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IFN Indonesian Corporate Forum 2024

30th September 2024
Four Seasons Jakarta

Brought to you by

#IFNEVENTS2024

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Introduction

Vineeta Tan, Managing Editor and Director, Islamic Finance news

Exploring Non-Rupiah Funding Routes and Shariah Compliant Options for Indonesian Corporate Issuers 
  • The Indonesian corporate finance market and how it has evolved.
  • Assessing funding options for Indonesian corporate issuers: capital markets vs bank financing vs alternative funding (P2P and equity crowdfunding).
  • Offering an overview of the legal, tax and regulatory environment for Indonesian corporate capital raising.
  • Rupiah versus non-Rupiah denominated corporate financing and capital raising activities.
  • Shariah bank and syndicated financing versus the Islamic capital markets: comparisons and contrasts.
  • Common non-Rupiah Sukuk structures and their applications for corporate issuers.
  • Balance sheet management: asset-based versus asset-backed structures, and Rupiah versus non-Rupiah.
  • Other key considerations for potential issuers of Shariah compliant facilities: tenor, rating, risk management, liquidity, credit enhancement, investor base.
  • The opportunities offered by Shariah compliant, non-Rupiah green, transition and sustainability linked capital raising products.

Moderator:

Elias Moubarak, Partner, Trowers & Hamlins

Panelists:

Aditya N W Martowardojo, Director Corporate Client Solutions, PT CIMB Niaga Sekuritas
Bilal Parvaiz, CEO, Standard Chartered Saadiq
Ritesh Agarwal, Head of Debt Capital Markets, Investment Banking, Emirates NBD Capital
Romy Buchari, Shariah Banking Director, Maybank
Zach Ang Chiang Yong, Head, Asia Clients, GLCs and Financial Sponsors, CIMB

About The Forum

Indonesia’s global leadership in sovereign Sukuk is undisputed, both in the local rupiah and dollar markets. It has even pioneered innovative solutions such as cash Waqf-linked Sukuk, digital retail Sukuk and green Sukuk.

Unfortunately, this enthusiasm for Shariah compliant paper has not really cascaded down to the corporate sector. As at the end of 2022, Indonesia, which had US$85 billion in outstanding government Sukuk, only held US$5 billion in outstanding corporate Sukuk, mostly denominated in the local currency.

Indonesian corporates in general are turning to conventional finance rather than the Islamic markets for their funding needs, especially for their offshore funding requirements.

This represents a missed opportunity especially as Indonesia’s cross-border financing needs continue to grow exponentially as it fulfills its role as one of the world’s main suppliers of various natural resources, and as Indonesian companies continue to expand their international geographical footprint, deepening their multicurrency financing needs.

These needs can be met through Islamic financing, which would be an ideal vehicle for Indonesian corporates to tap global liquidity. The question is, how?

The IFN Indonesian Corporate Development Initiative Forum in Jakarta this September will gather leading banks, international legal experts and global intermediaries to shed light on how Indonesian companies can raise Islamically in the most effective and cost-efficient manner.

The three-hour high-level private event will comprise of interactive expert panel discussions, case studies, presentations and keynote addresses focusing on Shariah compliant international capital raising method specifically for Indonesian corporates.

A comprehensive report will follow the event.

An exclusive, private event, focussing on raising awareness of the opportunities for Shariah compliant, Indonesian issuers raising non-Rupiah paper for their capital raising requirements.

Forum Speakers

Aditya N W Martowardojo

Aditya N W Martowardojo

Director Corporate Client Solutions, PT CIMB Niaga Sekuritas
Aditya N W Martowardojo
Aditya N W Martowardojo
Director Corporate Client Solutions, PT CIMB Niaga Sekuritas

