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I slamic Private Equity Fund Private equity based on Syariah M arch 9, 2012 Pembiayaan Industri Pada Bank Syariah ( http://maxidayasyariah.files.wordpress.com/2012/03/pola- operasi-bank-syariah.png ) Melanjuti artikel tentang bank syariah, sekarang kita akan melihat pembiayaan bank syariah, salah satunya sebagai alternatif pembiayaan Industri Kreatif. Industri kreatif Indonesia dihadapkan pada enam permasalahan utama, yaitu kuantitas dan kualitas sumber daya insani, ketersediaan bahan baku, iklim usaha, apresiasi, teknologi informasi dan komunikasi, dan pembiayaan. Sulitnya memperoleh pembiayaan masih merupakan salah satu yang sering muncul ke permukaan, dimana ketiadaan agunan dan kurangnya pengetahuan tentang industri kreatif masih merupakan penyebab utama. Berbagai upaya telah dilakukan pemerintah untuk mencari solusi permasalahan pembiayaan industri kreatif melalui berbagai program seperti KUR dan PKBL, sampai kepada upaya memasukkan terminologi industri kreatif dalam nomenklatur (tata nama keilmuan tertentu) kebijakan Bank Indonesia. Bahkan, telah tercipta Nota Kesepahaman antara Pemerintah dengan BNI 46 untuk kemudahan akses pembiayaan pelaku kreatif. Salah satu potensi sumber pembiayaan yang tampaknya luput dari perhatian adalah bank syariah, yang dipelopori Bank Muamalat Indonesia sejak 1991. Melihat pola operasi bank syariah, pembiayaan jenis ini dapat menjadi alternatif bagi pelaku industri kreatif. Seperti halnya bank konvensional, bank syariah juga berfungsi sebagai lembaga intermediasi yang operasinya berdasarkan syariah, menghubungkan nasabah pemilik dana (Shahibul Maal) dengan nasabah yang membutuhkan dana (Mudharib). Islamic Private Equity Fund | Private equity based on Syariah | Page 2 http://maxidayasyariah.wordpress.com/page/2/ 1 of 13 09/01/2013 10:48

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Islamic Private Equity Fund | Private equity based on Syariah | Page 2

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Islamic Private Equity FundPrivate equity based on SyariahMarch 9, 2012

Pembiayaan Industri Pada Bank Syariah

(http://maxidayasyariah.files.wordpress.com/2012/03/polaoperasi-bank-syariah.png)Melanjuti artikel tentang bank syariah, sekarang kita akan melihat pembiayaan bank syariah, salah satunya sebagai alternatif pembiayaan Industri Kreatif. Industri kreatif Indonesia dihadapkan pada enam permasalahan utama, yaitu kuantitas dan kualitas sumber daya insani, ketersediaan bahan baku, iklim usaha, apresiasi, teknologi informasi dan komunikasi, dan pembiayaan. Sulitnya memperoleh pembiayaan masih merupakan salah satu yang sering muncul ke permukaan, dimana ketiadaan agunan dan kurangnya pengetahuan tentang industri kreatif masih merupakan penyebab utama. Berbagai upaya telah dilakukan pemerintah untuk mencari solusi permasalahan pembiayaan industri kreatif melalui berbagai program seperti KUR dan PKBL, sampai kepada upaya memasukkan terminologi industri kreatif dalam nomenklatur (tata nama keilmuan tertentu) kebijakan Bank Indonesia. Bahkan, telah tercipta Nota Kesepahaman antara Pemerintah dengan BNI 46 untuk kemudahan akses pembiayaan pelaku kreatif. Salah satu potensi sumber pembiayaan yang tampaknya luput dari perhatian adalah bank syariah, yang dipelopori Bank Muamalat Indonesia sejak 1991. Melihat pola operasi bank syariah, pembiayaan jenis ini dapat menjadi alternatif bagi pelaku industri kreatif. Seperti halnya bank konvensional, bank syariah juga berfungsi sebagai lembaga intermediasi yang operasinya berdasarkan syariah, menghubungkan nasabah pemilik dana (Shahibul Maal) dengan nasabah yang membutuhkan dana (Mudharib).1 of 13

