Affin sees potential of Islamic banks in Indonesia

Jakarta (APBankers) Affin Holdings Bhd expects to complete the conversion of PT Bank Ina Perdana of Indonesia into a syariah-compliance bank in two years once the acquisition of the bank is completed in the second half of this year.

Chairman Tan Sri Mohd Zahidi Zainuddin said the group was in the midst of getting an approval from Bank of Indonesia after being given the nod by Bank Negara last December for the proposed acquisition.

„It will take two years for PT Bank Ina Perdana to be transformed and this acquisition is part of the group’s plans for business expansion,“ he told reporters after the group’s AGM yesterday.

Affin Bank Bhd managing director and chief executive officer Datuk Zulkifllee Abbas said the group wanted to tap the vast potential of Islamic banking in Indonesia through the bank.

Source: APBankers