BANK ISLAM AIMS TO TAP OVERSEAS MARKETS

KUALA LUMPUR, Feb 13 (Bernama) -- Bank Islam Trust Company (Labuan) aims to
tap overseas markets, especially the Middle East, to further grow its managed
asset base, its chairman Zahari Idris said Thursday.

"We are seriously looking into having outside partnerships, but have yet to
identify any potential partners yet. We are very selective," he told reporters
after the memorandum of understanding signing ceremony between Bank Islam Trust
and Bank Muamalat Indonesia Group here.

The MOU will see both parties forming a joint working committee for the
promotion of Bank Islam Trust's products to be offered by Bank Muamalat in the
world's largest Islamic population.

"For a start, the MOU will give the Bank Islam group immediate access to the
relatively untapped market for Syariah-based financial products and services,"
Zahari said.

He said a formal agreement and the distribution of the Islamic trust
products should be out by year-end.

"We are now looking at product distribution. As time goes on, we can develop
products together too," Zahari said.

He said Indonesia was seen as a lucrative market given the population,
especially the substantial high networth clients.

Bank Muamalat administration and financing director, Andi Buchari, said the
bank has a large presence in Indonesia via its outlets with three million
customers.

"We are currently identifying our prime customers for the Islamic trust
products and they make up about 10 percent of our customer base," he said.
-- BERNAMA