Plans for Islamic Pension Fund

PT Jaminan Sosial Tenaga Kerja, Indonesia’s state pension fund, said a joint venture with the Islamic Corporation for the Development of the Private Sector, the investment unit of Saudi Arabia’s Islamic Development Bank, is expected to start operations next year. The venture aims to attract more investment from the Middle East to Indonesia.

The initial capital of the joint venture will be about Rp 1 trillion ($106.2 million), with the fund taking majority ownership, said the fund’s president director, Hotbonar Sinaga, on Monday. “The new unit is expected to be in operation at the earliest in the first quarter of next year,” he said. 


Bloomberg

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