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Thursday, January 8, 2009

Best Individual Islamic Banker Nomination (Islamic Finance News Poll 2008)

Achmad Riawan Amin is the president director of Bank Muamalat Indonesia (BMI) since 1999. He is also the director of International Islamic Financial Market (Bahrain), chairman of Indonesian Sharia Bank Association, and director of the General Council for Islamic Banks and Financial Institutions, Bahrain.

Achmad played an important role in reviving the bank from losses during the monetary crisis. BMI suffered losses of up to IDR105 billion (US$9.6 million), equity was only IDR39 billion (US$3.6 million), while non-performing financing drastically hiked by 65.5%.

Achmad — voted as Best CEO 2008 in Bisnis Indonesia — successfully maneuvered the bank through the difficult condition. In just the second year of his leadership, BMI reaped profits while assets hiked up to 3 times. Now BMI’s assets rose by 400 times to IDR12.6 trillion (US$1.1 billion) and total equity increased to IDR1.3 trillion (US$119 million). BMI possesses 40% of the total profit of the Shariah industry.

Innovation and alliance are Achmad’s keywords. Under his leadership, BMI has increased its outlets from a mere 58 outlets in 1998 to 222 outlets and 3,500 real time online service throughout Indonesia. BMI has an outlet operating in Malaysia. BMI’s innovative product, Shar-E, a Shariah investment was made available in every online post office all over Indonesia, possessesing 47% of the total Shariah savings account. Due to his role and service towards the development of the Shariah industry, he was awarded the Figure of Change 2008 by an author of a bestseller book ‘The Celestial Management and Satanic Finance’ published by Republika. Besides playing a vital role in the construction of the Shariah banking and Sukuk law in the country, Achmad also implemented the interconnection facility among Shariah banks via the Shariah Deposit Arrangement.

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