GulfBase Live Support
Leave a message and our representative will contact you soon
12/01/2011 00:00 AST
Qatar Islamic Bank is hunting for acquisition targets in Indonesia to boost its presence in Asia and tap demand for sharia banking products in the world's most populous Muslim nation, the head of its Malaysian unit said on Wednesday.
Qatar Islamic is studying several potential candidates in Indonesia that have been identified by Asian Finance Bank, which is 62 per cent-owned by the Gulf lender.
'In Indonesia, the competition is robust so we need something which is ready-made for us to kickstart immediately,' Asian Finance chief executive Mohamed Azahari Kamil said.
'We need to have a partner that has both a corporate and retail base that we can capitalise on.'
Azahari said 'nothing concrete has transpired' in the acquisition plans and formal talks had yet to begin but declined to elaborate on the possible targets.
'We're talking about Asia as a whole because we believe there is a lot of potential for Islamic finance even to grow in South Korea,' he said.'The Indonesian operations, if it materialises, will provide a very good presence within the region.'
Indonesia, where about 85 per cent of the population are Muslim, is seen as the next major growth centre for Islamic finance as traditional markets such as Gulf states and Malaysia reach saturation point. Indonesia has 11 Islamic banks.
Indonesia expects its sharia banking assets to reach 130 trillion rupiah by the end of 2011, from an estimated 90-92 trillion rupiah in 2010, according to the central bank. They grew by an average 33 per cent in the last five years.
The Southeast Asian country is overhauling its regulatory framework to accelerate demand for Islamic products but some bankers say it could take years for the changes to bear fruit.
RUSD Investment Bank owns a fifth of Asian Finance Bank, Financial Assets Bahrain has 8 per cent and Tadhamon International Islamic Bank 10 per cent.
Reuters
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
12/03/2018
Qatar Islamic Bank (QIB), country’s leading Shariah-compliant lender, has announced the first winner of its ‘FIFA World Cup Russia’ prizes. These prize packages are offered in partnership with Visa,
The Peninsula
22/02/2018
QIB’s annual general assembly has approved the bank’s board of directors’ recommendation to renew, and also to increase, the bank’s Sukuk programme. The leading Islamic lenders’ AGM, met here yesterd
The Peninsula
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News