INDONESIA - BANKING - Bank Mandiri’s Shariah Unit Plans IPO

www.thejakartaglobe.com - Bank Mandiri, the country’s largest lender by assets, is considering an
initial public offering next year for its Islamic unit, Bank Syariah
Mandiri, a top executive has said. Sunarso, a commercial
director of Bank Mandiri, said on Thursday that the preparations for the
offering were under way and the IPO was likely for next year. “The preparations for the share sale

INDONESIA - ARTICLES - Utilization of Zakat as a Fiscal Component in Islamic Economic System

Maksimalisasi Zakat Sebagai Salah Satu Komponen Fiskal Dalam Sistem Ekonomi Islam (Utilization of Zakat as a Fiscal Component in Islamic Economic System)




Azharsyah Ibrahim
State University of Ar-Raniry - Faculty of Law - Ar-Raniry State Institute of Islamic Studies


May 22, 2012
JURISPRUDENSI Jurnal Syari'ah, Januari-Juni 2011





Abstract:
    



In economics, fiscal policy is

INDONESIA - CAPITAL MARKETS - Limit of Project Sukuk SBSN set at Rp 1,0 trillion

www.bisnis.com - JAKARTA: The government sets a limit on issuance of Islamic Countries (SBSN) for project financing in 2013 amounted to R1, 0 billion. Financial Notes and Draft Budget 2013, the government will seek to accelerate impementasi sukuk issuance to finance the project. "For fiscal year 2013, the government set a maximum issuance SBSN Project Rp1, 0 trillion. SBSN issuance limit is

INDONESIA - MULTI FINANCE - Adira Dynamics boosts Syariah performance

www.bisnis.com - JAKARTA:
PT Adira Dinamika Multi Finance Tbk will boost the performance of
sharia units with a target can contribute up to 15% of the total
business in the next 2-3 years. Willy
Dharma Kelvin, President Director of Adira Dinamika Multi Finance
(Adira Finance) said that Islamic finance is huge potential in
Indonesia, because it has the largest Muslim population in the world.

INDONESIA - BANKING - BI to Apply Minimum Down Payment Regulation to Islamic Banks

www.bisnis.com - JAKARTA: After a minimum down payment credit policy applied to
conventional banks and multifinance since mid-June, Bank Indonesia will
ensure to apply similar regulation to Islamic banking.

Bank Indonesia (BI) Islamic Banking Department Executive Director Edy
Setiadi said the preparation of minimum down payment regulation for
Islamic Bank needs more time because this type

INDONESIA - BANKING - BRI Syariah Yogyakarta pedal boot Third Party Funds

www.bisnis.com - SEMARANG: PT Bank Rakyat Indonesia (BRI) Sharia Yogyakarta branch of third-party fund-raising boost by lowering intermediation ratio is relatively high. Halomoan Marpaung, BRI Syariah Yogyakarta Branch, said one of his side during the concentration task this year is to reduce the ratio of intermediation (financing to deposit ratio / FDR), which has penetrated 123.3% at the end of

INDONESIA - BANKING - BRI Syariah Yogyakarta Prepare ATM Shuttle Service Fund

www.bisnis.com - SEMARANG: PT Bank Rakyat Indonesia Yogyakarta Branch Sharia fund operates shuttle service (pick up service) during Ramadhan break to ease customer deposit funds into the bank. Halomoan Marpaung, BRI Syariah Yogyakarta Branch, explaining the fund shuttle services performed by the Branch Office (KCP) Bantul. "This service is provided to adjust the prime customer transactions at the

INDONESIA - REGULATIONS - BI: Bank Syariah Not Treated Special

www.bisnis.com - JAKARTA: Bank Indonesia said it was reviewing the amount of loan to value for the rule of Islamic banking. Governor of Bank Indonesia (BI) Nasution said the provisions of loan to value (LTV) sharia should not be treated differently from the conventional banking regulations. "Yes, it should be one of the main reasons it is actually that there be no arbitrage, do not then there is

INDONESIA - CAPITAL MARKETS - Indonesia to Sell More Bonds Next Year to Plug Deficit

www.thejakartaglobe.com - Indonesia, which has been running a budget deficit since the Asian
monetary crisis more than a decade ago, plans to sell 11 percent more
bonds next year to finance its budget shortfall. The government
plans to raise total net bond sales to Rp 177.3 trillion ($19 billion)
next year compared with Rp 159.6 trillion this year, with the country
aiming to sell more notes

INDONESIA - FOREIGN - Affin up on Bank Muamalat Malaysia stake buy talks

www.btimes.com.my -KUALA LUMPUR: Affin Holdings Bhd, Malaysia’s smallest banking group by
market value, rallied the most in a month after obtaining central bank
approval to start talks to buy a stake in the country’s second-oldest
Islamic bank.

