PT Bank Maybank Syariah Indonesia expects a profitable year this year despite slower growth within the country's Islamic banking sector, on the back of rising pressure from trade deficits and depreciation in the rupiah.
In an interview with Business Times recently, Norfadelizan Abdul Rahman, its somewhat newly-minted chief executive officer or president director, as they call it in Indonesia, divulged his plans for 2014.
"Maybank Syariah has consolidated itself into just one branch, and with the Indonesia elections taking place in 2014, we are not looking at expanding our branches any time soon.
"Our presence is already quite strong through our sister company, PT Bank Internasional Indonesia ," he said.
"For 2014, we are looking at strengthening our corporate portfolio, which include a number of products that have already been used in Malaysia, and some products that are just unique to Indonesia. But in order for this to take place, we need to look into strengthening our human resource capabilities."
Norfadelizan said 2014 will be an expectedly difficult year for all industries in Indonesia, including the banking sector, due to the pending national elections.
"Investors will be somewhat cautious this year as they always are when elections are involved. This is not unique, but that does not mean businesses need to be hurt because of this short-term instability.
"For 2014, Maybank Syariah will be focusing more on corporate business and tapping the group synergy to enlarge our clientele," he explained.
According to Norfadelizan, although Maybank Syariah's current contribution to the Maybank Group is small, he expects that to change within the medium to long term.
"Maybank Syariah is always looking at ways to grow stronger.
"We have the group's strength behind us and that is something that we can consistently rely on," he said.
In its final report of 2013, Bank Indonesia estimated industry assets to grow between 19 and 29 per cent this year, moderating from a forecast of 31.8 per cent in 2013 and nearly half of 2012's growth of 34.1 per cent.
It also noted that a tighter policy in finance-to-deposits ratio, similar to the loan-to-deposit ratio used for conventional banks, would also be needed to support the stability of the financial system.
As of October 2013, Indonesia has 11 Islamic banks with combined assets of 229.5 trillion rupiah (RM63.34 million), contributing 4.8 per cent towards the country's banking assets.
In an interview with Business Times recently, Norfadelizan Abdul Rahman, its somewhat newly-minted chief executive officer or president director, as they call it in Indonesia, divulged his plans for 2014.
"Maybank Syariah has consolidated itself into just one branch, and with the Indonesia elections taking place in 2014, we are not looking at expanding our branches any time soon.
"Our presence is already quite strong through our sister company, PT Bank Internasional Indonesia ," he said.
"For 2014, we are looking at strengthening our corporate portfolio, which include a number of products that have already been used in Malaysia, and some products that are just unique to Indonesia. But in order for this to take place, we need to look into strengthening our human resource capabilities."
Norfadelizan said 2014 will be an expectedly difficult year for all industries in Indonesia, including the banking sector, due to the pending national elections.
"Investors will be somewhat cautious this year as they always are when elections are involved. This is not unique, but that does not mean businesses need to be hurt because of this short-term instability.
"For 2014, Maybank Syariah will be focusing more on corporate business and tapping the group synergy to enlarge our clientele," he explained.
According to Norfadelizan, although Maybank Syariah's current contribution to the Maybank Group is small, he expects that to change within the medium to long term.
"Maybank Syariah is always looking at ways to grow stronger.
"We have the group's strength behind us and that is something that we can consistently rely on," he said.
In its final report of 2013, Bank Indonesia estimated industry assets to grow between 19 and 29 per cent this year, moderating from a forecast of 31.8 per cent in 2013 and nearly half of 2012's growth of 34.1 per cent.
It also noted that a tighter policy in finance-to-deposits ratio, similar to the loan-to-deposit ratio used for conventional banks, would also be needed to support the stability of the financial system.
As of October 2013, Indonesia has 11 Islamic banks with combined assets of 229.5 trillion rupiah (RM63.34 million), contributing 4.8 per cent towards the country's banking assets.