Aditya Martowardojo has more than 22 years of experience in the capital market industry. He currently serves as Director of Corporate Client Solutions in CIMB Niaga Sekuritas. Before joining CIMB in 2015, he worked in several securities companies which includes: PT Macquarie Capital Securities Indonesia, VP and Director, Investment Banking (2014 – 2015) and PT Danareksa Sekuritas, Director, Investment Banking (2001-2013). His transaction experience includes numerous capital market transactions (equity and debt), corporate financial advisory and M&A across a wide range of sectors. Notable recent transactions include Global Sukuk of the Republic of Indonesia (2021 – 2023), Rights Issue of Bank BTN (2023), Rights Issue of Semen Indonesia (2022), Rights Issue of Bank Syariah Indonesia (2022), IPO of GoTo (2022) and Divestment of SMR (Kanci – Pejagan Toll Road) and PPTR (Pejagan – Pemalang Toll Road) owned by Waskita Toll Road to INA (Indonesian Sovereign Wealth Fund) (2022). Aditya earned a Master in Applied Finance degree and a Bachelor of Banking and Finance degree from Monash University, Australia. He also holds an Underwriter Representative license from OJK.

Bilal Parvaiz

Bilal Parvaiz

CEO, Standard Chartered Saadiq
Bilal Parvaiz
Bilal Parvaiz
CEO, Standard Chartered Saadiq

Bilal Parvaiz started his career with Standard Chartered in 2010 as part of the Group Islamic Banking team based in United Arab Emirates, where he was responsible for the Bank’s Structured Trade and Transaction Banking business across the Gulf Cooperation Council (GCC) and South Asian markets.
He joined Standard Chartered Saadiq Malaysia in 2014 and led the Islamic Corporate and Investment Banking (CIB) team, driving regional coverage across the ASEAN markets including Malaysia, Brunei, Singapore and Indonesia.

Bilal was appointed Chief Executive Officer of Standard Chartered Saadiq Malaysia on 15 March 2024 and is now steering the Bank’s Islamic banking business in Malaysia to greater heights by strengthening Saadiq’s leading position in the Islamic banking arena.

Bilal has played an instrumental role in originating landmark transactions across the GCC, South Asia and ASEAN, including market firsts such as the world’s first ESG Islamic Collateralised Commodity Murabahah transaction and Sustainable Islamic Supplier Finance. Bilal most notably spearheaded the Halal360 initiative, a key proposition that aims to expand the Halal eco-system globally.

Bilal was also the Country Champion for Sustainable Finance and represented the Bank in multiple sustainability initiatives including Value Based Intermediation (VBI) and Joint Committee on Climate Change (JC3). He also jointly led the Value Based Impact Assessment Framework (VBIAF) for the Renewable Energy sector. Owing to his expertise in Islamic Finance – the Halal economy and Sustainable Finance, he is often invited to share his views at various industry forums.

Bilal holds an MBA and professional qualifications in Sustainable Finance from Frankfurt School of Finance & Management, has undertaken the Sustainability Leadership Programme at the University of Cambridge and the Global Banking Leadership program at Bayes Business School London. He is also an Associate Member of Chartered Institute of Islamic Finance Professionals (CIIF).

Elias Moubarak

Elias Moubarak

Partner, Trowers & Hamlins
Elias Moubarak
Elias Moubarak
Partner, Trowers & Hamlins

Elias is a Partner in Trowers & Hamlins’ International Banking and Finance Department.

Elias has a broad range of experience both in the conventional and Islamic finance spheres. He has significant experience in representing the full spectrum of stakeholders on a range of banking and finance transactions including project financing and real estate financing as well as capital market issuances.

Ritesh Agarwal

Ritesh Agarwal

Head of Debt Capital Markets, Investment Banking, Emirates NBD Capital
Ritesh Agarwal
Ritesh Agarwal
Head of Debt Capital Markets, Investment Banking, Emirates NBD Capital

Ritesh joined the DCM team at Emirates NBD Capital in September 2014. Previously, he worked at Bank of America Merrill Lynch, Mumbai office in the Capital Markets team where he helped numerous issuers raise both equity and debt.

He is currently responsible for the origination, structuring and execution of debt capital markets solutions (conventional and Islamic) for clients across sovereigns, supranationals, financial institutions and corporates. He has helped clients across GCC, Asia and Africa raise over US$50 billion across senior secured, unsecured and hybrid instruments in public/private formats.

Ritesh holds an MBA from the Indian Institute of Management, Ahmedabad (India).

