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Bank Muamalat Indonesia

President Director: A. Raiwan Amin

Shari’a Committee Chairman: K.H. MA. Sahal Mahfudh February 5, 2008

Shari’a Quality Rating (SQR): AA

Rating Definition:
AA (SQR): In IIRA’s opinion, an entity/instrument rated AA (SQR)
conforms to very high level of standards of Shari’a requirements in
all aspects of Shari’a quality analysis.

PT Bank Muamalat Indonesia Tbk (BMI) is one of the three Shari’a compliant banks
registered with Bank Indonesia. It offers an array of products and services to depositors
and creditors as well as financing products. It also has a Foreign Exchange Bank license.
Ali Abdulaal
Endorsed by the Indonesian Council of Ulemas and the Government of Indonesia, the ali.abdulaal@iirating.com
bank was established in 1991 and commenced operations on May 1, 1992. The bank +97317211606
took off with the support of the Indonesian Association of Moslem Intellectuals and a
group of Moslem entrepreneurs. The founding of BMI was associated with a widespread
support from the public, evidenced by an Rp 84 billion pledge for the purchase of the
bank’s shares on the date the Articles of Association were signed. These were followed
by more pledges from communities in West Java, with the overall sum reaching a total of
Rp 106 billion.

On October 27, 1994, two years from its founding, BMI received its license to operate as
a Foreign Exchange Bank. This consolidated BMI’s position as the first Shari’a
compliant bank in Indonesia with a growing array of products and services.

BMI has a total asset base of an RP 8.370 billion (US$ 837 million), which is
approximately one third of the total assets of Shari’a compliant banks in Indonesia (US$
2.84 billion). The total industry assets compared to total assets of commercial banks
constitutes a tiny percentage (US$ 2.84 billion / US$ 104.2 billion), but there is a huge
growth potential given more than 222 million Muslims living in Indonesia.

By the end of 2006, the bank had 2200 employees and 209 outlets throughout the
country, consisting of 51 branches, 8 sub branches, 89 cash offices, 43 gerai/outlets and 8
Shari’a service units. It had 8888 Automatic Teller Machines (ATMs) throughout the
country, but the bank is also part of the bank ATM network, which makes the total

number of ATMs and Joint ATMs available for customers at around 16,000 throughout the country. The
major Shareholders of the bank, as it stands today, are: The Islamic Development Bank (28.01%); Buobyan
Bank Kuwait (21.8%); Atwill Holdings Ltd. (15.32 %); IDF Foundation (2.98%); and BMF Holdings

In the late 90s, a financial crisis devastated most of the national economies in the Southeast Asia Region,
including Indonesia. The national banking sector collapsed under the burden of corporate debt overhang,
which also impacted BMI. In 1998, the bank’s Non-Performing

Financing ratio exceeded 60%. The bank endured a loss of Rp105 billion, which brought its equity to its
lowest ever level of Rp39.3 billion, less than a third of the original paid capital. In an effort to strengthen
its capital base, Bank Muamalat solicited for a potential investor, where it received a positive response by
the Islamic Development Bank (IDB) based in Saudi Arabia. In the General Annual Meeting of
Shareholders of BMI, on June 21, 1999, IDB officially became one of the shareholders of BMI. Thus, the
period between 1999 and 2002 represents a time of challenges as well as victory for the Bank. During this
period, BMI succeeded in reversing its financial fortunes from loss back into profitability.

In 2002, BMI embarked on a five-year business plan to further the operations and assets of the bank. The
plan emphasized many aspects; most importantly asset restructuring; an efficiency program; non-reliance
on further additional capital from shareholders; adopting cost-efficiency measures; and developing a
milestone in business achievements through the creation and pursuit of business opportunities in upcoming
years. With this business plan, BMI succeeded in the last three years (2004, 2005 and 2006) and was able
to significantly increase its total assets, third party funds, financing and after-tax net profit.

BMI offers a range of products and services to its customers, all of which are classified as either “Products
for the Creditor”, also known as “Sahibul Mal”; or “Products for the debtor”, also known as “Mudharib”.
Products for the Creditor offer a collection of deposit options for money owners, with different schemes
and requirements customized to specific needs and size of deposit. This line includes Ummat Saving (the
ultimate saving option), Mudharaba Deposit and Haji Arafah Saving (saving for the purposes of
pilgrimage).On the other hand, Products for the debtor offer products in lieu of direct lending of money to
the client. This line of products includes Murabaha Credit, Istishna, Murabaha Financing, Musyaraka
Financing, and Rahn (Shari’a Pawning).

The hierarchical structure of Bank Muamalat consists of a Board of Commissioners, a Shari’a Supervisory
Board, a President Director and the subordinated business operation and managerial units. BMI’s
Commissioners are at least three members nominated from the date of the General Meeting of Shareholders
and expiring on the fifth closing Annual General Meeting of Shareholders as of the date of their
appointment, without prejudice to the rights of the General Meeting of Shareholders to dismiss the
members of the Board of Commissioners from time to time prior to the expiration of their term of office, if
the members of the Board of Commissioners are deemed to have not conducted their duties as stipulated in
the Articles of Association and/or resolution of the General Meeting of Shareholders.

