Bank Muamalat Indonesia issues a total of IDR 1,5 trilion Subordinated Sukuk in Jakarta 5/30, as the Indonesian Islamic banking pioneer aims to strengthen the capital structure in speeding up business.
The idA(sy) rating is given by PT Pefindo - Credit Rating Indonesia for this Mudharaba-based subdebt, meanwhile Bank Muamalat was rated idA+ as the issuer. In the first period, the bank issues IDR 500.000.000.000 (IDR 500 billions) of the total amount of IDR 1.5 trillion to be issued in the next two years.
Book building of the Mudharaba-based Sukuk is planned on May 30th to June 12th. While the Public Offering Period scheduled on June 25th and 26th, 2012 with the allotment on June 27th, 2012. The payment from Investors, electronic distribution by Indonesian Central Securities Depository (KSEI) and listing at Indonesia Stock Exchange (BEI) is going to be undertaken respectively on June 28th, June 29th, and July 2nd, 2012.
PT Bahana Securities, PT Danareksa Securities and PT Indo Premier Securities are being pointed as Underwriters. Meanwhile, acting as Trustee is PT Bank Negara Indonesia (Persero) Tbk. "The Sukuk tenure is 10 years, with an option to buy after 5 years", President Director of Bank Muamalat Arviyan Arifin explained.
The bank aims to strengthen the capital structure in balancing the fast business growth throughout the country. In the last three years, Bank Muamalat realized rapid expansion of the network as the number of offices doubled up from 181 offices (2008) into 360 offices (2011). While, retail infrastructure such as self-owned ATM machines also doubled up from only 22 units (2009) to 475 units (2011). The number of ATMs will be added up to 1000 units in the near future to support 39,000 ATM Prima and ATM Bersama networks. The bank has set foot in regional market by opening Kuala Lumpur international branch since 2008, which remains the only full branch office operated by an Indonesian bank in Malaysia.
In financial aspect, the bank’s Asset tripled in the last five years (2007 to 2011) from IDR 10.57 trillion to IDR 32.48 trillion. While, Third Party Fund also doubled from IDR 8.69 trillion to IDR 26.66 trillion. At the same time, Financing grew significantly from IDR 8.62 trillion to IDR 22.47 trillion. "We’re confident that Bank Muamalat is going to realize the accelerated growth in the coming years, therefore stronger capital is very essential to support," He added.
As of end 2011 Bank Muamalat recorded a 51.8% growth in assets. It was superior compared to the average of national banking assets growth in 2011 (21.4%). At the same time Financing reached IDR 22.47 trillion or increased 41.2% from the 2010 position (IDR 15.92 trillion). While, Third Party Fund reached IDR 26.66 trillion or raised 53.3% from IDR 17.39 trillion.
Bank Muamalat also recorded growth in Profit Before Tax of 60.8% to Rp 372 billion while the Net Profit rose 60.1% to 273.6 billion. The Company also recorded improvement in asset quality with a reduction in Non Performing Financing/NPF (net) at the level of 1.78%, from the 2010 position (3.51%). (hnf/hnf)