Romy Buchari

Romy Buchari

Shariah Banking Director, Maybank
Romy Buchari
Romy Buchari
Shariah Banking Director, Maybank

Romy Buchari is the Shariah Banking Director at Maybank Indonesia. He is responsible for the growth of the Bank’s Islamic banking business, covering customer segments from Retail, Wealth, SME, Commercial to Corporate/Wholesale banking. Maybank Indonesia’s Shariah-compliant asset has reached over 25% of the Bank’s overall assets, the highest penetration percentage by far amongst all Islamic banking outfits in the Country. Romy’s experience spans multiple geographies in countries such as the United States, Indonesia, Singapore, Saudi Arabia, Oman and the United Arab Emirates. He has previously worked with institutions such as ABN-AMRO, Emirates Islamic Bank, HSBC and McKinsey & Company.

Vineeta Tan

Vineeta Tan

Managing Editor and Director, Islamic Finance news
Vineeta Tan
Vineeta Tan
Managing Editor and Director, Islamic Finance news

Vineeta Tan is Managing Editor and Director of REDmoney Group, one of the world’s longest-running Islamic finance media houses. Vineeta oversees REDmoney Group’s stable of products including Islamic Finance news, IFN Fintech and Islamic Sustainable Finance & Investment. With over a decade of experience in the journalism and publishing industry, Vineeta specializes in ethical and Islamic finance as well as fintech reporting and analysis covering regions including the Middle East, Asia, Africa and Europe. As managing editor of IFN, Vineeta leads the editorial direction and business development of IFN and its sister publications in addition to authoring reports, producing podcasts and conducting video interviews. She has interviewed senior industry players, key stakeholders and senior dignitaries including the finance/economic ministers of the Ivory Coast, Sri Lanka and the Maldives. Vineeta is a regular on the international conference circuit as both a moderator and speaker. She has an MBA and is trained in Journalism and Sociology. Vineeta also holds the Islamic Finance Qualification awarded by the Chartered Institute for Securities & Investments, UK.

Zach Ang Chiang Yong

Zach Ang Chiang Yong

Head, Asia Clients, GLCs and Financial Sponsors, CIMB
Zach Ang Chiang Yong
Zach Ang Chiang Yong
Head, Asia Clients, GLCs and Financial Sponsors, CIMB

Zach is the Head of Asian Clients, GLCs and Financial Sponsors Coverage at CIMB Bank Singapore. In this role, he looks after large conglomerates/ corporates across Asia Pacific, Singapore government-linked companies as well as financial sponsors. Zach has over 18 years of experience in corporate banking and investment banking, both in Singapore and across Asia Pacific. His experience spans across Corporate Banking, Corporate Finance, Capital Markets, Transaction Banking and Financial Markets. Zach joined CIMB in 2021 and prior to that, he was with Standard Chartered Bank, OCBC Bank and Sumitomo Mitsui Banking Corporation.

Forum Partners

HOSTS

CIMB Islamic

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CIMB Islamic Bank, licensed under Malaysia’s Islamic Financial Services Act 2013, is the main operating entity of the CIMB Group’s global Islamic banking and finance franchise. It operates in parallel with the group’s universal banking platform where it offers Shariah compliant products and services to the group’s wholesale banking, consumer banking, commercial banking and asset management businesses.

CIMB Islamic’s products and operations are managed in strict compliance with Shariah principles under the guidance of the CIMB Islamic Board Shariah Committee, which comprises some of the world’s leading Shariah experts or scholars. CIMB Islamic provides comprehensive and innovative Shariah compliant financial products and services to meet the needs of individuals, small and medium-scale enterprises as well as large institutional customers.

CIMB Group’s Islamic banking and finance business is supported by the group’s network of over 39,000 staff in 16 countries comprising an experienced senior management team and a global team of Islamic banking and financial services professionals in all core components of the Islamic banking and financial services market. CIMB Group also has the most extensive retail branch network in ASEAN, with more than 900 branches as at the 31st December 2016. Outside of Malaysia, CIMB Islamic operates a universal offering in Indonesia and Singapore with a focus in wholesale banking in the other 14 countries.

