BANKING - Race is on (Bank Muamalat)

Race is on It looks like the race to acquire a chunk of Indonesia’s Bank Muamalat is narrowing, with British
bank Standard Chartered apparently in pole position.  

Bank Muamalat was Indonesia’s first Shari’ah compliant bank, starting operations in 1992. It now serves about three million customers in Indonesia and Malaysia and had piqued the interest of Qatar’s largest Islamic bank, Qatar Islamic Bank and local operator Bank Mega, as well as Standard Chartered because of its strategic positioning in what many analysts regard as one of the most significant Islamic banking markets of the future. (source)

BANKING - StanChart Reported to Have Eye on 15% Stake in Bank Muamalat

British-based Standard Chartered is planning to bid for a stake in Bank Muamalat, the oldest Islamic bank in Indonesia, after its local affiliate, Bank Permata, withdrew from the race, sources with direct knowledge of the matter have said.

Qatar Islamic Bank and Bank Mega were among suitors that submitted second-round bids ahead of last week’s deadline. (source)