Jakarta. A consortium of local and global investors, led by aviation expert and businessman Ilham Habibie, is set to acquire a majority stake in Indonesia's oldest shariah-compliant lender, Bank Muamalat, for Rp 2 trillion ($132 million).

The consortium consists of Singapore-based investment advisory firm Lynx Asia Partners, Hong Kong-headquartered asset management firm SSG Capital, the Panigoro family (owners of the Medco Group), and Ilham, the son of former Indonesian President B. J. Habibie.

Ilham also serves as Bank Muamalat commissioner.

Under the acquisition plan, Bank Muamalat will sell 20 billion new shares at Rp 100 apiece, subject to an extraordinary shareholders meeting on Oct. 11.

"The consortium of investors, led by Ilham Habibie, gives certainty to our customers and existing shareholders. Their contribution will also help to boost our business and our upcoming expansion," Bank Muamalat president director Achmad K. Permana said in a statement on Wednesday (03/10).

Ilham said the consortium will hold a controlling stake of about 60 percent in the bank, once the rights issuance plan is completed. The existing shareholding will later be diluted once the transaction is completed.

"We expect the transaction to be completed by the end of this year," Ilham said.

The bank's main shareholders currently include the Islamic Development Bank, Kuwait's Boubyan Bank, Saudi Arabia's Atwill Holdings Limited and the National Bank of Kuwait.

Ilham said he expects the bank's nonperforming financing (NPF) ratio to lower after the rights issuance plan. The bank's gross NPF stood at 1.65 percent in the first half of this year, far below the 4.95 percent in the corresponding period last year.

Bank Muamalat has been struggling to find new investors in the past few years as it has been coping with bad financing, which is eroding its capital. There were several offers and unsuccessful attempts by various institutions to save the bank.

The lender had an acquisition offer from Jakarta-listed brokerage firm Minna Padi Investama Sekuritas for Rp 4.5 trillion, but the plan was abandoned at the end of last year. Bank Muamalat also received an acquisition offer from Malaysian lender Bank Islam, but it too was withdrawn in early 2011.

It was previously reported that Indonesian tycoon Tahir, founder of the Mayapada Group, would also join the current consortium, but Ilham said the business magnate will likely scrap the plan.

Ilham and his father co-founded aircraft manufacturer Regio Aviasi Industri in 2012.