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Tag: Syariah

  • CIMB Niaga Syariah reports 165.5 percent rise in profit

    CIMB Niaga Syariah reports 165.5 percent rise in profit

    CIMB Niaga Syariah, the sharia unit of PT Bank CIMB Niaga Tbk recorded a 165.5 percent increase in its net profit to Rp305.43 billion in 2016 from Rp115.03 billion in the previous year.

    Director of the sharia unit of CIMB Pandji P. Djajanegara attributed the surge in profit to 40.2 percent rise in sharia financing to Rp10.21 trillion in 2016 from Rp7.28 trillion in 2015.

    “An increase was recorded in all business segments,” Pandji said here on Monday.

    He said the non performing financing (NPF) of the sharia unit of the bank dropped to 1.15 percent from 1.86 percent despite the surge in financing.

    “The performance of the sharia unit was in line with the management adoption of prudential banking principle while expanding its financing portfolio,” he said.

    In 2017, apart from expanding consumer financing, CIMB Niaga Syariah wanted to increase financing of business segment including corporation, micro, small and medium enterprises (UMKM) and commercial financing, he said.

    He said the sharia business is expected to account for 10 percent of the credits to be provided by PT. CIMB Niaga Tbk.

    The third party fund held by CIMB Niaga Syariah rose 40.2 percent to Rp10.63 trillion in 2016 from Rp7.58 trillion in 2015.

    Pandji attributed the increase in the third party fund partly to the status of the unit as a recipient of hajj pilgrimage payments including regular hajj and special hajj pilgrimage.

    CIMB Niaga Syariah has a product of hajj saving that includes hajj plan saving, and hajj pahala (merit) saving and iB Mapan Wakaf saving.

    With the financing and the third party funds , the assets of CIMB Niaga Syariah rose 40.34 percent to Rp12.78 trillion in 2016 from Rp9.11 trillion in 2015.

    The sharia unit contributed 5.45 percent to the total assets of Bank CIMB Niaga in 2016 , up from 3.90 percent in 2015.

    PT CIMB Niaga is the countrys fifth largest bank in assets controlled by the CIMB Group of Malaysia.

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  • BRI Syariah plans to conduct IPO

    BRI Syariah plans to conduct IPO

    PT Bank BRI Syariah, a sharia compliant subsidiary of state lender Bank Rakyat Indonesia, plans to conduct an initial public offering (IPO) of its shares in 2018 to boost alternative funding sources.

    “During the IPO we will float our shares worth Rp1 trillion to the stock exchange,” BRI Syariah President Director Moch. hadi Santoso said after a press conference here on Wednesday.

    The decision to turn the bank into a publicly listed company was taken to strengthen capital structure particularly at “Tier 1”, he said.

    The bank wants to strengthen its capital through various funding sources to expand its financing business. Moreover, the bank wants to expand its financing portfolio from retail and business segments to infrastructure financing, he said.

    “After the IPO, we will continue to expand our business. This year we have been engaged in infrastructure financing,” he said.

    Also this year, the bank has explored several commitments for infrastructure financing. But its amount is not yet significant to boost the business growth of PT Bank Rakyat Indonesia Ybks subsidiary,” he said.

    The BRI Syariah has set itself the target of boosting its financing growth at 13 percent year on year from to Rp18.8 trillion from Rp16.5 trillion at the end of this year.

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