PNM-BII in sharia partnership<\/p>\n
JAKARTA: State-owned investment firm PT Permodalan Nasional
\nMadani (PNM) and Bank International Indonesia (BII) signed a
\nmarketing partnership agreement on Tuesday for the former's
\nsharia mutual fund products. The move is aimed at facilitating
\nthose wishing to invest in PNM<\/p>\n
Both companies expressed confidence that the sharia fund
\nmarket would notch up excellent growth in 2004, given the
\npublic's high level of interest in conducting business in
\naccordance with sharia law.<\/p>\n
A sharia investment is an investment that complies with
\nIslamic law, which bans the receipt of interest from loans and
\nrelies on revenue-sharing schemes instead.<\/p>\n
PNM Investment Management's managing director, Reynaldi
\nHermansjah, said that the firm had garnered total assets of Rp 46
\nbillion (US$5.41 million) since being established in May 2000,
\nout of total of Rp 78 billion overall invested in the sharia
\nmutual fund market.<\/p>\n
The firm's sharia mutual fund division currently has over 300
\ncustomers, with 80 percent of them retail businesses.<\/p>\n
BII's sharia division head, Ismi Kushartanto, said that the
\npartnership would provide an alternative investment channel for
\nthe bank's sharia customers.<\/p>\n
Ismi added that the bank's sharia division, which serves 230
\nclients, had attracted Rp 185 billion since its establishment in
\nMay last year.<\/p>\n
\"We predict that growth will triple in 2004, reaching between
\nRp 500 billion and Rp 600 billion,\" he said. -- JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pnm-bii-in-sharia-partnership-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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