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SMI to Create Sharia Unit to Attract Middle Eastern Investors

State-owned infrastructure financing company PT Sarana Multi Infrastruktur (SMI) will establish a sharia business unit next month to meet demand for Islamic infrastructure financing.

SMI president director Emma Sri Martini said Tuesday the documentation and legal matters had been completed, but the company had to wait for the appointment of a sharia supervisory board by the government.

“The appointment is just an administrative matter, it will be quick. We will talk with the finance minister after she comes back from the World Bank annual meeting this week,” she told The Jakarta Post at a PricewaterhouseCooper (PwC)-The Jakarta Post Indonesia infrastructure seminar in Jakarta on Tuesday.

SMI will inject Rp 500 billion (US$38.42 million) into the business unit. All of the money will come from internal funds, Emma said. Currently, SMI’s assets total Rp 35 trillion.

Before year-end, the business unit will structure some sharia products from direct placement to sukuk.

“The potential is big. Middle Eastern investors and the Islamic Development Bank require sharia structure. A sharia unit will also allow us to mobilize haj funds to finance infrastructure funding,” she said.

 

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