The main duties of the Board of Commissioners is to supervise the policy of the Board of Directors in
managing the bank, provide advice, supervise the implementation of the tasks resolved in the General
Meeting of Shareholders, follow the development of the bank’s activities and, in the event deterioration is
indicated, immediately report to the General Meeting of Shareholders, together with recommendations on
the remedies to be taken.

The current board consists of five members:

Drs. H. Abbas Adhar President Commissioner

Prof. Korkut Ozal Member
Aulia Pohan Member
Iskandar Zulkarnain Member
Dr. Ahmed Abisourour Member

Similarly, all members of the Board of Directors are appointed by the General Meeting of Shareholders,
with 6 members, one of whom is the President Director. The current board consists of:

A. Riawan Amin President Director

Ir. Arviyan Arifin Director
Ir. H. Andi Buchari Director
M. Hidayat Director
Drs. U. Saefudin Noer Director
Ir. H. Herbudhi S. Tomo Director

All members of the two boards have high levels of education and possess a long experience in managerial,
political, educational and institutional posts inside and outside Indonesia. A detailed profile is provided in
Annex 1 and Annex 2 respectively.

The Bank’s vision is “To become the premier Shari’a bank in Indonesia, dominant in the spiritual market,
admired by the rational market.” Its mission is “To become a role model among Shari’a financial
Institutions the world over, emphasizing on entrepreneurial spirit, managerial excellence and innovative
investment orientation to maximize value to shareholders.”

Shari’a Committee

BMI has a Shari’a Supervisory Board (SSB) of four scholars. The SSB was appointed by the annual
general meeting of stockholders held on April 28, 2004. The Articles of Association of BMI require that the
SSB is appointed by the General Assembly, and that the SSB will attend the annual meetings of the General
Assembly. These annual meetings will also be attended by the Board of Directors and the Board of

The members of the SSB are, as of December 31, 2006, as follows:

- Chairman : K.H. MA. Sahal Mahfudh
- Member : K.H. Ma’ruf Amin
- Member : Prof. DR. H. Muardi Chatib
- Member : Prof. DR. H. Umar Shihab

The members of the SSB are very competent and all hold Shari’a degrees. They have many and relevant
years of experience and have served (and continue to serve) in a number of Shari’a Boards and advisory
positions. A detailed profile can be viewed in Annex 3.

The SSB provides guidance and supervision in the conduct of the bank’s business and in the development
of products and services in compliance with Shari’a principles. The SSB supervises the implementation of
Shari’a principles in all aspects. It advises and suggests to the Board of Directors and Commissioners on
Shari’a in banking operations. It does not, however, interfere in the bank’s strategy or mission formation.

The requirements for the members of SSB are arranged and decided by the National Shari’a Board of
Indonesia. The SSB has the function to supervise the business activities of the bank to remain in line with
Shari’a principles. In conducting its function, the SSB is obligated to follow the National Shari’a Board

The SSB may receive an honorarium and/or other benefits. The Chairman of SSB receives 30% of the
salary and/or other benefits received by the President Director. The other members of the SSB are
remunerated 30% of the salary and/or other benefits received by the other members of the Board of
BMI follows a structured procedure for appointment of SSB. First, BMI proposes a request to the
Secretary of the National Shari’a Board of Indonesia for the appointment of a Shari’a Supervisory Board.

The request is discussed in the meeting of Executive Board and National Shari’a Board. Then a meeting
will be held between the Executive Board of the National Shari’a Board and Indonesia Council of Ulama to
measure the qualification and experience of members. The Chairmen of National Supervisory Board and
the Indonesia Council of Ulama decide on the appointments to the SSB.

Any amendment to the provisions in the article of association regarding SSB is stated in the minutes of the
meeting and/or minutes of General Extraordinary Shareholder Meeting.

During 2005 and 2006, four meetings for SSB were held in each year. BMI and the SSB agreed to hold
SSB meetings at any time necessary, with a minimum of four meetings per year, and possibly every month.
These meetings are usually held for up to four hours, depending on the material discussed. In general, the
points of discussion of SSB meetings include:

a. The report on investment of end of the last month position and/or cumulative previous two
b. The request to provide opinion on Shari’a principle bases on matters related to financing of
existing products and/or products to be invented.

Invitations for the meetings are usually circulated along with attached agendas and information on the
subject of the meeting, well ahead of time. Accordingly, the minutes of the meetings are prepared in a
complete and detailed manner and signed by the Chairman and all members of SSB.

SSB of BMI does not specifically prepare annual Shari’a reports. It is, however, obliged to make a
statement each year end in the bank’s annual report. This statement will assert that the SSB has supervised
the bank’s operations throughout the year and will state SSB’s opinion regarding:

1. The provision of products and services (including collection and disbursement of funds)
2. The guidelines on operations and products (including collection and disbursement of funds)
3. The company’s financial statement compilation and presentation.

