JAKARTA (Indonesia Today) – Bank Muamalat, the oldest sharia bank in Indonesia, opts to launch the rights issue this year, targets to raise Rp1.5 trillion fund for strengthening capital structure.
The bank has decided to postpone its plan to launch the initial public offring (IPO) due to current economic slowdown and market’s fluctuation.
With funds from rights issue, Bank Muamalat’s capital will reach Rp4.5 trillion by end of this year, with capital adequacy ratio (CAR) reaching 17%, compared to current 12% CAR.
Bank Muamalat targets to book third party funds of Rp41 trillion this year, a 40% growth. The bank targets its financing to grow by 15-20% this year.
The bank booked net profit of Rp372.2 billion in first half of this year, grew by 51% from Rp246.05 billion in the same period of last year. Its assets totaled Rp47.92 trillion, a 46.6% rise compared to Rp32.69 trillion in first half of 2012. (yohanneso@yosefardi.biz)