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Wednesday, 10 September 2008

Bank Muamalat Indonesia to open Islamic investment company in Malaysia

Jakarta (ANTARA News) - Bank Muamalat is to establish the First Islamic Investment Bank Ltd with an initial capital of US$10 million in Malaysia, its president director Andi Buchori said here on Monday.

"We have received the license from Labuan Offshore Financial Services Authority (LOFSA) in Malaysia and got the letter of content from Bank Indonesia, the central bank, to establish the investment company in the country," Andi Buchori said.

He said the company would start in October this year and Bank Muamalat would add US$100 million to its capital, while an investment for its infrastructure development was predicted to be around US$1 million.

According to Buchori, Fist Islamic Investment Bank Ltd would have its main office in Kuala Lumpur and its secretariat office in Labuan, Malaysia.

Buchori said the purpose of establishing the company in Malaysia was to net international investors, especially those from the Middle East countries and Northern African countries.

"Labuan has been known by international investors including those from the Middle East who use foreign SVP," Buchori said, adding that the establishment of investment bank was to withdraw funds from investors who invested in medium and long term equity financing (5-10 years).

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