The stock advanced as much as 2.3 per cent in Kuala
Lumpur trading to RM3.56. It pared gains to RM3.54 at 11:50am, poised
for its steepest increase

INDONESIA - BANKING - Distributes Funding BSM Rp39, 93 trillion

www.investor.co.id - JAKARTA-Bank
Syariah Mandiri (BSM) financing channel for Rp39, 93 trillion by the
end of June 2012, up 32.85 percent over the same period in 2011
amounting to Rp30, 06 trillion."Financing
is a source of income for margins and results of the largest profit
contributor," said Managing Director of BSM Yuslam Fauzi current events
and breaking fast gathering together in

INDONESIA - BANKING - Syariah Mandiri Bank Profit Up 47%

www.investor.co.id - JAKARTA
- PT Bank Syariah Mandiri (BSM) recorded a net profit of Rp 396.84
billion in the first half of 2012, growing 47% over the same period last
year valued at Rp 270 billion. Margin and revenue sharing to be the largest contributor to the increase in net income.Director
of Finance BSM Fanani Zainal said the revenue and margin for the BSM at
the end of June 2012

INDONESIA - REGULATONS - BANK INDONESIA to issue new loan to value ratio for Islamic Banks

www.bisnis.com - JAKARTA: Bank Indonesia will release a regulation to limit ratio of
credit value that bank can be provided to maximum collateral. The
regulation will be imposed to Islamic Banking industry as part of
microprudential policy.

Loan to value ratio might be applicable this year, said Executive
Director of Bank Indonesia's Islamic Banking Department Edy Setiadi.

"Since the

INDONESIA - CAPITAL MARKETS - Dana Haji Sign Sukuk, Islamic Banking sluggish

www.bisnis.com - JAKARTA
- Bank Indonesia (BI) recorded growth of Islamic banking industry in
the first half of 2012 tend to be slower than growth at the end of
December 2012. The transfer of Sukuk to fund the pilgrimage to one of the trigger."The performance of Islamic banking is based on the record is still growing very little. I
see the industry to agree on this, "said Executive Director

INDONESIA - BANKING - Shariah Included in Indonesian Bank Rule

www.thejakartaglobe.com - The country’s central bank will soon issue a regulation requiring
Shariah banks to toughen down payments on housing and automotive loans, a
deputy governor said on Sunday.

The requirement will be similar
to the implementation of the loan-to-value level applied to
conventional lenders for housing and vehicle loans issued on March 15
and took effect on June 15.

INDONESIA - BANKING - Foreign Banks Facing Paid-Up Capital Rule From Indonesian Government

www.thejakartaglobe.com -The central bank plans to impose a regulation on
foreign lenders operating branch offices here that will require them to
meet a similar minimum paid-up capital sum that locally incorporated
lenders must pay.


Indonesia allows foreign lenders to operate
branch offices here without establishing a locally incorporated company,
a policy often criticized by local

WORLD - REPORTS - Ernst Young World Competitiveness Report 2011

Announcing
the Exclusive Launch of the Ernst & Young World Islamic Banking
Competitiveness Report 2012/13 at the 19th Annual World Islamic Banking
Conference (WIBC 2012)

Islamic Finance: Adapting to the New Dynamics of Global Finance

1200+ Industry Leaders. 50+ Countries. 1 Global Gathering: WIBC 2012
For 19 Years the World's

SINGAPORE - FINANCE - Sabana Reit to buy Serangoon North property for $61m

www.businesstimes.com.sg  -Sabana Shari'ah Compliant Industrial Real Estate Investment
Trust plans to acquire a Serangoon North Ave 5 property for $61 million.