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Penghimpunan dana dari shahibul maal diperoleh dalam dua bentuk, yaitu Wadiah dan Mudharabah. Wadiah berbentuk produk giro dan tabungan, dan Mudharabah berbentuk dana investasi untuk dikelola bank seperti halnya deposito. Sementara itu penyaluran dana kepada mudharib dilakukan melalui dua prinsip yaitu prinsip bagi hasil dan prinsip jual beli. Prinsip bagi hasil dilakukan secara mudharabah dan musyarakah yang tidak mengisyaratkan agunan dan bunga. Mudharabah yaitu bank memberi modal niaga kepada nasabah untuk diniagakan dengan perjanjian, dimana keuntungannya dibagi antara dua belah pihak sesuai perjanjian, sedang kerugian ditanggung oleh pemilik modal. Sementara musyarakah adalah kerjasama antara bank dan nasabah, dimana bank setuju untuk membiayai usaha secara bersama-sama dengan nasabah sebagai inisiator proyek dengan suatu jumlah berdasarkan persentase tertentu dari jumlah total biaya usaha dengan dasar pembagian keuntungan dari hasil yang diperoleh dari usaha berdasarkan persentase bagi-hasil yang telah ditetapkan terlebih dahulu. Prinsip jual beli dilakukan secara murabahah, salam dan istishna dengan memberikan barang dan bukan uang pada produk jual beli, sehingga komitmen pengusaha tetap terjaga. Murabahah adalah pembiayaan berdasarkan akad jual beli antara bank dan nasabah, dimana bank membeli barang yang dibutuhkan dan menjualnya kepada nasabah sebesar harga pokok ditambah dengan keuntungan margin yang disepakati. Sedangkan salam adalah transaksi jual beli, dimana barang yang diperjualbelikan belum ada sehingga barang tersebut diserahkan secara tangguh oleh penjual (nasabah), sedangkan pembayaran secara tunai oleh pembeli (bank). Istishna menyerupai salam, namun pembayaran dapat dilakukan oleh bank dalam beberapa termin pembayaran. Istishna dilakukan untuk pembiayaan manufaktur dan konstruksi dengan spesikasi barang pesanan harus jelas, seperti: jenis, ukuran, mutu dan jumlah dan harga jual dicantumkan dalam akad istishna serta tak boleh berubah selama berlakunya akad. Jelas terlihat bahwa pola operasi bank syariah berbeda dengan pola bank konvensional. Pola operasi bank syariah didasari oleh semangat menolong. Semangat ini ditunjukkan oleh ketiadaan agunan, ketiadaan bunga, prinsip bagi hasil dan prinsip jual belinya. Ketiadaan agunan, ketiadaan bunga, prinsip bagi hasil, dan prinsip jual beli ini pulalah yang menjadi penyebab mengapa pembiayaan syariah dapat menjadi alternatif bagi pelaku kreatif yang sulit memperoleh pembiayaan dari bank-bank konvensional karena faktor agunan dan faktor kepercayaan terhadap industri kreatif.

(h p://maxidayasyariah.les.wordpress.com/2012/03/tabel-operasi-pola-syariah-1.png) Hingga saat ini, model pembiayaan syariah terus berkembang di Indonesia yang ditandai dengan semakin banyaknya bank-bank syariah baru di tanah air. Tidak kurang dari 16 bank syariah telah hadir di berbagai daerah di Indonesia.