The bank is also obliged by the requirements of Bank Indonesia to issue a bi-annual report regarding the
application and execution of Shari’a principles. This will be a comprehensive report that includes SSB’s
opinion on the Shari’a compatibility of the bank’s products, services and guidelines and will give an
opinion on the bank’s overall Shari’a performance. The format of the report will usually be as follows:

1. Compatibility of the bank’s products and services with Fatwas adopted by SSB
a. Fund collection
b. Fund distribution
c. Services
2. Products and services not covered by an SSB Fatwa and for which a Fatwa needs to be issued
3. Guidelines of the bank’s operations
a. Operational guidelines of fund collection
b. Operational guidelines of fund distribution
c. Operational guidelines of services
d. Guidelines of the calculation of profit sharing distribution

4. Overall Shari’a compliance opinion on the bank’s operational execution

These reports are submitted to Bank Indonesia, the National Shari’a Board and the BMI Board of Directors.

The bank mitigates any risk of noncompliance by discussing all financed and funded products with SSB
before their launching to ensure compliance with regulations and Shari’a. This will usually ensure that the
structure of the bank’s products and documents will be Shari’a compliant. In addition, the SSB will conduct
a bi-annual review of these products to ensure that these products have maintained their Shari’a compliance
throughout the review period. However, this does not ensure correct application of the product on a daily
basis. This is the function of Internal Shari’a Control, as will be discussed below.

Internal Shari’a Control (ISC)

The ISC Department has been established ever since BMI started its operations. The Shari’a Control
Department is independent and consists of two officials, namely Mr. Mohamad Hidayat and Mr. Agustianto
MA, and one assistant employee, namely Mr. Faisal Muchtar. These officials are also assisted by external
personnel, namely DR. Muhammad Anwar Ibarhim and an independent team from the National Shari’a

Board that includes Mr. Ikhwan A. Basri and Mr. Gunawan Yasni. These external personnel carry out
examination on the financing documents and agreements of fund investment and financing of BMI.
All ISC personnel possess a firm background in Islamic studies and Shari’a banking, with an excellent
reputation nationwide. They have all completed postgraduate studies majoring in Shari’a banking. A
detailed profile of ISC personnel can be accessed in Annex 4.

Although there are no written rules or procedures that outline the Shari’a control function, the authorities of
the department and the means of communicating the Shari’a control decisions within the institution, there
are recognized Shari’a control practices applied at BMI. Shari’a control is implemented by monitoring
financing documents and agreements, inspecting the bank’s schemes and product application, liaising with
and advising the bank’s operational units, preparing facilities for character building and conducting
workshops and coaching at all BMI branches.

The department produces a monthly report, sent to SSB, which examines all transactions executed by the
bank during a one month period. It will state the party with whom the transaction was held, the branch
where the transaction was handled, the Shari’a scheme of the transaction (e.g. Murabaha) and will give its
opinion on whether these transactions were conducted according to Shari’a requirements. Where there is
doubt on the Shari’a compatibility of a transaction, the report will include a note specifying the source of

ISC coordinates with all operational divisions in conducting its review and producing its report. It
particular, the department attends the daily meetings of the Financing Settlement Group (FSG) where it will
closely monitor the bank’s financing and funding operations on a day by day basis and will give advice to
FSG on Shari’a requirements. These meetings are critical for both ISC and FSG because of the exchange of
information and the regular advice given to FSG.

In the case of a transaction error, a Resident Auditor in the branch office/unit will report the case to the
Internal Audit Group (IAG). The group will then conduct investigations to the governing Fatwa stipulation
and then report the case to the President Director, with a copy to SSB. Similarly, where the bank receives
income believed to be Shari’a noncompliant, the treasury will separate this income and the income will be
subject to a special accounting treatment, where it will be transferred either to charity or Qardul Hassan
(benevolent loans) accounts. As there is no coordination with ISC in the methods of discovery applied by
the resident auditor and the treasury department, some noncompliance events may be mistakenly
overlooked. However, because all products and practices are discussed with SSB prior to their launching,
as mentioned earlier, this probability becomes small even though not fully invalidated.

Accounting Regulations

BMI’s bookkeeping and accounting are based on the Accounting standard of AAOIFI and the existing
accounting standard of Indonesia Shari’a banking, namely the Standard Statement of Financial Accounting
of the Indonesian Accountant Association (PSAK) No. 59. In PSAK the bookkeeping and accounting of all
products issued by the Shari’a banking has been arranged and with reference to Fatwas of National Shari’a

Training and Human Resources

To help enrich the knowledge and enhance the skills of BMI staff, the management has established an
institution called Muamalat Institute to specifically provide training in the form of short-term courses and
long-term programs such as The Muamalat Officer Development Program. BMI visions training
candidates for future leadership. The training subjects include Shari’a Banking, service excellence,
domestic operations, financial literacy, fundamentals of investment, asset and liability management, audit
literacy, power speech, performance management, problem solving decision making, human resources
management, training management, celestial management training and leadership. The duration of each
program extends between sixteen to twenty four sessions with one hour duration for each session.

