KUALA LUMPUR (AP): A foreign-owned Islamic bank based in Malaysia said Thursday it has been granted a license to open a representative office in Jakarta as part of its regional expansion.
The Asian Finance Bank, which is owned by Middle Eastern financial institutions, started operations in January in Malaysia. It was the third foreign Islamic bank to set up shop in the country.
It said in a statement that its entry into Indonesia underscored its long-term strategy to have full representation in the region.
There is great potential in Indonesia's Islamic banking sector which has grown at a compounded annual growth rate above 65 percent in the last four years, it said.
"We believe that there are excellent wealth creationopportunities in Indonesia as a result of its strong economic growth," chief executive Faisal Al Showaikh said in the statement.
"We are confident that our entry into the Islamic banking market in Indonesia will be viewed as both complementing the present banking system and helping to propel the nation's growth of Shariah banking to the next level."
The bank is 70 percent owned by the Qatar Islamic Bank, 20 percent by Saudi Arabia's RUSD Investment Bank Inc. and 10 percent by Kuwait's Global Investment House.
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