SSG Capital-backed Al Falah awaits OJK’s approval to acquire Bank Muamalat

SSG Capital-backed Al Falah awaits OJK’s approval to acquire Bank Muamalat

Photo: Bank Muamalat

Singapore-based Al Falah Investment is awaiting approval from Indonesia’s Financial Services Authority (OJK) to acquire a 50.3 per cent stake in PT Bank Muamalat Tbk, according to the bank’s CEO Achmad Permana.

Al Falah Investment is backed by Hong Kong-based asset management firm SSG Capital Management, according to the prospectus published by Bank Muamalat in April. Al Falah Investment was founded and is partly owned by Indonesian businessman Ilham Habibie, who is the son of former president BJ Habibie.

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