The course outline will usually recommend who should attend the course, the course background, course
objectives and course benefits. For example, the Islamic Banking Training course recommends bankers,
students, lecturers and researchers to attend the course. The background spoke about the rapid growth of
Shari’a banking and Shari’a denominated assets, and therefore the need for this course. The benefits are the
knowledge of Shari’a banking concepts and their applicability in the national and international scenes. The
duration of the course was offered to be between one and seven days, according to the requirements of the
client. Total participants in 2005 reached 1057 persons.

As another example, the Basic Financing course recommends account managers, investment managers,
students and lecturers and accountants to attend the course. The background considered why financing is
important. The objectives were to train officers/ students in both conventional and Islamic banking. The
benefits were to have a better understanding of the field. Total participants in 2005 were 266 persons and in
2006 were 68 persons.

BMI sends its employees to several external training institutes other than the Muamalat Institute, namely
IAS Associates, Lembaga Pelatihan dan Pengembangan Manajemen (LPPM)/Training and Management
Development Institution, Prasetya Mulya, DUNAMIS and Management Institute of Economics Faculty
University of Indonesia. On the other hand, internally executed programs will usually involve a BMI
official and other experts and will involve members from SSB infrequently due to their busy schedule.


BMI pays the obligated Zakat of 2.5% annually from the bank’s net income p.a. In addition, 2.5% is
deducted from each employee’s monthly income. The sum amount is paid annually by the bank.

In addition to the Zakat payment for the bank and its employees, BMI tries to assist its clients to calculate
and distribute their own Zakat and provides help on distributing the Zakat to those entitled to receiving it.
In doing so, BMI provides a Zakat calculation service through banking phones and through Muamalat
ATM’s in all branches and terminals throughout the country. BMI channels the Zakat to Infaq and
Sadaqah institutions, namely Baitulmal Muamalat. Alternatively, the amounts may be directed directly to
those entitled and/or to Dompet Dhuafa, a reputable social institution in Indonesia.

The sum amount collected is presented in the BMI annual financial report, covered in the obligations entry
as part of non-operational expenses.

Social Action

BMI takes the social aspects into account in financing and investment operations. In every financing
facility, information and warning is always given that the receiver should closely stick to the Shari’a
principles contained in the Fatwas of the National Supervisory Board and the Indonesian Council of Ulama.
As an example, hotels filing for a financing facility face the pre-requisite that the hotel must have a Shari’a
Supervisory Board of its own. Alternatively, when a National Shari’a Supervisory Board for hotels has
been established, the bank will accept the financing request amid approval from the board. Quite the same
procedure is also applied for TV networks applying for a financing facility. After the category of existing

channels within the network is thoroughly examined, the bank will decide on the network’s eligibility for
financing. The programs presented on the channels will have to fully comply with the Shari’a principles
and stay in line with educational purposes. They will have to pass the test of whether they provide a
negative impact on children watching the channels. Only after passing the above requirements will the bank
consider providing the financing facility.

Modes of Financing

BMI had guidelines and policies for financing and investments since its inception. They are available in
the form of General Policy on Fund Investment and the Procedures of the Execution of BMI Fund
Investment. These guidelines and policies are thorough but do not specifically address diversification of
financing from the perspective of Islamic theory. There are no provisions for the optimal level of equity
participation and Mudharaba contracts, which is an important aspect from the point of view of Islamic
modes of financing.

There are many modes of financing available to clients, namely Mudharaba, Musyarakah, Murabahah,
Ijarah, Qardh, and Kafalah/Wakalah. The amount of outstanding fund investment as of end of December of
2004, 2005 and 2006 is as follows:

2004 2005 2006

outstanding outstanding % outstanding %
No. Types of
Amount (RP % amount (RP amount (RP
mil) mil) mil)
1. Murabahah 1.900.9 46.0 2.951.0 48.8 3.122.04 47.4
2. Mudharaba 1.606.7 38.0 2.156.1 35.6 2.289.21 34.8
3. Isthisna 212.6 5.0 205.3 3.4 184.48 2.8
4. Musyarakah 327.7 9.0 497.9 8.2 475.27 7.2
5. Qardh 11.7 0.2 16.7 0.3 34.44 0.5
Ijarah MB 73.2 1.8 226.2 3.7 481.09 7.3
Total 4.177.8 100 6.053.3 100 6.586.53 100

Each year, the Board of Directors establishes a business plan approved by the Board of Commissioners and
Bank Indonesia. The business plan covers the bank’s plans and management policies related to fund
collection targets and fund channeling for one year.

The bank only indulges in financial transactions with non-Islamic financial institutions for the purposes of
fund placement or demand deposit in overseas correspondent banks.
Currently, the bank has accounts with:

a) Chase Manhattan Bank (US$)

b) Citibank N.A. (US$)
c) Union Bank of California (US$)
d) Indover Bank Amsterdam Netherlands (Euro)
e) MM. Warburg Co. (Euro)
f) Tat Lee Bank Singapore (Sin. $).

