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  • Minggu, 25 April 2010

    Monday April 5, 2010

    Banking hall situation of Bank Muamalat Indonesia, Kuala Lumpur branch, Malaysia


    KUALA LUMPUR : International Islamic bank (IIB) PT Bank Muamalat Indonesia Kuala Lumpur aims to double its total financing assets (originating from branch) to US$70mil (RM228mil) this year as more corporates look towards Indonesia to start or expand their business.


    According to general manager Afrid Wibisono, the bank's business is focused on the corporate sector especially Malaysian corporates with businesses in Indonesia and vice versa.


    "Our niche is to concentrate on the Indonesian market as we are the only bank in Indonesia that is allowed to start operations in the country under the IIB licence," he told StarBiz.


    An IIB licence enables financial institutions to conduct a full range of Islamic banking activities in non-ringgit foreign currency business.


    PT Bank Muamalat Indonesia Kuala Lumpur's existing customers are companies with businesses in Indonesia especially those in the plantation industry such as palm oil and rubber as well as oil and gas and coal mining companies.


    PT Bank Muamalat Indonesia Kuala Lumpur's existing customers are companies with businesses in Indonesia especially those in the plantation industry such as palm oil and rubber as well as oil and gas and coal mining companies.


    The transactions for the corporate sector consist mainly of working capital financing and trade financing.


    "For the initial stage, we will focus on the Indonesian market and progress to the Asean region," Afrid said.


    Currently more than 95% of the bank's income is derived from the corporate sector with the balance from retail banking.


    "Our target is to have 80% of our income from the corporate sector and 20% from retail banking in three years," Afrid said.


    The bank, which started operations a year ago, broke even and generated a net profit of RM234,000 as at Feb 28, 2010.


    "Our target is a net profit of RM1mil by financial year ending Dec 31, 2010 supported by the corporate business," Afrid said.


    Meanwhile, the retail banking business, which offers products such as savings account, fixed deposit and even financing of houses in Indonesia would cater to the over 1 million Indonesians working in the country at the moment.


    "An area for us to focus on is the remittance business for those who want to transfer money back to Indonesia.


    "The remittance business is very big business. We are currently talking to a strategic partner to expand the business," Afrid said.


    The bank aims to introduce a new product - a savings plan for customers who are planning to go for haj soon.


    "Islamic banking is growing in Malaysia and Indonesia so there is still a lot of potential to be tapped. We plan to embark into the Asean region via Malaysia," said Afrid, who sees a promising outlook for the bank in the country.


    The bank is a wholly owned branch of PT Bank Muamalat Indonesia Tbk, which has about 270 offices and branches in Indonesia.


    The Indonesian banking group's major shareholders consist of Islamic Development Bank with a 28.01%, Boubyan Bank Kuwait (21.28%) and investment holding company from Jeddah, Sedco Group (21.28%).


    For the financial year ended Dec 31, 2009, the group registered a net profit of 109.07 billion rupiah (US$11.86mil). Total assets was 16.15 trillion rupiah (US$1.75bil).



   
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