A Standard Chartered Bank affiliate, Qatar Islamic Bank and Oversea-Chinese Banking Corp. are among the bidders for a controlling stake in Bank Muamalat Indonesia.
Shareholders of privately held Bank Muamalat, plan to sell more than 50 percent of the lender in a deal that may value it at as much as US$600 million. Second-round bids are due in mid-June, the sources said.
Bank Permata, an Indonesian lender 44,5 percent owned by Standard Chartered, is bidding for the stake.
Rising demand for Islamic banking services has helped drive the Jakarta Finance Index 52 percent higher in the past 12 months. Islamic banking assets in Indonesia grew to IDR100 trillion last year from IDR67 trillion at the end of 2009.
Investors in Bank Muamalat may sell as much as 80 percent of the lender, according to one source. Bank Muamalat is 32.82 percent controlled by the Islamic Development Bank, 24.94 percent by Boubyan Bank Kuwait and 17.95 percent by Atwil Holdings Limited.
Bank Muamalat has almost 400 offices in Indonesia and one branch in Malaysia. The lender plans to quadruple its holdings of Shariah-compliant debt this year. The company had about Rp 20.4 trillion of assets as of December. It has targeted asset growth of 50 percent this year.
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