INDONESIA - FINANCE - CIMB Niaga Syariah channels 4 Multifinance Rp 3.24 T

www.investor.co.id - JAKARTA - shariah business unit of PT Bank CIMB Niaga Tbk (CIMB Niaga Syariah) provides working capital financing facilities Rp 3.24 trillion to four Multifinance, use jack channeling financing industrial consumption. Fourth Multifinance is PT CIMB Niaga Auto Finance, PT Federal International Finance (FIF), PT Adira Finance Tbk Multi Dynamics, and PT Mandala Auto Finance.
Head of CIMB Niaga Syariah Banking expressing U Saefudin Noer, respectively sequentially funding Rp 2 trillion, Rp 600 billion, Rp 450 billion, and Rp 190 billion.
"At first, financing consumption can only be done on sharia branch offices. However, now we have been able to channel the late mortgage center, office channeling, and also Multifinance, "said he at Financial Graha, Jakarta, Thursday (5/7).  (source)

INDONESIA - BANKING - CIMB Niaga Syariah consumer financing and multi-finance

www.bisnis.com - AKARTA: PT Bank CIMB Niaga Tbk (CIMB Niaga) through increased funding sharia business unit and multi-consumer. This is done through the provision of working capital financing facilities for a number of multi-partner program and the implementation of Sharia Mortgage Fix Fix n.
Director of Commercial Banking and CIMB Niaga Syariah, Handoyo Soebali CIMB Niaga Syariah convey prepare financing facility for a number of finance company partners.
"Preparation of financing facilities for a number of partners to facilitate this multi-community has a vehicle with a scheme of sharia," he said through a press conference in Jakarta (5/7).  (source)

INDONESIA - BANKING - Gold Mortgage CIMB Niaga Syariah Still Promising

WWW.REPUBLIKA.CO.ID, JAKARTA - PT Bank CIMB Niaga Tbk through units of CIMB Niaga Syariah Court, continued to expand its mortgage business in gold.

The existence of an urgent need for cash, plus the nature of the liquid gold, make gold mortgage market is still wide open. This consideration is that the policy of CIMB Niaga Syariah for mortgage business continues to expand this gold.

Head of CIMB Niaga Syariah Banking, U Syaefudin Noer, disclose, banking has become the people's choice to forgo his gold. "Other places are comfortable, the service factor also become a major consideration from the community," said Saefudin.  (source)

INDONESIA - BANKING - CIMB Niaga launches Islamic money market transactions

www.kontan.co.id - JAKARTA. PT Bank CIMB Niaga through sharia business unit, CIMB Niaga Syariah ready to launch the Islamic money market transactions (SATISFIED), the Certificate of Commodity Trading Interbank Based on Sharia Principles (Sika).

Readiness is supported by the terms of Bank Indonesia to CIMB Niaga 14/137/DPM numbers on June 14, 2012 which affirmed the instrument permits the use of Sika SATISFIED.

"The exit of DSN-MUI fatwa and circulars concerning Sika Bank CIMB Niaga Syariah make clear the firm launched the Islamic money market transactions with Sika instruments," said Director of Commercial Banking and CIMB Niaga Syariah Handoyo Soebali, Sunday (24/6).  (source)

INDONESIA - BANKING - Islamic Banking: Professional or Islamic?

www.republika.co.id - The biggest fear when someone entered the institute sharia is Islam and he must have a certain fit Islamic values. Smelling things that Islam became one of the factors that make a person frustrated trying to challenge the Islamic financial industry.
The lack of knowledge of the sharia are also factors that make a person fail to be an employee of sharia industry. This lack of knowledge was a hardship for the company in developing the potential of employees in the Islamic industry.  (source)

INDONESIA - BANKING - CIMB Niaga Pumps $11 Million Into Shariah Unit

Bank CIMB Niaga, Indonesia’s fifth-largest lender, has injected Rp 100 billion ($11 million) into its Islamic banking subsidiary to increase its lending, it said in a statement on Thursday.

The new money brings CIMB Niaga Syariah’s capital to Rp 450 billion as of December, the statement added.  (source)

INDONESIA - BANKING - CIMB Niaga Gelontorkan Rp 100 billion to the Sharia Window

Jakarta - PT Bank CIMB Niaga Tbk (BNGA) made additional capital to business units sharia Rp 100 billion. With the additional capital, paid up capital of CIMB Niaga Syariah recorded at Rp 450 billion as of December 2011.
"The addition of capital to CIMB Niaga Syariah Management CIMB Niaga is a commitment to support the growth of Islamic banking business, especially finance, and maintain a capital adequacy ratio (Capital Adequacy Ratio / CAR)," said Director of Retail Banking and CIMB Niaga Syariah Ferdy Sutrisno in a press release on Thursday (29/12/2011).  (source)

INDONESIA - BANKING - CIMB Niaga Syariah posts 87 % higher earnings

JAKARTA: Profit before tax Sharia PT Bank CIMB Niaga Tbk increased 87% from Rp26, 05 billion as of September 2010 to Rp48, 74 billion as of September 2011.

This profit driven business performance improvement a number of Islamic financing include increased distribution by 95% from Rp1, 45 trillion to Rp2, 82 trillion, and an increase in third party funds (DPK) by 95% from Rp1, 76 trillion to Rp3, 44 trillion per September 2011. (source)

INDONESIA - BANKING - Islamic banks expect tax incentive

REPUBLIKA.CO.ID, JAKARTA - Actor Islamic banking Homeland expect any tax incentives to customers who place their funds in Islamic banks. According to the Director of Bank Rakyat Indonesia (BRI) Sharia, Ventje Rahardjo, this could be one way of encouraging the growth of Islamic banking in the future.

"We hope that from the demand side," he told Reuters recently. He said for example on deposit products, there is a tax on customers below 20 percent. "So far, just the same as conventional," he explained. He claimed to expect leniency in order to place the acceleration in the growth of Islamic banking assets. (source)

FINANCE - Islamic Banks Keen to Get Behind Government Infrastructure Projects

Indonesia’s Shariah-compliant banks are teaming up to take advantage of the government’s $40 billion annual budget for development projects, the biggest in five years.

Bank Muamalat Indonesia, the country’s second-largest Islamic bank, wants to boost syndicated loans five-fold this year to $250 million by funding two power plants, the bank’s president director, Arviyan Arifin, said on Wednesday.  (full story)

BANKING - ASBISINDO: Astonished That Hajj Funds to be Deposited to Govt Account to Buy Sukuk

Jakarta, (1/3). The circulate letter from the minister of religious affairs is considered as distress situation for all Islamic banks, since the letter required all hajj funds mobilized by Islamic banks to be deposited to govt. account to buy sovereign sukuk. This is considered as stunned situation considering that hajj funds have been contributed greatly to the development of production sector thru the financing. (source)