In line with the bank’s accounting system, the income or demand deposit fee received from
conventional/foreign banks are acknowledged as the bank’s income, which is used for donation charity
purposes (Qardhul Hasan). The entire income of demand deposit services received at the said
conventional/foreign banks is Rp. 75.037 thousand for 2005 and Rp. 62.122 thousand for 2006, and the
entire total sum was channeled to the account of the Indonesian Council of Ulama for social

Approving customers is governed by both Fatwas of National Supervisory Board of The Indonesian
Council of Ulama and Bank Indonesia regulations. Both regulations, which form the basis of transaction
with customers, are covered in the existing internal regulations of the bank.

Identity and Corporate Image

Being the first Shari’a compliant bank in Indonesia provides BMI with a granted image of Islamic Identity.
Both the mission and vision of the bank emphasize focus on Islamic identity and the Islamic way of
managing the institution. The contents of BMI’s internal reports and regulations will usually include
references to Quranic verses, Hadith and Islamic conduct. This can also be observed in its marketing
activities and the products the bank offers to its clients.

Other Considerations

BMI provides a prayer room in every branch with Azan calling everyone for prayers. Although the bank
has not yet built separate branches for ladies, nor are there gender separations at work, all work is
conducted according to Islamic Ethics and the bank does not employ non-Muslims as part of its team. The
bank follows a strict code of conduct according to Islamic law and spirit. Non-Islamic behavior will not be
tolerated and may result in the employee(s) facing expulsion.

The bank sees itself as “An Islamic Institution Doing Banking” rather than “A Bank Selling Islamic
Products and Services.” For example, all members of the Board of Directors forgo using luxury cars (e.g.
Mercedes Benz) and use ordinary cars in solidarity with their employees. On two occasions during the
week, everyone will be obliged to wearing a unified dress code, including all the directors, as a gesture of
equality stipulated by Islam. And as a symbol of their Islamic character, the entrance to the bank’s branches
will have a “stop” sign with the words “No Riba” written on them.

For a thorough Shari’a Quality analysis, you can rely on Islamic International Rating Agency’s (IIRA) Shari’a Quality Rating Service. For more
information call: +973 17 211 606 or visit our website: www.iirating.com

© Copyright 2007
All of the information contained herein is obtained by IIRA from sources believed to be accurate and reliable. IIRA does not audit or verify the truth or
accuracy of any such information. As a result, the information in this report is provided “as is” without any representation or warranty of any kind.
IIRA’s rating is an opinion and not a warranty of a rated entity’s current or future ability to meet contractual obligations, nor it is a recommendation to
buy, sell or hold any security. A Shari’a Quality Rating does not aim at giving a Shari’a opinion on Islamic financial products or to comment on the
decisions of the Shari’a committees of banks and financial institutions or to correct their Fatwa’s (opinion).

Reproduction or distribution of Shari’a Quality Service without the explicit consent of IIRA is strictly prohibited.
To reprint, translate, or quote IIRA’s publications, contact: IIRA, Al-Zamil Tower, 7th Floor, Govt. Avenue, Manama, Kingdom of Bahrain; Tel: +973 17
211 606 Fax: +973 17 211 605

List of Annexes

Annex 1 ……………… Board of Commissioners

Annex 2 ……………… Board of Directors

Annex 3 ……………… Shari’a Supervisory Board

Annex 4 ……………… Internal Shari’a Control

Annex 1: Board of Commissioners

No. Name Background and Major Achievements

Drs. H. Abbas Drs. Adhar was born in Sukabumi in 1935. He completed
1 Adhar studies at the International Banking School in Prague,
Czechoslovakia, in 1965. He then attended studies in
Industrial Banking Technique held by UNIDO in Vienna,
Austria and completed studies in 1972. In 1976, he fulfilled
the Industrial Project Course held by EDI / World Bank
IBRD in Washington DC, USA. He is currently the Vice
General Chairman of Indonesian Wood Panel Association
(AKPINDO), the President Commissioner of Bank
Muamalat and President Director of PT. Intan Bauprana
France (IBF).

2 Prof. Korkut Ozal Prof. Ozal was born in Turkey in 1920. He holds an MSc
from the Faculty of Civil Engineering, Technical University
(TU), Istanbul. He was a member of the Turkish Parliament
and, during his era in politics, he served as the Minister of
Agriculture and as well as the Minister of Turkey home
affairs. In the mid 1980’s he was appointed as the personal
advisor of Turkey Prime Minister. Between 1985 and 1996,
he worked with the Islamic Development Bank (IDB) in
Jeddah, where he was Director of Islamic Research and
Training Institute of IDB and later, the Executive Director of
the Turkish representative office of the IDB.

