INDONESIA - TRADE FINANCE - Military Uniform Supplier Sritex Gets $400m Loan From Islamic Bank

www.thejakartaglobe.com - Textile manufacturer Sri Rejeki Isman has taken out a $400 million loan, tapping into $3.3 billion in funds that the Islamic Development Bank is making available to Indonesian companies.

Last May, the Saudi Arabia-based IDB announced that it would make the loans available to companies in Indonesia, both private and public.

“We want to see more private projects tap into the loan. The loans will be available until 2014 and 2015,’’ Armida Alisjahbana, the state minister of national planning and development, said on Tuesday.   (source)

INDONESIA - FINANCE - ICD poised to boost activity with SR1 billion SME fund - Indonesia gets attention

In the wake of the impact of the continuing global financial crisis, the euro zone debt crisis and the so-called Arab Spring - and their economic impact on global and regional markets including member countries of the Islamic Development Bank (IDB), the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), the private sector funding arm of the IDB Group, is embarking on a new strategy to take its financing directly to its constituencies and to make its financing impact more on the real economy through the generation of employment and promoting growth. This includes opening regional offices; setting up two new departments at the ICD; launching more Ijara (leasing companies) in diverse markets such as Albania, Saudi Arabia and Algeria; establishing SME investment funds including a SR1 billion fund for Saudi Arabia; and establishing a mortgage finance company in Saudi Arabia in anticipation of the long-awaited mortgage law. (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)