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Emirates NBD Capital

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Emirates NBD Capital (EMCAP) is the global investment banking arm of Emirates NBD Group. The company has successfully led the execution of several landmark transactions across the GCC, Turkey, India, China, and Indonesia. EMCAP recently raised over USD 20 billion for Saudi issuers across both bond and sukuk formats, supporting sovereign wealth funds, leading banks, and corporates. Since 2022 EMCAP has held the top position in leading UAE IPOs as Global Coordinator, raising over USD 12bn for its clients during this period. EMCAP is now the partner of choice for UAE issuers, with 100% market share of IPOs on the DFM, as a Global Coordinator and Lead Receiving Bank. EMCAP is known for its innovation and execution excellence. Its status as a top-ranked local ECM house and regional DCM house is reflected in its top 5 ranking in the CEMEA DCM League Tables 2024.

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Maybank Islamic

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Maybank Islamic is the Islamic banking subsidiary of Malaysia’s largest banking group, Malayan Banking (Maybank). As at the 31st December 2023, our total assets stood at about US$76 billion, making us the largest Islamic bank in ASEAN and one of the top five in the world. Maybank Islamic ranked as No 5 in the Global Sukuk League and No 2 in Bloomberg’s Ringgit Malaysia Sukuk League Table in December 2023.

As at the 31st March 2024, Islamic financing constituted 69.3% of Maybank Malaysia’s total loans and financing while Maybank Islamic took lead in the market share of Islamic assets in Malaysia at 29.4%.

Maybank Islamic offers a range of Islamic financial products and services across more than 354 Maybank touchpoints in Malaysia, as well as in international operations in Dubai, Indonesia, Singapore, Hong Kong, London and Labuan.

Maybank Islamic is committed to continuously providing meaningful Shariah-based financial solutions and strengthening the bank’s commitment in its sustainability agenda. This will be done by not only embedding Shariah values and principles into its products and services, but also through continuous engagement with local and global stakeholders to steer the sustainability conversation within the bank and industry.

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Trowers & Hamlins

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Trowers & Hamlins is an international law firm with over 150 partners and more than 900 people located across the UK, the Middle East and the Far East providing a full-service integrated offering to clients with local knowledge and expertise at its core.

Our distinguishing feature is that with 25 years of experience in the UK and the Middle East, we have a depth of knowledge of the Islamic finance industry that covers the entire spectrum from regulatory and corporate governance to capital market issuances and real estate investment. Our international team of multidisciplinary specialists will guide you on structuring your Shariah compliant activities to help you achieve a successful outcome.

With our growing office in Kuala Lumpur, our team now advises on Islamic investments, financings and products across the UK, Europe, the Middle East and Southeast Asia.

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STRATEGIC PARTNERS

LEAD MEDIA PARTNERS

Islamic Finance news

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Islamic Finance news (IFN) is the company’s principal publication. IFN is a digital, subscription-based publication available online and through smartphone and tablet applications. Published weekly, the journal provides exclusive and comprehensive coverage of the global Islamic financial markets through in-house analysis and expert external contributions; in addition to a daily news service, additional quarterly supplements and a variety of special annual issues.

Differentiated by trusted relationships across the industry since 2004, IFN is able to leverage an unrivalled network of contacts and connections to provide unparalleled insight into the issues affecting global Shariah compliant markets: along with in-house analysis, news, interviews, reports, industry and sector data, and much more.

With an archived website containing over 80,000 exclusive reports, the IFN portfolio also hosts a suite of proprietary tools including the industry’s largest interactive terminology glossary, a directory of over 9,000 global Islamic financial institutions and a portal to Islamic Banking Intelligence, the most comprehensive source of segmented Islamic banking financial data.

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IFN Fintech

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Fintech is one of the most exciting sectors of the global financial industry, breaking boundaries and challenging preconceptions in one of the shake-ups of the century. A new class of financial players is disrupting the status quo – and financial institutions must embrace this change or face being left behind as the financial landscape transforms beyond recognition.

But although fintech as a whole has been well-served by the media, the Islamic segment has so far made limited penetration on public consciousness – despite the enormous potential it represents for the industry. There is a clear chasm between the multitude of pioneering entrepreneurs, start-ups and fintech firms making waves in the Islamic space; and the interested investors, institutions and stakeholders keen to explore these opportunities.