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Program-program pembiayaan syariah pun semakin berkembang, diantaranya adalah Pembiayaan Dana Berputar Bank Mandiri Syariah dan Pembiayaan Bisnis Modal Kerja iB dari Bank Mega Syariah. Pembiayaan Dana Berputar adalah fasilitas pembiayaan modal kerja dengan prinsip musyarakah yang penarikan dananya dapat dilakukan sewaktu-waktu berdasarkan kebutuhan riil nasabah. Pembiayaan jenis ini memiliki persyaratan seperti nasabah komersial kecil, menengah, besar dan korporasi; nasabah harus membuat laporan penggunaan dana selama 1 (satu) bulan; fasilitas diberikan untuk memenuhi kebutuhan modal kerja sementara; setiap periode penggunaan fasilitas Pembiayaan Dana Berputar harus digunakan untuk pencapaian realisasi sales sehingga dapat bagi hasil; dan memiliki aktitas rekening koran yang aktif berkaitan dengan kegiatan bisnisnya. Sementara itu Pembiayaan Bisnis Modal Kerja iB Bank Mega Syariah merupakan fasilitas pembiayaan modal kerja usaha produktif dengan menggunakan konsep syariah mudharabah dan musyarakah dengan nisbah bagi hasil yang telah disepakati antara bank dan nasabah. Modal kerja usaha produktif meliputi seperti pengadaan bahan baku, barang dagangan/persediaan, kebutuhan menutupi hutang/piutang usaha dan kebutuhan operasional dan ekspansi usaha lainnya. Persyaratan umum yang harus dipenuhi nasabah adalah Warga Negara Indonesia; perorangan, usia minimal 21 tahun dan pada saat pembiayaan lunas berusia maksimum 55 tahun; Badan Hukum (PT, Yayasan, Koperasi) dengan masa usaha minimal 2 (dua) tahun memiliki kinerja baik; tidak terdaftar dalam pembiayaan bermasalah Bank Indonesia dan Bank Mega Syariah; dan memenuhi persyaratan berdasarkan penilaian bank. Industri-industri kreatif startup yang belum bankable dapat memanfaatkan pola penyaluran dana melalui bagi hasil, demikian juga dengan industri-industri kreatif yang akan mengembangkan usahanya. Sementara industri-industri kreatif yang membutuhkan peralatan dan mesin, seperti kerajinan dan fesyen, dapat memanfaatkan pola penyaluran dana melalui prinsip jual beli syariah untuk memperoleh kebutuhan peralatan dan mesinnya. Perkembangan menggembirakan dari bank syariah di Indonesia ini, kiranya dapat menjadi salah satu alternatif solusi permasalahan pembiayaan industri kreatif. Ref: Erika Asdi (Peneliti Ekonomi Kreatif) Posted in Uncategorized Leave a comment March 8, 2012

ISLAMIC LENDING AND BORROWING INSTRUMENTS IN INDONESIA

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These denitions for the borrowing and lending instruments used by Bank Muamalat, Indonesias rst shariah commercial bank, come from its 1998 annual report. LENDING FORM Advance Purchase Forms Cost Plus FinancingMurabaha A sales contract between the bank and the customer for the sale of goods at a price that includes a prot margin agreed to by both parties. As a nancing technique it involves the purchase of goods by the bank as requested by the customer. Repayment is conducted by installments within a specied period. Purchase with SpecicationIstishna A sales contract between the bank and the customer wherein the customer species goods to be made. After the goods are made or shipped the bank sells them to the customer according to a pre-agreed arrangement. Purchase with Deferred DeliveryBai al Salam A sales contract whereby the price is paid in advance by the bank and the goods delivered later by the customer to a designee. Lease and Hire PurchaseIjarah Mutahia Bi amlik A contract under which the bank leases equipment to a customer for a rental fee. At the end of the lease period the customer buys the equipment at an agreed price from the bank, with the rental fees already paid being part of the price. Prot-Sharing Forms Trust Financing/Trustee Prot-sharingMudharabah/Mudharabah Muqayyadah The bank provides the capital (shahibul maal) and the customer manages the project (mudharib). The gross revenues from the project are split according to a pre-agreed ratio. Partnership/Participation FinancingMusyarakah A partnership between the bank customer in which prots are shared on a pre-agreed basis but losses are shared on the basis of equity contribution. This partnership may be managed by the bank or the customer, jointly, or by a third party. Benevolent LoanQardh ul Hasan An interest-free loan, generally with a charitable motivation. Collateral AgreementRahn An agreement to provide collateral to the bank, either in the banks or the customers custody as appropriate. This is connected with some other form of lending. Agency/TrustWakalah An agreement to authorize another to be an agent to conduct some business. In this case, an authorization to the bank to conduct some business on the customers behalf. AgencyHavalah An agreement by the bank to undertake some of the liabilities of the customer. When the liabilities mature the customer pays back the bank. The bank is paid a fee for undertaking the liabilities concerned.

