<p>Asuransi Allianz Life Indonesia plans to double its takaful, market share in five years as it joins insurer Sun Life Financial Indonesia in forming partnerships with banks to tap rising Muslim wealth. Asuransi Allianz made an agreement with HSBC Holdings this year to offer its services. Sun Life will seek to boost business in rural areas via telemarketing campaigns and bank alliances. The takaful market share may climb to 7.9 percent in five years, from 3.9 percent currently. Islamic insurance assets in Indonesia, which has the world’s biggest Muslim population at 216 million, increased an average 53 percent in the last five years to Rp 11.4 trillion ($1.1 billion).</p>
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<p><a href="http://www.thejakartaglobe.com/business/allianz-eyes-indonesian-takaful/" title="http://www.thejakartaglobe.com/business/allianz-eyes-indonesian-takaful/">http://www.thejakartaglobe.com/business/allianz-eyes-indonesian-takaful/</a></p>
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<p>Bank Muamalat Indonesia delayed an up to $177 million initial public offering because of recent stock market declines. The sharia lender hasn’t decided on a new timetable for the IPO. Muamalat had already lowered the indicative price range on the deal to Rp 575-675 from the original Rp 625-975, to try and drum up demand. CIMB and Bahana Securities were hired to underwrite the IPO.</p>
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<p><a href="http://www.thejakartaglobe.com/business/bank-muamalat-postpones-up-to-177m-ipo/" title="http://www.thejakartaglobe.com/business/bank-muamalat-postpones-up-to-177m-ipo/">http://www.thejakartaglobe.com/business/bank-muamalat-postpones-up-to-17…</a></p>
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Bank Syariah Mandiri is targeting its profit to increase 50 percent this year as it seeks to boost its branches across Indonesia. Yuslam Fauzi, president director of BSM, said that the lender aims to reach profit of Rp 1.2 trillion ($123.7 million) thi…
Bank Syariah Mandiri is targeting its profit to increase 50 percent this year as it seeks to boost its branches across Indonesia. Yuslam Fauzi, president director of BSM, said that the lender aims to reach profit of Rp 1.2 trillion ($123.7 million) thi…
Indonesia’s finance ministry raised Rp 760 billion ($78.30 million) at its March 5 sukuk auction, well below the target of Rp 1.5 trillion. The Finance Ministry sold 6-month, 9- and 14-year sukuk to help finance its budget deficit. Incoming bids were Rp 3.4 trillion. The G20 economy plans to raise Rp 57.5 trillion in the first quarter of the year.
Indonesia, the country with the world’s largest Muslim population, is developing its Islamic finance industry. It’s speeding up government approvals and fixing a fragmented regulatory system as part of an effort to reach more unbanked Muslims and increase the portion of Islamic assets in the banking system to 15 percent by 2017, from 4.3 percent. Currently, Indonesia ranks fifth in the amount of outstanding Islamic bonds, the number of Indonesians using Islamic financial products increased 36 percent over the past year. However, that’s still only 13.4 million people in a country of 208 million Muslims, which shows Indonesia’s growth potential regarding Islamic finance.
Indonesia’s Finance Ministry is targeting Rp 15 trillion ($1.55 billion) from issuing rupiah-denominated sukuk to its citizens as part of the country’s effort to plug the budget deficit. Dahlan Siamat, director of Islamic financing at the Finance Ministry’s debt management office, said that the sukuk would use government infrastructure projects such as toll roads and bridges as the underlying assets. The government set the annual coupon rate of the rupiah sukuk at 6.0 percent with a tenor of three years.
Bank Syariah Mandiri is set to sell shares in an initial public offering next year, aiming to raise more than Rp 1 trillion ($103 million) as the first Islamic lender at the Stock Exchange. Having the largest Muslim population in the world, Indonesia lags behind its neighbor Malaysia in terms of the development of Islamic finance. The total assets of Islamic compliant lenders in Indonesia accounts for around 4.7 percent of the total banking assets in the country. Moreover, it is home to 120 commercial lenders with combined total assets of Rp 4,000 trillion.
Bank Syariah Mandiri is one of a few units of Bank Mandiri, the country’s largest lender by assets. Other units include Bank Sinar Harapan Bali and Mandiri Sekuritas.
Islamic banking and loans without interest are the key to Indonesia’s growth in the field of Islamic finance. A good example of such loans is the story of 50-year-old widow Nur Hanifah, who took out a Shariah-compliant loan from Bank Muamalat Indonesia…
The Finance Ministry has set stricter down payment requirements on Islamic financing concerning automotive purchases in order to to help curb consumer financing growth. According to the new regulation, a down payment of 20% for two-wheeled vehicle purc…
Hollywood writers and studios are reportedly near an agreement to end one of the months-long strikes that have brought production of TV shows and movies to a halt.
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Sultan Al Jaber, an executive in an oil industry responsible for the bulk of Earth-warming pollution, tells the U.N., "we are not powerless" in emissions fight.
Overall Halloween spending is expected to break a record $12.2 billion this year, the National Retail Federation reports, with the average person spending $108.
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