Recognizing this information gap, IFN is delighted to introduce to you a bespoke multi-channel platform – IFN FinTech.

Comprised of four tranches, IFN FinTech is a one-stop-shop for industry knowledge, networking and communication – supported by our unrivaled global network, our strong social media platform and our trusted multimedia Islamic finance offering.

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IFN Sustainable

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IFN Sustainable, comprises a dedicated portal, weekly news alert, audio and video podcasts, interviews, data, exclusive reports, case studies, research, virtual roundtables, and hybrid forums. With a focus on the latest news and developments, IFN Sustainable is also be a pivotal platform for thought leadership and the launch of new products and services within the industry. IFN Sustainable also partners with some of the leading organizations associated with the Islamic and sustainable finance industry, providing holistic coverage.

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IFN Investor

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The Islamic investment industry is a fastgrowing and dynamic sector within the Islamic finance space, with a ballooning pool of assets under management, reflecting a rapidly increasing demand for Islamic investment products.

Yet this increased demand has not been matched by increased activity in the media space.

And, although IFN has been reporting on the Islamic investment market for almost 20-years, we noticed we could do more and decided to rectify this imbalance.

After extensive research and surveying of the global Islamic investor industry on what they would like to see, we have designed and built a one stop portal for all those involved or interested in the local, regional, and global Shariah compliant investment market.

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MEDIA PARTNERS

Syariah Saham Indonesia

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Syariah Saham Indonesia is the only stock community in Indonesia that exclusively invests in Shariah compliant stocks and investment instruments, such as Sukuk, Shariah deposits, Shariah mutual funds, and Shariah crowdfunding.

With a vision to popularize Shariah stocks and Shariah compliant investing and a mission to help the Indonesian community achieve their financial goals through Shariah compliant investments, the organization offers an educational platform through its website and social media channels that provide comprehensive information on Islamic investments.

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In The News

IFN Monthly Review: June – Welcoming new Islamic banks

Several jurisdictions took major steps toward expanding their Islamic banking ecosystems this week, with developments ranging from new licenses and...

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Corporate Sukuk: Drop in global Sukuk issuance

Total global corporate Sukuk issuance experienced a drop in 2022, due to higher oil prices, rising rates and geopolitical…

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Financial institutions Sukuk: Total issuance drops in volume and value

The number of Sukuk facilities issued by financial institutions decreased both in volume and value in 2022…

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Indonesia: Consolidating the Islamic finance industry

Home to the largest Muslim population in the world (around 237 million people, or approximately 86.7% of the total population), Indonesia remains…

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About REDmoney Events

REDmoney events designs, organizes and hosts industry-leading conferences, forums, roadshows, seminars and dialogues focusing on the Islamic financial markets across a global, regional and national level. Leveraging an exceptional network of the industry’s elite and supported by the expertise of the REDmoney publishing and seminars divisions, REDmoney Events are able to provide access to a unique array of influential speakers, panelists and participants from a cross-section of the global industry to debate the most significant issues affecting the Shariah compliant financial markets.

REDmoney events are differentiated by their complimentary yet qualified attendance structure, ensuring the highest quality of both delegates and contributors. Comprehensive and cuttingedge, attendance ensures exclusive access to the leaders in their field across all sectors and markets.

The annual IFN Asia and IFN UK Forums are categorically recognized as their continent’s leading industry events since their inception in 2006 and 2007, respectively. The Dialogues series have also become an integral element of the REDmoney events series and have cemented their position as leading, must-attend, events.

In 2024, we welcome the IFN Investor Forums, which coincide with the new IFN Investor portal.

For any inquiries contact us

Our team will be glad to answer any questions you may have about this event.

Contact Us

About Us

REDmoney Events designs, organizes and hosts industry-leading conferences, forums, roadshows and seminars focusing on the Islamic financial markets across a global, regional and national level.

+603 2162 7800
[email protected]

Our Publications

  • Islamic Finance news
  • IFN Investor
  • IFN Sustainable
  • IFN Fintech

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