IBF AND ICD SIGN MURABAHAH FINANCING IN THE AMOUNT OF USD 10 MILLION
Jakarta, November 10, 2014 – The Islamic Corporation for the Development of the Private Sector (“ICD”), the private sector arm of the Islamic Development Bank Group, Saudi Arabia, today signed a Murabahah financing agreement with PT Intan Baruprana Finance Tbk (“IBF”) for an amount of up to USD 10 million with a tenor of 4 (four) years, in Jakarta.
Jap Hartono, President Director of IBF, said that the Company is proud to partner with ICD as it is the Company’s first offshore financing source. Furthermore, this is also a landmark transaction indicating and showing IBF’s ability to continuously bring Indonesian Sharia Finance to the global scene, following its partnership with Phillip Capital, a prominent investor from Singapore, as an investor in 2013.
“This facility will create more diversified sources of funds for IBF. It is a very competitive facility which will help us continue our strategy to create customized solutions for clients’ investment and working capital financing requirements. This facility will significantly enhance our competitiveness among finance companies to finance our clients in USD currency,” said Jap Hartono during the signing ceremony.
As one of Indonesia’s prominent finance companies, IBF conducts its business in line with and supports the Sharia Philosophy. This is also stated as IBF's business mission: to create jobs and prosperity, as well as to inspire and build many local entrepreneurs. Today, IBF’s focus is to provide fleet financing on capital goods in the areas of Infrastructure, Construction, Transportation, Mining, Agriculture & Plantation, Commercial Vehicle, Shipping, and Oil & Gas. IBF’s competitiveness is further strengthened by the large group network of INTA Group, which has more than 40 networks in Indonesia.
About PT Intan Baruprana Finance Tbk (IBF):
IBF, which was established in 1991, provides customized financing solutions for capital goods to businesses in various prospective sectors throughout Indonesia. In 2003, PT Intraco Penta, Tbk. (INTA group), one of Indonesia's prominent heavy equipment companies, acquired the Company, and in 2013 Philip Capital from Singapore acquired 9.71% of IBF’s shares, with the remainder still owned by the INTA group. IBF is currently in the process of listing its shares on the Indonesia Stock Exchange. IBF’s vision is to be the tier-1 finance company in the financial industry in Indonesia.
About the Islamic Corporation for the Development of the Private Sector (“ICD”):
The Islamic Corporation for the Development of the Private Sector (“ICD”) is a multilateral organization, part of the Islamic Development Bank (“IDB”) Group. ICD was established in November 1999 to promote the economic development of its member countries in accordance with Sharia principles through private sector development. ICD encourages the establishment, expansion, and modernization of private enterprises through financing private sector enterprises or projects. Projects are selected based on their contribution to economic development, considering factors such as the creation of employment opportunities and contribution to exports. ICD also provides advice to governments and private sector groups on policies to encourage the establishment, expansion, and modernization of private enterprises, capital market development, best management practices, and enhancement of the role of the market economy. ICD operations complement the activities of the IDB.
For Further Information, Please Contact:
1.The Islamic Corporation for the Development of the Private Sector (“ICD”):
Ahmed A Khalid
Regional Head- Asia
Tel: (+603) 26926630 Fax: (+603) 2694-6626
E-mail:aabdulkhalid@isdb.org, Website:www.icd-idb.org
2.PT IntanBaruprana Finance Tbk (IBF):
Jonggi Siallagan
Corporate Secretary
Tel: (+6221) 4401408 Fax: (+6221) 4401408
E-mail:corsec@ibf.co.id, Website:www.ibf.co.id