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Informal Discussion at Sunny Spring
International Islamic Banking Award 2005 Dinner
The Straits Times (Singapore)
Wednesday, August 31, 2005
S'pore to be base for new global Islamic banking body
A NEW international body that aims to help oversee the fast-growing field of Islamic banking has decided to base itself here because of Singapore's neutrality and its status as a financial hub.
Wednesday August 31, 2005
Indonesia Eyes US$2 BLN in Foreign Funds Via Shariah Bonds
JAKARTA, Aug 31 Asia Pulse - Indonesia could attract foreign investors to bring in up to US$2 billion to the country by issuing shariah international bonds, a central bank official said.
Deputy Governor of Bank Indonesia Siti Fadjrijah said the government could initiate the issuance of Islamic bonds.
Bank Indonesia will issue guidelines for U.S. dollar denominated shariah
bonds in 2006, Siti said after addressing an international seminar on Islamic Banking Outlook in Singapore on Tuesday.
She said Indonesia has a potential market for shariah bonds in the Middle East.
Indonesia could earn up to US$2 billion from the sales of shariah bonds or twice as large as the value of conventional international bonds issued by the government last year, she added.
She said Bank Indonesia predicted an increase in shariah banks' market share to 7 per cent in 2011 from 1.3 per cent at present in the predominantly Muslim country.
Shariah banks operate in line with the shariah law under which they must not accept or pay interest and are prohibited to invest in industries related to alcohol, gambling or weapon, and share profit with the borrowers.