Bank Islam expanding into Southeast Asia

Is particularly interested in Indonesia.

Bank Islam Malaysia Bhd is exploring opportunities to expand its business in Southeast Asia. Managing Director Datuk Zukri Samat said, however, that the bank has not identified suitable joint venture partners to penetrate foreign market.

“Although we do not have the opportunities currently, we are still determined to expand our business to Indonesia,” he said.

Bank Islam was rumored to have held talks with an Islamic bank in Indonesia to acquire up to a 40% stake in the latter.

Zukri said the bank will further expand its Indonesian operations by opening five branches nationwide by yearend. Bank Islam currently has 130 branches.