3 Aulia Pohan Aulia Pohan was born in 1945 and obtained his Bachelor of
Corporate Economics in 1969. In 1982, he held studies at
Boston University, USA in Economic Development Studies.
In the late 1980’s, he served as the Head of Monetary
Division of Bank Indonesia. He was then appointed as the
Representative Head of Economic and Statistical Affairs, and
later as the Head of Internal Research and Development at
Bank Indonesia. Between 1998 and 2005, he served as the
Director of Bank Indonesia and had spells as the Deputy of
the Governor of Bank Indonesia.

4 Iskandar Iskandar Zulkarnain was born in Malang in 1961. In 1992, he

Zulkarnain completed an extension program at SI Faculty of Economics
at the University of Indonesia. In 2001, he completed S2
Development and Management of Human Resources, also at
the University of Indonesia. He held different positions
throughout his career, including Managing Director of PT
Internusa Hasta Buana – International Freight Forwarding,
Vice Chairman of Economic Council of PP-Muhammadiyah
and Vice Chairman of Badan Amil Zakat Nasional.

5 Dr.Ahmed Dr. Ahmed Abisourour is a Moroccan national with a PhD in

Abisourour Economics from the University of Connecticut, U.S.A. He
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currently works with the Islamic Development Bank. Prior to
joining the IDB, Dr. Abisourour worked as Chief Financial
Market Economist at the Arab Monetary Fund in Abu Dhabi.
Abisourour has 18 years of professional experience in a
number of monetary and financial institutions at the national,
international and regional levels, with practical field
experience in more than 20 African and Middle Eastern
countries. He participated in various consultations, use of
resources and technical assistance missions in connection
with his work at the IMF and AMF. His professional
experience is in the areas of capital markets development,
macroeconomic and financial programming, exchange rate
systems and enhancement of the private sector.

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Annex 2: Board of Directors

No. Name Background and Major Achievements

1. A. Riawan Amin Riawan Amin obtained his MSc. in Interdisciplinary Study
from the University of Texas, USA in 1987 after completing
his BSc in Architectural Technology at the New York
Institute of Technology, USA in 1985. He also holds degrees
in Social Politics and Architecture from the University of
Indonesia. Riawan Amin is well experienced with a variety
of managerial, development and instruction positions held
during his career. He managed more than 500 human
resources in Islamic Banks and was head of ASTRA and
Duta Officer Development Programs. He taught at several
institutions including Bank Duta and Industrial Hygiene

2 Ir. Arviyan Arifin Arviyan Arifin was born in Padang in 1964. He holds a
Bachelor Degree in Industrial Engineering from Badung
Institute of Technology. He is currently a Director and the
person responsible for the whole business, marketing and
treasury functions at BMI. He climbed the ranks of the bank
from Assistant to Vice President – Sub Division of Credit
and Marketing, Head of Asset Restructuring Team and, since
1999, as Director in the bank where he is currently serving
his second five-year spell at this level. Prior to Joining BMI,
Arifin served as Head of Corporate Banking Department at
Bank Duta, Surabaya Branch, as well as Credit and
Marketing Manager, Division of Corporate Banking, Bank
Duta, Jakarta. He is a member in the Indonesian Institute for
Corporate Directorship, Ikatan Alumni ITB, Persatuan
Insinyur Indonesia and Sarjana Teknik& Manajemen

3 Ir. H. Andi Buchari Ir. H. Andi Buchari, MM. completed his Master of
Management (MM) at Atmajaya University in 1996 where
he was awarded with the Best Graduate certificate. He had
completed his Engineer (Ir) at the Bogor Institute of
Agriculture in 1999 where he was also awarded as the best
student. He moved through the ranks of BMI to reach the
level of Director. He had served as Alt. Branch Manager,
Senior Account Manager for Corporate Banking, Division
Head for Marketing, Division Head for Treasury and
Investment Banking, Division Head for Internal Audit,
Division Head for Corporate Support and Regional Manager
for North Sumatera, West Sumatera and NAD. Buchari
participated in numerous seminars and conferences
throughout the Islamic World and gave lectures and speeches
in different finance topics.

4 M. Hidayat M. Hidayat was born in 1964 and holds a Bachelor Degree in

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Accounting from the Andalas University. He served in Bank
Duta from 1989 – 1993 as Account Manager, Head of
Consumer Banking and Marketing Collection Team Leader.
He then joined BMI in 1994 where he currently serves as a
Board of Directors member. He Headed the following
divisions within BMI: Financing Review & Treasury,
Controlling Division, Operation and Head Office, Financing
& Administration and Compliance & Corporate Support
where he was appointed director in 2007.

5 Ir. H. Herbudhi S. Herbudhi Setio Tomo was born in 1966 and graduated from
Tomo Bogor Agriculture University in 1991. He served as Senior
Manager in Financing Work-Out Division at BMI since
1999. Prior to this, he was Marketing Group Head (3) at
BMI, Assistant Manger of Account Officer of Corporate
Banking and Management Development Program Trainee.
He is member at Ikatan Returnee Indonesia.

