News Life and Health06 Dec 2017

Indonesia:First Shariah insurance company goes public

PT Asuransi Jiwa Syariah Jasa Mitra Abadi (JMA Syariah) plans to launch an initial public offering (IPO) this month, the first Islamic insurer to go public on the Indonesia Stock Exchange. The IPO is expected to raise up to IDR60 billion (US$4.44 million).

President Director of JMA Syariah Ibrahim said the company will issue as many as 400 million shares or equal to 40% of the issued and paid up capital. "The IPO offer price is in the range of IDR130-150 per share so that the funds that can be collected would reach IDR52-60 billion," he said. The nominal value is currently IDR100 per share. The IPO is scheduled to be launched on 11 December and the shares are to be listed on 18 December.

The IPO proceeds will be used as short-term investment capital. The investments could be in sukuk, deposits, mutual funds and other instruments available in the capital market, said Mr Ibrahim in a statement.

JMA Syariah is a Shariah life insurance company established in August 2014. It is a subsidiary of Kospin Services, which is a member-owned financial co-operative. The Islamic insurer received an operating licence from the Financial Services Authority (OJK) in September 2015. Currently, JMA Syariah has 10 products consisting of four individual products and six group products. In 2018, JMA plans to increase its offerings to 16 products.


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