Garuda Indonesia and Bank International Indonesia to Facilitate Syariah Financing Service


MARCH 25, 2015

Bank Internasional Indonesia (BII) and Garuda Indonesia has increase the strategic partnership in the provision of Syariah financing (Islamic based financing) facilities to Garuda Indonesia. The inauguration of this strategic partnership was officiated through the signing of a cooperation agreement, symbolically conducted by the Director of Finance, Risk & Information Technology, Garuda Indonesia IGN, Akshara Danadiputra and EVP BII, Ricky Antariksa, witnessed by Director of Garuda Indonesia, M. Arif Wibowo and President Director of BII Taswin Zakaria at the Garuda office, Kebon Sirih, Jakarta. BII-Maybank, through BII Syariah, now provides the Musharaka (Syariah) financing facility worth USD$ 100 million to Garuda Indonesia, with one year funding period. This facility is intended for the business development of Garuda Indonesia Group, including to finance its subsidiaries business. Prior to that, BII also provides facility, in the same amount of $100 million in 2014, which is used for both expansion and operational of Garuda Indonesia. Director of Garuda Indonesia, M. Arif Wibowo expressed his appreciation for the support given by BII. "Working together on this financial facility is a form of trust between Garuda Indonesia and BII to improve its performance in early 2015. This cooperation will certainly provide added value to Garuda Indonesia, which is in line with its "Quick Wins" program, that is currently being implemented to support the plan for future development of the company." "The improved strategic partnership with Garuda Indonesia by providing the Syariah financial facility is also in line with BII strategy to support strategic SOEs and top tier clients in Indonesia," said Zakaria Taswin. "This support is also part of BII and Maybank mission in humanizing financial services and solutions to our business partners and their communities," he added. The strategic partnership with Garuda Indonesia is part of BII's effort to support the field of transportation and the tourism industry, which in turn is also expected to provide positive contribution for the national economy. In addition, BII has also a strong commitment to play active role in the development of Islamic banking in the country.