6 Drs. U. Saefudin Drs. Saefudin Noer has a Master Degree in Communications

Noer Management from the University of Indonesia (2006). He
worked as Head of Secretariat and Public Relations Division
/ Corporate Strategy and Assistant to President Director at
Bank Duta. He then served as Head of Corporate Strategy at
Bank Syariah Mandiri from 2000-2002. At BMI, he served
as Special Staff to President Director / Assistant Director for
Corporate Relations and Corporate Support Group Head /
Corporate Secretary. He is currently a member of the Board
of Directors at BMI.

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Annex 3: Shari’a Supervisory Board

No. Name Background and Major Achievements

1 Dr. KH. Sahal Aged 69, Dr. Mahfudh is the current General Chairman of
Mahfudh the Indonesian Council of Ulema (Majles Ulema Indonesia).
He completed his high school at Mathali’ul Falah Islamic
School in Pati, Central Java. He belonged to the Santri
population of Java whose school of thought he studied both
in East Java (1953-1957) and in Holy Makkah (mid 1960’s)
under direct supervision of Shaikh Yasin Al Fadani. He also
studied at Lemhanas and is one of its Alumni. He obtained
his honorary doctoral degree (Doktor Honoris Causa) from
Government Islamic University (UIN), Jakarta in 2003.

He held various positions during his career, including:

Secretary of Suriyah PWNU Central Java (1980-1982);
Advisory Chairman of PWNU Central Java (1982-1985);
Deputy to P#M chairman, Jakarta (1988-1990); General
chairman Majles Ulema Indonesia (current); and Plenary
member of National Education Advisory Board (BPPN). He
is also a member of various institutions’ Shari’a Boards,
including Bumiputera Insurance (Chairman), Bank HSBC
(Chairman) and Bank Muamalat Indonesia (Chairman). He is
also Chairman of National Shari’a Board (DSN) and director
of Mathali’ul Falah Islamic school. He is the author of a
range of books including: Nuance of Social Fiqh; Intifah Al-
wadajain; L’anatul Asshab; Al-Bayan al-Mulamma’; Al
Faraid Al Ajbah Fil’rabi Ba’dhi Alkalimat Al Ghariba and

2 K.H. Ma’ruf Amin K.H. Ma’ruf Amin, aged 69, is currently the Vice Chairman
of the National Shari’a Board (DPS).He graduated from
Tebu Ireng Islamic Boarding School in Jombang in 1961. He
then studied in a number of Islamic boarding schools in
Banted between 1961 and 1963. In 1967, he graduated from
the Faculty of Ushuluddin, University of Ibnu Chaldun.

He has a long organizational and occupational history that

includes: Chairman of Anshor branch officeof Tanjung Priok
(1964-1966); Lecturer of faculty of Tarbiyah University of
Nahdlatul Ulama North Jakarta (1968-1971); Member of
Proselytism coordinator (KODI) DKI Jakarta (1970-1972);
Vice Chairman of NU of DKI Jakarta area (1968-1976);
General Secretary of Syuriah PBNU (1989-1994); Plenary
member of Central Indonesian Council of Ulema (1990-
now); Member of Commission VI of the House of
Representatives (1999-2001); Mustasyar DPP PKB (2000-
now); Member of Health advisory board and syara’ of
Ministry of Health (2003-now) and various other
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3 Prof. Dr. H. Aged 74, Prof. Chatib is a Civil Servant/ Lecturer/ Professor
Muardi Chatib at the Faculty of Tarbiyah and Teaching Science, UIN
Jakarta. He obtained his Islamic Junior High School at
Bukittinggi in 1953.He was certified as an official civil
servant / teacher in 1957 after serving as a school teacher and
a judge at a religious court in Bkkt.

He obtained his 3 year BA from Faculty of Tarbiya,

ADIA/IAIN in 1963. In 1967, he was certified as Drs.
Learning task service – permanent lecturer at IAIN Faculty
of Tarbiya in Jakarta, majoring in Religion science. He then
completed a postgraduate certificate in 1975 as an SPS IAIN
Lecturer after winning a scholarship by the faculty. In 1984,
he completed his MA as an IAIN S2 degree, also after
winning a scholarship. He obtained his DR. certificate with
another scholarship in 1989 as an IAIN postgraduate of S3.

His teaching experience includes many schools and

educational institutions. His positions included: The Islamic
Junior High School (1950-1954); Teacher of Exact science at
some schools (1958-1960); Permanent lecturer, and then
Professor of Faculty of Tarbiyah of IAIN (1987-2000);
Lecturer of Religion of Muhammadiyah affairs of
AKPM/STIEAD (1989-2001); Religious lecturer at
government ABA (1969-1986); Emiritus Professor of FITG
UIN Jakarta (2003-now) and many other occupations.