Its manager, Sabana Real Estate Investment Management Pte Ltd, said
on Wednesday that its trustee, HSBC Institutional Trust Services
(Singapore) Limited, has entered into a sale and purchase agreement with
Ban Teck Han Enterprise Co

INDONESIA - BANKING - Gold Pawn Islamic banks still shining

www.kontan.co.id - JAKARTA. After a three-month slide, gold pawn restriction rules taking effect for the Islamic banking industry. Bank with a portfolio of gold pawn is too high, posting a decline in financing during the first half of 2012. Meanwhile, a new Islamic bank in business, enjoying a fantastic surge in financing nan.BRI Syariah, BNI Syariah, and Bank Syariah Mandiri, including a

INDONESIA - CAPITAL MARKETS - Small issuance, new regulations

www.ibpa.co.id - JAKARTA. Aka Islamic sukuk issuance in 2012 also continued to grow. Citing data from the Capital Market and Financial Institutions Supervisory Agency (Bapepam LK), sukuk issued until late July, a total of 52 products, with a value of Rp 9.39 trillion emissions. A total of 37 new products were classified as ijara sukuk. While the rest is kind of mudaraba sukuk. Etty Retno

INDONESIA - BANKING - ISLAMIC BUKOPIN: cash management services strengthened

www.bisnis.com - JAKARTA: PT Bank Syariah Bukopin will strengthen fund management services or cash management by targeting the addition of 10 partner companies, to develop third-party funds and commission-based income. Riyanto, Managing Director of Bank Syariah Bukopin (BSB), said the company does not target too many in the development of cash management services because it takes time for their

INDONESIA - BANKING - BNI Syariah Involve dish 10 000 Customer Feedback Orphan

www.bisnis.com - JAKARTA, PT Bank Negara Indonesia Sharia provide iftar mealsfor 10,000 orphans and the orphans through the Share Open Hasanah."Sharing Program Open Hasanah involve customers. By
opening a savings or top up Hasanah iB iB Savings Tapenas then to give
my customers a meal break for orphans and duafa, "said Imam T. Saptono,
Business Director of Islamic Bank Negara Indonesia (BNI

INDONESIA - BANKING - Bank Syariah Mandiri ready for IPO in 2014

www.kontan.co.id - JAKARTA. PT Bank Syariah Mandiri (BSM) is ready to take the floor at the Indonesia Stock Exchange (BEI). Managing Director of BSM Yuslam Fauzi said, the release of BSM is reviewing options IPO (IPO) in 2014. "Everything is in the process," he said when met at the Bapepam-​​LK, Thursday (9/8). He said the IPO scheme is the domain of the majority shareholder of PT Bank Mandiri

INDONESIA - BANKING - BRI Syariah focus on small economy

www.investor.co.id - JAKARTA-Bank intends to encourage BRISyariah lower middle-class economy with a range of services according to customers' needs."We want to always lift the economy down people by supporting their efforts in order to grow," said Director of PT. Bank BRISyariah Moch. Hadi Santoso, BRISyariah Headquarters, Jakarta, Thursday (9/8).Hadi explained that it had teamed up to deliver

INDONESIA - BANKING - Post the Syariah Bukopin Asset Rp3, 16 Trillion

www.investor.co.id - JAKARTA-Islamic
Bank Bukopin (BSB) had total assets amounting to Rp3, 16 trillion per
semester of 2012, up 41.66% over the same period of 2011 amounting to
Rp2, 23 trillion."We
are in stable condition and was supported at all on the performance of
the banking system. Kededapannya we expect will continue to grow," said
Director of BSB Riyanto now open along here on

INDONESIA - CAPITAL MARKETS - Indonesia to Sell $1.75 Billion in Yen and US Dollar Sukuk

www.thejakartaglobe.com - Indonesia plans to raise the equivalent of almost $2 billion in combined
yen- and dollar-denominated Islamic bonds later this year as part of
its efforts to plug a widening budget deficit. Southeast Asia’s
largest economy plans sell $750 million of so-called samurai bonds and
$1 billion of US-currency bonds, both of them sukuk, in October. “The
figures and timing

INDONESIA - REGULATIONS - OJK Shariah Committee at the level of Commissioners

WWW.REPUBLIKA.CO.ID, JAKARTA - The Committee to integrate Islamic sharia units in each commissioner shall be at the same level with the commissioner. It is intended that sharia be the same priority as other conventional financial institutions. Deputy Treasurer of the Indonesian Ulema Council (MUI), Nadratuzzaman Hosen, said although sharia is not mentioned in the OJK law, this system still can

INDONESIA - BANKING - BSM motor vehicle financing stagnant

www.bisnis.com - JAKARTA: PT Bank Syariah Mandiri not experience an increase in the distribution of syariah-based financing of motor vehicles to the company's multi-since last June. Director of Microfinance & Small Hanawijaya BSM said before the company can provide financing facilities to multi-Islamic berskema conventional, both of which have a business unit of sharia (UUS) and do not have UUS.