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BORROWING FORMS Ummat SavingsTabungan Ummat A savings account from which money can be withdrawn any time at any Muamalat oce or ATM. Customers share in the banks revenue. The Ummat Savings customers also receive life insurance and the opportunity to win a free Umrah pilgrimage to Mecca. Trendi SavingsTabungan Trendi A savings account for teenagers and students. Besides accident insurance coverage, it oers special prizes for highly ranked students and one-year scholarships for 50 students. Ukhuwah SavingsTabungan Ukhuwah A savings account conducted in cooperation with Dompet Dhuafa Republika for convenience in making regular and automatic payment of zakat, infaq, and shadaqat in three packages: Rp 25,000, Rp 50,000, and Rp 100,000. This savings account also gives the depositor an ATM card, shopping discounts at certain shops, and accident insurance coverage. Arafah SavingsTabungan Arafah A savings account designed specically for the hajj pilgrimage. The saving scheme will help customers in planning their hajj in accordance with their nancial capability and intended hajj date. Life insurance is also provided. The depositors are also eligible for prizes. Fulinves DepositsDeposito Fulinves A time deposit with a revenue sharing package available for various terms and with a chance to win prizes. Life insurance is provided to those with longer-term deposits. Wadiah Current AccountGiro Wadiah A current account providing checking and allowing some prot sharing. Muamalat Financial Institution Pension FundDana Pensiun Lembaga Keuangan A pension fund for those who make regular deposits. The bank intends to add a variant that provides life insurance. Posted in Uncategorized Leave a comment March 8, 2012

Analysis: Indonesia: Islamic finance looks to build

Josh Franken, Oxford Business Group | The Islamic nancial sector in Indonesia is hoping a mix of state-backed infrastructure projects and regulatory reforms will help the countrys sharia-compliant lenders to continue their rapid expansion, allowing the industry to realize its full potential and to come out of the shadows of other

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regional banking powers. Indonesia was a relative late-comer to the Islamic nance sector, only ratifying legislation to clear the way for sharia-compliant services a quarter of a century after Malaysia had opened the door to Islamic banking and associated activities. Some four years down the road and Indonesia has 11 banks operating solely in compliance with Islamic nance requirements and a further 23 commercial lenders oering sharia-compliant services. Between them, Indonesias Islamic banking institutions held more than $11 billion in assets as of the end of 2010, a steep increase on the $7.7 billion of the previous year. While this rate of growth represented an almost 50 percent increase, the total still only amounted to some 3 percent of the combined assets of the nations banking sector. This is a far cry from the 20 percent of Malaysias total banking assets held by that countrys Islamic lenders, with Indonesias Islamic banking assets equivalent to just 9 percent of Malaysias in 2010, according to data released by the Indonesian central bank. Following its somewhat slow start, an understanding of the sector is developing, with Bank Indonesia forecasting that Islamic lenders can expect to see asset growth of more than 50 percent this year, in part due to an increase in acceptance by clients. Islamic banking has emerged as one of the most rapidly expanding sectors in the nations economy and is expected to play a signicant role in the coming years, according to the report, with asset levels topping $17.9 billion by the end of the year. In a statement issued on Feb. 13, Mulya Siregar, the director of sharia nance at the reserve bank, said that the prospects for the sector were bright. If Indonesias economy grows at a decent pace, the assets of Islamic banks will increase by 55 percent, said Mulya. With total assets exceeding $11.2 billion last year, that should become a solid base for Indonesias Islamic banks, which now have more than 6 million customers and employ more than 20,000 workers. One of the factors expected to drive forward the economy, and to present signicant growth opportunities for the Islamic nancial sector in the coming years will be the governments plans to strengthen the countrys infrastructure with investment of up to $140 billion over the next ve years. The main focus will be on the transport sector, with road and rail projects to the fore, along with utilities such as power stations and distribution grids, all of which are essential for economic development. Having said it can directly fund only around one-third of the total outlays, the state is looking to the private sector to enter into partnerships on many of the projects. It is also counting on the Islamic banking sector to make a major contribution to the capital investments. According to Baharudin Abd Majid, the president director of PT Bank Maybank Syariah Indonesia, a subsidiary of Malayan Banking, the governments investment projects oer big opportunities for Islamic lenders. He suggests, however, that players in the sector may need to join forces to develop the levels of capital needed by the state. There are a lot of roads to be built, as well as power, oil and gas plants, Baharudin told the Bloomberg news agency on March 23. These are big projects and Islamic banks do not have the capacity to fund them alone, so we need to come together.

