April, 05, 2010

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.

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