SINGAPORE: Following a period of turbulence and slow business characterized by at least US$77 million-worth of losses, the Islamic Bank of Asia (IBA) appears to be implementing a slow but sure rebuilding of its operations. The bank, owned by DBS Bank and investors from the GCC, has just announced two appointments seen as key to strengthening its business; charting its future direction.
Jakarta (21/12)-The establishment of Otoritas Jasa Keuangan (OJK)/Financial Service Authority will become a new era for Indonesia ‘s financial monitoring body. OJK will have a full responsibility in monitoring all financial institutions including Islamic financial institutions in which OJK and national shariah board or DSN-MUI will monitoring the Islamic financial institutions closely thru the shariah board in every Islamic financial institutions.
Jakarta (14/12) - Bank Indonesia (BI) has predicted that Islamic banks assets in Indonesia to reach IDR 200 Trillion at the end 2012. This assets growth will be followed by the increment of Financing and Deposits as well.
Jakarta (12/12)- Shariah National Board – MUI (the Indonesian Council of Ulama) has collected some recommendation related to Islamic Finance Institutions and Hajj Funds during the 7th Ijtima Sanawi on 4 to 6 December 2011.
Jakarta (9/12)- Dispute settlement in Islamic finance institution is up until today is still become the main issue that need to be handled. There is two ways of shariah dispute settlement one by the mediation thru the National Syariah Arbritrage ( BASYARNAS) and the shariah court, whereas the effectiveness is still under questions.
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