JAKARTA: PT Maybank Syariah Indonesia is eyeing 100% growth in assets by 2011, to IDR2.8 trillion from IDR1.4 trillion this year.President Director of Maybak Syariah Baharudin Abdul Majid showed his optimism to meet the expectation considering the vigorous Sharia market in Indonesia.As per November 2010, after PT Bank Maybank Indocorp was converted into Maybank Syariah, we expect to be listed in the top-seven Sharia banks in Indonesia with IDR1.4 trillion asset and 1.6% market share. Next year, I believe we may grow by 100%, he said during the launch of PT Maybank Sharia Indonesia. Furthermore, he added that Maybank faces no significant problem with regard to the conversion since all Maybank Indocorps customers have agreed to move into Maybank Syariah. In the future, the company will focus on the corporate financing sector, commercial and investment banking.In term of capitalization, the company is to operate with IDR819.31 billion of paid-in capital. He strongly believes that Maybak will become the top-three Sharia banks in Indonesia by 2015 with 8% market share.To achieve the target, as he added, Maybak Syariah sets 85% for its compound annual growth rate (CAGR).Maybank Indocorp is the subsidiary of Malayan Banking Bhd (Maybank) that is the controlling shareholder in BII. Maybank controls 96.83% shares in Maybank Indocorp and owns 97.5% shares in BII, including 54.33% through Sorak Financial Holdings Pte Ltd and 43.19% through Maybank Offshore Corporate Services (Labuan).Maybank Indocorp earned the approval from Bank Indonesia to convert its business activity into a Sharia bank on 23 September 2010. (T02/NOM)
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