INDONESIA - BANKING - Syariah Mandiri Bank Profit Up 47%

www.investor.co.id - JAKARTA - PT Bank Syariah Mandiri (BSM) recorded a net profit of Rp 396.84 billion in the first half of 2012, growing 47% over the same period last year valued at Rp 270 billion. Margin and revenue sharing to be the largest contributor to the increase in net income.
Director of Finance BSM Fanani Zainal said the revenue and margin for the BSM at the end of June 2012 reached Rp 2.24 trillion, up 24.81% over the same period last year amounted to Rp 1.79 trillion. "Our financing is channeled up 32.85% from Rp 30.06 trillion to Rp 39.93 trillion," Zainal said at a press conference at Wisma exposure to the performance of BSM Mandiri, Jakarta, Monday (13/8).  (source)

INDONESIA - BANKING - Bank Syariah Mandiri to Rp 1 trillion of additional capital

www.bisnis.com - JAKARTA: PT Bank Syariah Mandiri (BSM) requires an additional capital of Rp1 trillion to strengthen its capital adequacy ratio is predicted to be eroded due to the expansion of high finance.

Yuslam Fauzi, Managing Director of Bank Syariah Mandiri, said the capital increase expected to be implemented towards the end of the year by two mechanisms, namely shots of PT Bank Mandiri Tbk as a holding company and the issuance of subordinated medium-term debt (subordinated notes).

"The need additional capital of Rp1 trillion and will be met 50%: 50% of capital injections and publishing," he told Business Today, Wednesday, April 18, 2012. (source)

INDONESIA - MUI - MUI Slaps Fatwas on Sale of Bank Notes, Fireworks

With Ramadan already into its second week, the Indonesian Council of Ulema has come out to declare two activities popular at this time of year forbidden: Paying to have money changed and the sale of fireworks.

Abdusshomad Buchori, head of the East Java chapter of the council, also known as the MUI, said the sale of small denominations or crisp new bank notes for profit was haram. (source)

MALAYSIA - BANKING - Uncertainty, disparity in Islamic finance pose challenges

The uncertainty and disparity in some areas of Islamic finance can at times be an added cost for industry players or turn them away from it, said a senior Securities Commission (SC) director.

Zainal Izlan Zainal Abidin, the SC executive director, said the legal, regulatory and tax frameworks for Islamic finance sometimes differ from one market jurisdiction to another, and this poses a challenge when one goes into cross border situations. (source)

WORLD - The Islamic finance industry grows at 14% annually to RM3.1 trillion

KUALA LUMPUR: Islamic finance has achieved a substantial growth in the past two decades, annualising a growth rate of about 14% over the past 15 years.

Securities Commission Malaysia (SC) Islamic capital market executive director Zainal Izlan Zainal Abidin said the Islamic finance industry that was currently estimated to be worth about US$1 trillion (RM3.058 trillion) had made further headway in the Islamic traditional markets such as Malaysia and the Gulf Cooperation Council countries, while penetrating new markets such as in Europe and Africa. (source)