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While hoping to tap into the Islamic nance market to fund its own development program, the government is also looking at ways to deepen the sharia-compliant capital pool, mulling a series of measures aimed at a racting more investors and increasing the appeal of launching sukuk oerings. Among the reforms put forward by Bank Indonesia is to cut taxes payable by banks and clients on income from Islamic nance accounts. Bank Indonesia is also working to smooth the way for more Islamic banking products to be oated on the market, se ing up a commi ee of experts to develop a streamlined approval process for new products. By making Islamic nancial products more appealing and more readily accessible, Indonesia will be able to be er utilize the high levels of local liquidity and potentially a ract investments from overseas, though it will take some time for all of the proposed reforms to be put in place and have an impact. The writer is the editorial manager of Oxford Business Group. Posted in Uncategorized Leave a comment March 8, 2012

Shariah Banks Doing Booming BusinessJakarta Globe The rapid expansion of Shariah banks in Indonesia paved the way for Shariah loans to increase by almost half in the rst six months of the year, Investor Daily reported on Saturday, quoting a central bank director. Mulya Siregar, director of Shariah banking at Bank Indonesia, said on Friday that Shariah loans rose 49 percent to Rp 83 trillion ($9.8 billion) through June, from the same period last year. He also said the Shariah nancing-to-deposit ratio was at 95 percent. Investor Daily is a sister publication of the Jakarta Globe. The growth is supported by the new Shariah banks that were spun o from their parent companies last year. These units have started to contribute signicantly to Shariah growth, the paper quoted Mulya as saying. These ve new Shariah banks are Bank BNI Syariah, Bank BCA Syariah, Bank Victoria Syariah, Bank Jabar Banten Syariah and Bank Panin Syariah. Mulya said the Shariah units of big banks such as Bank Tabungan Negara, Bank Permata and Bank CIMB Niaga were also continuing to contribute signicantly to growth. He said that oce channeling a practice in which units use the parent companys bank branches as representative oces to boost loans had beneted Shariah units. For example, if Bank Negara Indonesia were to add more branches, then its Shariah subsidiary, Bank BNI Syariah, could oer its services to customers of those branches.

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However, we dont know how big the impact is of this oce channeling. But in terms of eciency, these Shariah units surely have beneted because they dont have to invest in new branches, Mulya told Investor Daily. Despite Shariah banking having seen signicant growth in the country, it remains a tiny portion of the national banking sector. According to data from the central bank, Shariah banks assets have increased by 38 percent in the past ve years. Last year, their assets increased by 48 percent, easily outpacing the 10 percent to 20 percent annual growth for Shariah banks globally. As of June, the total assets of Indonesias Shariah banks reached Rp 109.75 trillion, accounting for 3.3 percent of total assets of the banking sector. Shariah banks prots rose 22 percent to Rp 400 billion in the rst quarter from a year before. There are currently more than 2,900 Shariah bank oces in Indonesia, which serve approximately eight million customers. Posted in Uncategorized Leave a comment March 8, 2012

Savings drive growth of Islamic banking in Indonesia

By MUSHTAK PARKER | ARAB NEWSIndonesia, the worlds most populous Muslim country with a population of over 210 million, ought to have a natural t with Islamic banking, nance and insurance. Indeed, the mobilization of domestic savings through Islamic banking is expected to help drive the growth of the Indonesian banking industry, according to Indonesian Vice President Boediono. However, the latest statistics on the sector shows that Indonesia has a long way to go in emulating the success of its neighbor, Malaysia. While Islamic banking assets have grown by 38 percent per year in 2005-2009, and 47 percent last year, it has started with a very low base. During this period the number of Islamic banking account holders however did increase from 300,000 in 2001 to 8.5 million at the end of June 2011. For Indonesia, the global sukuk market in particular has become an alternative source of funding for infrastructure and other investments. Indonesia has already issued a debut international sovereign sukuk and a number of rupiah-denominated sukuk for the domestic retail market. The latest foray of