INDONESIA - BANKING - Sharia will PermataBank Fund in Car Segment

www.investor.co.id - JAKARTA-Islamic
PermataBank will do the financing on four-wheeled motor vehicle segment
starting second semester of 2012 because it saw an opportunity in that
segment."So
far we have only done two-wheeler financing. Perhaps this second half
we got into a four-wheel because we see there are opportunities there,"
said Chief Syariah PermataBank, Ahmad K Permana in Jakarta,

INDONESIA - BANKING - Post the Shariah Asset PermataBank Rp7, 65 Trillion

www.investor.co.id - JAKARTA-Islamic
PermataBank had total assets of Rp 7, 65 trillion in the first half of
2012, up 146% over the same period of 2011 amounting to Rp3, 16
trillion."The
growth of these assets PermataBank cements our position as a business
unit of Islamic Sharia in the Islamic banking industry of Indonesia
during the first semester of 2012," said Chief Syariah PermataBank

INDONESIA - BANKING - Islamic Finance Industry Need Government Support

www.investor.co.id  - JAKARTA - Indonesia's Islamic financial industry can go fast if it gets government support. With
its potential, the Islamic financial industry in the country can shift
the Islamic industry in Iran, Malaysia and other countries in the Middle
East. Until the first half of 2012, total assets of Islamic financial industry nationwide reach Rp 285 trillion.This
is expressed by

INDONESIA - AWARDS - INVESTOR magazinegive Institutions & Products Awards Best Syariah 2012

www.investor.co.id - JAKARTA-Investor
magazine again awarded best Islamic or Sharia Best Awards 2012 for best
Islamic financial institution 10, 11 Islamic financial products and the
best three Islamic leaders. At
the awarding ceremony of Sharia Investor Award 2012 in the Ballroom,
Hotel Aryaduta, Jakarta, Wednesday (8/8), PT Bank Syariah Mandiri (BSM)
was crowned the best Islamic bank in

INDONESIA - BANKING - Sharia PermataBank Post the assets of Rp 7.65 trillion

www.investor.co.id - JAKARTA
- Islamic PermataBank had total assets of Rp 7.65 trillion in the first
half of 2012, up 146 percent over the same period in 2011 amounting to
Rp 3.16 trillion."The
growth of these assets PermataBank cements our position as a business
unit of Islamic Sharia in the Islamic banking industry of Indonesia in
the first half of 2012," said Chief Syariah PermataBank

INDONESIA - CAPITAL MARKETS - State Government Selling Rp540 Billion Sukuk

www.investor.co.id - JAKARTA - The government sold the state sukuk amounting to Rp540 billion to meet part of the 2012 state budget targets. The amount is greater than the indicative target of Rp500 billion in the previous set.A
press release Directorate General of Debt Management, Ministry of
Finance on Wednesday said the country's sukuk sale by auction on Tuesday
(7/8) in which the bids of

INDONESIA - CAPITAL MARKETS - Result auction August 7, 2012

www.bi.go.id - On this day, Tuesday, August 7, 2012, has conducted auctions State Sharia Securities (SBSN) or State Sukuk series SPN-S 08,022,013 (new issuance), PBS001 (reopening), PBS002 (reopening), PBS003 (reopening), and PBS004 (reopening) through the auction of Bank Indonesia. In accordance with the authority granted by Law No. 19 Year 2008 on State Sharia Securities, then the auction

INDONESIA - FINANCE - DP hit, move to sharia financing FIF

www.kontan.co.id - JAKARTA. PT
Federal International Finance (FIF) is planning to increase the share
of contribution of Islamic finance in the second semester. If
throughout the first half ago, the composition of Islamic finance in
the new FIF 10%, then in the second semester, FIF target of Islamic
finance contributing 50% of the total value of financing.Suhartono,
Director of FIF admitted

INDONESIA - FINANCE- After downpayment regulation, Multi Finance became backbone of Islamic finance

www.kontan.co.id - JAKARTA. After the enactment of the rules of deposit or down payment (DP) in multi-vehicle loans by 20% -25%, the finance company menggeber Islamic services. In fact, the main stronghold of Islamic finance business. At PT Adira Multifinance (Adira Finance), has a new business unit of sharia (UUS) since mid-June 2012. Nevertheless, only a month to operate a direct channel of

INDONESIA - CAPITAL MARKETS - AUCTION RESULTS SUKUK yield at auction sukuk Demand remains high

www.ibpa.com - JAKARTA. State Sharia Securities Auction (SBSN) flooded bid placements. Bids reach Rp 1.93 trillion, nearly four times that of the government's target, which only Rp 500 billion. Series of five sukuk offerings, the government only won two series. Both are PBS001 (reopening), which was won by the weighted average yield of 5.65%, and PBS004 (reopening) with a yield of 6.71% amounting