He also held various secretarial and organizational positions ,

including: General Board of Commissioners of Indonesian
Islamic Scouting (1958-1960); Secretary of Muhammadiyah
Tablig (1963-1965); Member of Tarjih PWM DKI Jaya
(1971-1975); Member of Isbat Council (1992-2001);
Chairman of central MUI / Dakwah (1999-2002) among
other occupations. He has been a member in Muamalat
Shari’a Board since 1999.
4 Prof. Dr. H. Umar Born in 1939 in Rappang (Makassar), Prof. Shihab obtained
Shihab his PhD degree in Islamic Law from the University of
Hasanuddin. He has been a member of the Shari’a
Supervisory Board since 1999. His career started as a
lecturer at the IAIN (1963-present), member of the House of
Representatives (1987-1992), Dean of the Faculty of
Usuluddin (1981-1989), Dean of the Sharia Faculty (1987-
1991), Rector of the Islamic University (1992-1996) and
Educational Director of Ulama Cadre (1994-1996).

He has been active in Islamic movement since his youth,

starting from Islamic Student Association (PII) (1960-1964);
Chairman of the Makassar Branch of the Association of
Islamic University Students, HMI (1962-1998); Chairman of
the South Sulawesi Chapter of the Indonesia Council of
Ulemas (1987-1998); Deputy of the Indonesian Council of
Mosques (1994-1999); and the Chairman of the Central
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Board of the Indonesian Council of Ulemas since 1998.

Annex 4: Internal Shari’a Control

No. Name Background and Major Achievements

1 Drs. Agustianto Dr. Agustianto was born in 1967. He obtained his PhD in
Islamic Economics and Finance at Postgraduate University
of Indonesia. Prior to that, he completed undergraduate
studies at the Syaria’h Faculty, The State of Islamic Institute
in 1992 as well as postgraduate studies in 1998. He lectures
at Postgraduate University of Indonesia in several subjects in
Islamic Economics, Business and Finance. He is also a
member of The General Secretary of The Indonesian
Association of Islamic Economists.
2 Dr. Muhammad Dr. Ibrahim was born in Palembang in 1941. He holds a
Anwar Ibrahim Doctor from Shari’a and Laws Faculty at Al-Azhar
University of Cairo. He also holds a Master degree from the
same faculty and a Bachelor Degree in Shari’a from the
Syariah Faculty IAIN Raden Fatah, Palembang. He held
several posts during his career including Dean of Syariah IIQ
Faculty from 1992 to 1994 and Deputy Head of University I
of the Koran Institute of Science in Jakarta from 1994 to
1998. He is a Committee Member of Religious Matters of
MUI (Council of Moslem Religious Leaders of Indonesia)
since 1997 and was appointed Vice Chairman in 2000. He is
also consultant at Muamalat Institute since 2000.
3 Mr. Mohamad Mr. Hidayat was born in Jakarta in 1968. He completed an
Hidayat undergraduate program at the Shari’a Faculty of IAIN
Jakarta in 1991. In 1994, he concluded Business Law
education at The A Team in Jakarta, and in 1996, an Islamic
Banking Course at BIRTH Malaysia. He obtained his MBA
from IPWI Jakarta in 1999 and MH from IBLAM in 2003.
He is currently conducting his Doctorate Program in Islamic
Economics and Finance at Trisakti University. He held
several posts during his career, including membership in
MUI National Shari’a Council, General Chairman of Al
Washiyyah Foundation and in the Founder Team of Takaful
Indonesia. He also published a number of books in Fiqh and
Shari’a Banking, including: Bank Syariah di Indonesia
(Shari’a Bank in Indonesia), Investment’s Social Fund,
Multilevel Marketing Shari’a and Fiqh Perdagangan Bebas
(Free Trade Legal). He is currently a member of the National
Shari’a Board – Indonesian Council of Ulama, Lecturer at
IAIN Jakarta, Board of Directors Advisor at Bank Muamalat
Indonesia, among other positions in the fields of advisory
and education.
4 Mr. Ikhwan A. Mr. Basri obtained is MA degree in Islamic studies from
Basri Jami’a Salafiyah at Faisalabad, Punjab, Pakistan. Prior to
this, he had completed his BSc in Islamic Economics from
the International Institute of Islamic Economics at the
International Islamic University in Islamabad, Pakistan. He is
a member in several Shari’a Monitoring Bodies in Indonesia,
a member of National Shari’a Council (DSN), Graduate
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Lecturer on Islamic Economics at Universitas Indonesia and

a Shari’a Consultant to Indonesian Banking Development

Institute. He has an array of publications in Islamic
Economics, Regulation and Banking.

5 Mr. Gunawan Mr. Yasni holds an MBA (majoring in Finance) from

Yasni Prasetiya Mulya Graduate School of Management,
Indonesia. He is also a Certified Islamic Financial Analyst by
the University of Indonesia and Muamalat Institute and a
registered accountant at the Ministry of Finance. Since the
early 1990’s, Mr. Yasni worked in a number of supervisory
and consultancy positions, including membership in the
Shari’a Supervisory Boards of BATASA Shari’a Fund and
SIMAS Shari’a Insurance. He is currently a member in the
Shari’a Supervisory Boards of Deutsche Bank Shari’a
Custodian & Investment, Astra Buana Shari’a Insurance and
Sarana Pengembangan Usaha. He is also a member of the
National Shari’a Board – Indonesian Council of Ulama and
the National Shari’a Board at the Ministry of Finance Task

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