In 2010 the Indonesian economy grew by an estimated 6.1%, compared with a growth rate of 4.5% in 2009 and an average 5.7% annual rate over the 5-year period 2003-08. The current account was essentially in balance but inflation, estimated to have exceeded 5.5% in 2010, compared with 4.6% in 2009, has recently been rising fast, forcing the Central Bank to increase interest rates in early 2011.
The Indonesian government has over the years taken several regulatory steps to encourage the expansion of Islamic banks in the country. The target is to increase Islamic banking assets to 5% of total banking assets over time. Due to the favourable regulatory environment, the growing economy and the largest Muslim population in the world, Indonesia thus offers a very attractive destination for Islamic banks.
ABG's representative office serves as a base for the Group to conduct research on local banks and their potential for acquisition and for assessing the business potential of the country from the Group's perspective. The representative office is also responsible for maintaining contact with regulators and major banking groups in Indonesia and for preserving the image and brand value of the Group. With trade flows between Indonesia and many of the countries where the Group operates growing rapidly, the Indonesia Representative Office proactively identifies business opportunities and generates leads that are directed towards ABG subsidiaries
Mr. Moesfian Mokhtar
Ravindo Building, 10th Floor,
Jalan Kebon Sirih No. 75,
Jakarta¡ Pusat 10340,
Tel: +62 21 316 1345
Fax: +62 21 316 1074