month.
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| Source: DIB website. |
Bank Panin Syariah is currently controlled by Bank Panin and operates through a network of 10 branches. The bank successfully completed its IPO in January 2014 to raise IDR475 billion (US$42 million) through the issuance of rights shares. The bank has assets over IDR4.3 trillion (US$375 million) whereas its equity base stood at over IDR998 billion (US$88 million) as of March 31, 2014.
DIB will jointly manage and operate Bank Panin Syariah with Bank Panin, its controlling shareholder, providing its well-established expertise in Islamic banking operations to Bank Panin Syariah, while Bank Panin contributes its knowledge of the local market.
DIB expects to increase the equity to 40% upon obtaining the relevant regulatory approval, including from the Financial Services Authority (OJK) in Indonesia.
According to DIB, Islamic banking and finance is one of the world’s fastest-growing economic sectors, comprising more than 400 institutions managing assets in excess of US$1 trillion globally.