bisnis.com - Kamis, 22 Maret 2012 | 08:35 WIB

JAKARTA: PT Bank Muamalat Indonesia Tbk ensures the issuance of subordinated sharia bonds worth IDR1.5 trillion by appointing three underwriters, namely PT Bahana Securities, PT Danareksa Sekuritas, and PT Indo Premier Securities

Using its December 2011 financial report, the pioneer of Indonesian sharia bank will use the proceeds from the bond issue to expand its physical and electronic network.

The bank plans to sell the bonds in a shelf registration, in which the issuer may make several issuances within two years with one one registration.

“We expect to make a book building in June. Within a 6-month period, the sharia bond must be issued before June ends,” said Bank Muamalat Director Andi Buchari.

Andi explained that the sharia bond will due in 10 years with buyback option in next fifth year. However, the bank and its underwriters have not decided the amount to be released in the first stage.

“The amount has not been decided because we are still waiting an approval from Bank Indonesia and Bapepam-LK. But we expect it will be IDR800 billion. The rest will be sold in the second half of 2012 or in the first hal of 2013,” he revealed.

Besides for network expansion, Bank Muamalat will use the proceeds from the issuance for credit expansion. Moreover, the subordinated bond will increase the bank’s capital adequacy ratio (CAR), which can strengthen its ability in facing risk of credit assets. CAR is measured by capital divided by risk weighed asset.

“Our CAR is now at 11.5%. After the bond issuance, our CAR will depend on financing disbursement. Assuming the growth rate at 40%-45%, we predict our CAR will reach 13%,” he explained.