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the Indonesian Ministry of Finance into the Islamic capital market is set for August 2011 when the government is due to issue 1 trillion rupiah of debut Islamic treasury bills with a six-month tenor. Gov. Darmin Nasution of the Bank of Indonesia at a recent bilateral conference in Jakarta which was organized by Bank of Indonesia and Bank Negara Malaysia suggested that Indonesia has much to learn from Malaysias experience in Islamic nance policy, regulation, legal framework, product innovation and market practice. While Islamic nance in Malaysia had reached 22 percent market share of the total banking sector, in Indonesia this market share is a mere 3 percent. The country today has 11 Islamic banks; 23 Islamic banking windows; and 151 Islamic cooperative and micronance banks, conrmed the Governor. Nasution projected Islamic banking deposits in Indonesia to grow steadily over the next few years. The Financing to Deposit Ratio (FDR) of the Indonesian Islamic banking industry was 101.2 per cent for the last decade, but in April 2011 it stood at an impressive 95.2 percent, reecting the increasing role of Islamic banks as nancial intermediaries in Indonesia. The conference was organized to strengthen the Islamic nancial linkages and collaboration between the two countries, including enhancing cross border business volume, liquidity management, product and talent development, as well as Shariah convergence. Boediono stressed the importance of se ing policies, regulations, the quality development of institutions and human resources to boost Islamic nancial system linkages between the markets, especially Indonesia and Malaysia. He highlighted the advantages of Islamic nance especially its ethos of nancing real economic activities; and the decoupling between risk and reward, especially in the aftermath of the global nancial crisis. Indonesia and Malaysia are already engaging on several fronts, whether between the policy makers and regulators, and the private sector investing in Indonesian Islamic nancial institutions. There has been a greater sharing of technical expertise and experiences on Islamic nancial markets and infrastructure development including the harmonization of regulatory arrangements. This development of robust nancial markets and enabling environment for enhanced linkages between the two markets, experts stress are essential platforms to supporting the two countries nancial institutions and intermediaries for more eective business connections. A manifestation of these linkages are the to potentially important memoranda of understandings (MoUs) signed by Malaysian entities with Indonesian counterparts in July 2011. The rst MoU was signed between the Association of Islamic Banking Institutions Malaysia (AIBIM) and the Indonesian Shariah Banking Association (Asbisindo), whereby the two entities will establish an industry taskforce which would jointly develop cross border Islamic liquidity management products acceptable in both markets, and to organize focused workshops on Islamic nance to enhance the connectivity between the Islamic nance industries in Malaysia and Indonesia. The second MoU was signed between Malaysias Maybank Islamic Bhd and PT Bank Syariah Mandiri of Indonesia whereby the two banks would start a cross border collaboration in Islamic treasury and trade nance products, services and facilitation. Maybank Islamic sees this MoU as a complement to its existing subsidiaries in Indonesia, Bank International Indonesia and Maybank Syariah Indonesia. Posted in All Leave a comment

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March 8, 2012

Indonesia Lures Mideast Shariah Lenders

Bloomberg/Singapore

Women walk in front of the buildings of Bank Indonesia in Jakarta. The central bank is proposing tax breaks to boost the Islamic nance industry, which has grown an average 38% annually over the past ve years Indonesias Islamic nance industry is luring investment from Middle Eastern and European banks as regulator seeks to double Shariah-compliant assets to 10% of the total this decade. Al Rajhi Bank, Saudi Arabias largest, is chasing investment banking business in Indonesia and may open branches at the right time, Mudassir Amray, the head of wholesale banking in Kuala Lumpur, said in a February 2 interview. Standard Chartered Saadiq will add more outlets, said Wasim Sai, the Singapore-based global head of Islamic and consumer banking. We are on the lookout for any good Indonesian acquisition, if the price is right, Mohamed Azahari Kamil, the Kuala Lumpur-based chief executive of Asian Finance Bank Bhd, the Malaysian unit of Qatar Islamic Bank, said in an interview on Monday. We have to be quick as the Indonesian market is becoming more competitive. While home to the worlds largest Muslim population, Indonesian Islamic nancial assets account for less than 4% of total banking holdings in the country, compared with 21% in Malaysia. Bank Indonesia is proposing tax breaks to boost the industry, which has grown an average 38% annually over the past ve years. Record-low benchmark yields are spurring PT Bank Muamalat Indonesia, the nations secondlargest Islamic lender, and PT Bank Syariah Mandiri to sell Islamic bonds this year. Globally, Islamic nance assets may rise about 16% to $1.6tn this year, Raj Mohamad, managing director at Singapore-based consulting rm Five Pillars, told Bloomberg TV on January 18. Global sales of sukuk have reached $6.6bn in 2012, from $2bn a year earlier, according to data compiled by Bloomberg. Oerings totaled a record $36.3bn in 2011, more than the $31bn in 2007. Southeast Asias biggest economy, Indonesia is trying to catch up with Malaysia, a global hub for Shariah-compliant nance where Al Rajhi Bank has oered services for the last ve years. Indonesia had 130tn rupiah ($14.5bn) of Islamic assets as of October. 31, around 11% of the 389.3bn ringgit ($129bn) of its neighbour as of July, according to data from the two countries central banks. Around 86% of Indonesias 246mn population is Muslim, according to US government data. Malaysia has relaxed foreign-ownership rules for Islamic institutions and provided tax incentives, helping the nation become the worlds biggest market for sukuk. Qatar Islamic Bank, Kuwait Finance House and Standard Chartered Saadiq all have operations in the country. We expect a Middle East bank to buy a big Islamic bank in Indonesia, Riawan Amin, chairman of the Indonesia Shariah Bank Association in Jakarta, said in an interview on Monday. This will change the face of Shariah-compliant banking in Indonesia. Dubai-based Standard Chartered Saadiq, an Islamic bank set up by the London-based lender in 2008, plans to add to the 11 branches oering Islamic services at PT Bank Permata, the

