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Friday, 6 March 2009

Bank Muamalat Indonesia Sees Prospects In Malaysia

KUALA LUMPUR, March 5 (Bernama) -- PT Bank Muamalat Indonesia, which has launched its first financial centre in Malaysia, hopes to break even in less than two years, its president director Riawan Amin said today.

The bank, which aimed to attract investment financing worth US$100 million from the Middle East and Malaysia, would also make the country as its hub to the region, he said after Bank Negara Malaysia's governor Tan Sri Dr Zeti Akhtar Aziz launched the bank and its subsidiary First Islamic Investment Bank here.

He added that 70 percent of the Malaysian branch's business was expected to be corporate accounts and 30 percent retail accounts, including remittances.

According to Riawan, PT Bank Muamalat Indonesia's presence here will position it to capitalise on the growth potential of both the local and regional markets.

"We are optimistic that PT Bank Muamalat Indonesia will contribute significantly to Malaysia's Islamic banking sector. And we will remain firm in our commitment to be a role model in serving customers," he said.

The bank's initial investment to establish the financial centre branch here was US$10 million and another US$4 million was invested in its subsidiary First Islamic Investment Bank.

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