Monday, 12 Rabiul Akhir 1441 / 09 December 2019

Monday, 12 Rabiul Akhir 1441 / 09 December 2019

Three investors eager to fund Bank Muamalat

Sabtu 05 May 2018 07:00 WIB

Red: Reiny Dwinanda

Bank Muamalat headquarters, Jakarta.

Bank Muamalat headquarters, Jakarta.

Foto: Republika/Prayogi
Two foreign investors and one domestic investor keen to inject funds into Muamalat.

REPUBLIKA.CO.ID, JAKARTA -- Three investors are eager to inject funds into the sharia-compliant lender, PT Bank Muamalat Indonesia Tbk. The bank's president-director, Achmad K Permana, confirmed the news here on Friday.

"The three potential investors comprise two foreign investors and one domestic investor. Talks with all of them are still on progress. I cannot yet confirm the specific investor until it signs an agreement with us," he said.

The two foreign investors were consortia from Singapore and the Middle East, he said. But he stopped short of confirming that the domestic investor was a state-owned bank. "We will disclose it later," he said.

For a year now, Bank Muamalat has planned to conduct a rights issue to increase its capital.

PT Minna Padi Investama had originally planned to become a standby buyer in Bank Muamalat's rights issue, but it backed out as it could not meet its obligations by the deadline set.

Also read: Yusuf Mansur shows interest at Bank Muamalat shares

Based on its financial statement in the fourth quarter of 2017, Bank Muamalat's assets grew by 10.59 per cent year-on-year to Rp61.7 trillion, with its capital adequacy ratio (CAR) rising to 13.62 percent from 12.74 per cent. However, its non-performing financing (NPF) ratio increased to 4.43 per cent from 3.83 per cent a year earlier. As a result, its profit fell to Rp26.12 billion from Rp80.51 billion last year.

The Financial Service Authority (OJK) said earlier that Bank Muamalat did not have an alarming liquidity problem but it needed funds to expand its business.

OJK's bank supervisory executive chief, Heru Kristiyana, said Bank Muamalat was currently 32.74 per cent owned by the Islamic Development Bank (IDB), 30.45 per cent by Boubyan Bank-Kuwait Group, 24.23 per cent by the Sedco Group and 12.58 per cent by individuals.

But the IDB has decided not to increase its stake in Bank Muamalat because of its internal regulation restricting its capital ownership to 20 per cent.

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