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Indonesian lender in which it owns a 44.5% stake, Sai said in an interview on Monday. Jakarta-based automotive retailer PT Astra International owns 44.5% of the bank and 11% is publicly traded. We have seen growth momentum in the Indonesia Islamic industry over the last two to three years, Sai said. Along with capital, foreign banks can bring in expertise as Indonesia provides a very good opportunity looking at its population and growth. The yield premium on Indonesias 8.8% Shariah- compliant global bonds due in April 2014 over Malaysias 3.928% dollar sukuk due 2015 was li le changed at 41 basis points on Tuesday, prices from Royal Bank of Scotland Group show. The average yield on sovereign rupiah debt dropped four basis points, or 0.04 percentage point, to 5.78% on Monday, according to a JPMorgan Chase & Co index. Thats the lowest level since Bloomberg began collating the data in 2002. Securities that comply with Islams ban on interest rose 0.9% this year, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index, while debt in developing markets gained 2.6%, JPMorgan Chase & Cos EMBI Global Composite Index shows. The dierence between the average yield for sukuk and the London interbank oered rate widened one basis point to 289 on Monday, according to the HSBC/Nasdaq Dubai US Dollar Sukuk Index. Moodys Investors Service awarded Indonesia an investment- grade credit rating last month, following Fitch Ratings in December. Standard & Poors upgraded the country to BB+ in April, its top junk level. Gross domestic product increased 6.49% in the fourth quarter, bringing 2011 GDP to 6.46%, data released on Monday showed. The Indonesian market is certainly on our radar, Al Rajhis Amray said. The size of the Muslim population, the countrys economic growth and investment-grade rating will help in a racting more diversied investors, particularly from the Middle East.

Posted in All Leave a comment March 8, 2012

Indonesian government to offer retail sukuk bonds next March

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Posted by Dr. Jamaldeen Mohamed Faleel

JAKARTA: The Indonesian government will begin offering retail Islamic debt papers (sukuk) to individual investors in March, after previous issuances drew strong interest, despite the shaky global financial market.The Finance Ministrys Debt Management Oce (DMO) began accepting applications from banks and brokerages to be sales agents for the governments fourth issue of syariah-compliant bonds, English daily The Jakarta Post quoted DMO chief Rahmat Waluyanto as saying. Sales agents would be appointed on January 4 and the oering would be in March. Government debt papers were a ractive to individual investors because the return rates were higher than bank deposits. It was also viewed as safe because of government guarantees. In its last retail sukuk issuance in February, the Indonesian government raised 7.34 trillion rupiahs (US$800.06 million) with an annual coupon rate of 8.15 per cent to be paid monthly, compared with a 6.75 per cent bank deposit rate guaranteed by the Indonesia Deposit Insurance Corporation (LPS). The governments retail bond oerings had received strong demand from individual domestic investors, with the last sukuk issuance, exceeding its six trillion rupiah target. Meanwhile the latest regular retail bond oering saw 20.35 trillion rupiah in bids, although the government ended up selling 11 trillion rupiah in debt papers. The issuance of government debt papers, in the form of regular and sukuk institutional and retail bonds in rupiah and US dollar dominations, was a move to nance development projects and plug an estimated state budget decit equal to 1.5 per cent of the countrys gross domestic product (GDP).

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The global nancial market had been hit by high-level volatility in the stocks, bonds and currency markets on international fund sell-os over fears of a global economic slowdown on the eurozone debt crisis and the stalling US economic recovery. Rahmat had dismissed concerns on the retail sukuk issuance due to the shaky markets, saying that the retail market was relatively resilient to crisis, as the investors were individuals. Posted in All, Sukuk Leave a comment Islamic Private Equity Fund Blog at WordPress.com. Theme: Splendio.

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