INDONESIA - CAPITAL MARKETS - Indonesia sells 540 bln rph sukuk in auction

www.reuters.com - Indonesia sold 540 billion rupiah
($57.05 million) of sukuk in an auction on Tuesday, above a
target of 500 billion rupiah, with yields rising slightly from
the previous auction, the finance ministry said.
The country raised 500 billion rupiah from sales of 25-year
project-based sukuk and 40 billion rupiah from six-year sukuk.
There were no winning bids for six-month sharia

INDONESIA - BANKING - Bank Mandiri Push BSM & BSHB Go Public

www.bisnis.com - JAKARTA: PT Bank Mandiri Tbk preparing to take off some shares in the subsidiary through an initial public offering as a consequence of regulatory restrictions on bank ownership. Bank Mandiri president director Zulkifli Zaini said the actual regulatory restrictions on bank ownership of common stock in the corporation is not an issue because the government as largest shareholder

INDONESIA - CAPITAL MARKETS - Sukuk investors Stay Have High Return

www.ibpa.co.id  - JAKARTA
(IFT) - Interest in the domestic institutional investors is still
relatively high for a bid for the State Sharia Securities (SBSN) or
Sukuk State. Report
of Indonesia's economic growth by 6.4% in the second quarter of 2012,
as reported by the Central Statistics Agency (BPS) can be a catalyst
sukuk investors buy the country. However, investors will ask in return is

INDONESIA - BANKING - QNB Kesawan Turns to Loss in First Half

www,theindonesiatoday.com - JAKARTA (Indonesia Today) - PT Bank QNB Kesawan
Tbk booked net loss of Rp11.67 billion in the first half of 2012,
flipped from net profit of Rp10.7 billion in the corresponding period of
2011.




The bank actually posted higher net interest income of Rp87.4
billion, representing an increase of 20% from the first half of 2011. Bank QNB Kesawan, however, suffered

INDONESIA - FINANCE - Indonesian market reflects a growing economy

www.emergingmoney.com - With GDP of $1.1 trillion, Indonesia is the 15th-largest economy in the world. This growth is tracked by the Jakarta Composite Index, the benchmark equity index for the Indonesian market.




The Indonesia Stock Exchange was created in 2007, when the Jakarta
Stock Exchange merged with the Surabaya Stock Exchange. The Jakarta
Composite Index tracks all listed companies on

INDONESIA - BANKING - Maybank Optimistic It Will Maintain Control of BII

www.thejakartaglobe.com - Kuala Lumpur. Malayan Banking is convinced that it will
be able to keep its controlling stake in Bank Internasional Indonesia
despite the recent change in bank ownership rules in Indonesia.

Maybank, which bought BII in 2008, owns 97.3 percent of Indonesia’s eighth-largest lender.

Last Tuesday, BII reported that it recorded a 61 percent increase in net income during

INDONESIA - BANKING - Indonesia to Allow Currency Hedging for Banks: Islamic Finance

www.thejakartaglobe.com - Indonesia will let Shariah-compliant banks hedge against exchange-rate
movements to spur growth in Islamic financial assets and narrow the gap
with Malaysia’s industry, which is seven times larger.    

Bank
Indonesia, the National Shariah Board and the Indonesia Institute of
Accountants have approved the instruments, available in Malaysia since
2006, Adiwarman

INDONESIA - CAPITAL MARKETS - Updating DES

www.bapepam.go.id - PRESS RELEASE - PUBLICATION OF RESULTS GENERAL Pull BODY AND THE FINANCIAL CAPITAL MARKET On Wednesday, 1 August 2012, Bapepam and LK has issued Bapepam and LK decision of the numbers: Kep-429/BL/2012 about Sign Effects Shariah. Publishing decisions are based on periodic review Bapepam and LK performed on Shariah Stock Register has been set previously. Effect of the list of

INDONESIA - REGULATIONS - Capital Markets : contract of Istisna and Musharaka

www.bapepam.go.id - PRESS RELEASE - ISSUANCE OF REGULATIONSSUPERVISORY BOARD CAPITAL MARKET AND FINANCIAL INSTITUTIONSOn this day, Wednesday, August 1, 2012, Bapepam-LK issued a regulation is Regulation No. IX.A.14, attachment, and the Chairman LK Number: KEP-430/BL/2012 dated August 1, 2012 of the Agreement, the Agreement Used in the issuance of Islamic securities in the capital market. This