (MENA) states, and an increased role for Islamic trade finance and export credit insurance, is set for a major boost. This is due to the launching of several new initiatives and the fact that the stated target for intra-Islamic trade of 20 per cent of the total trade of OIC countries has been achieved. (source)