Gatehouse Bank plc, (Gatehouse Bank) a fully Shariah compliant investment bank in London has entered into a memorandum of understanding (MOU) with PT Bank Syariah Mandiri and an MOU with PT Bank Negara Indonesia to strengthen ties with both parties respectively, and agree upon Islamic banking initiatives that will benefit each other through closer working cooperation.

The MOUs highlight strategic activity undertaken by Gatehouse Bank to solidify key alliances and develop relationships with Indonesian banks. Each MOU stated terms and the scope of activity for different business lines.

Fahed Boodai, Chairman of Gatehouse Bank signed the MOUs in Indonesia today, to realise the development of enhanced and shared activities with each party. 

Mr Boodai stated, “We look forward to a productive and prosperous working future with these banks and we will stay committed in our efforts to engage and advance transaction activity that will deliver real reward to all working parties.”

PT Bank Syariah Mandiri is one of 7 Islamic banks in Indonesia. It is a wholly owned subsidiary of Bank Mandiri which is the largest commercial bank in Indonesia. PT Bank Negara Indonesia is the 4th largest commercial bank in Indonesia.

London-based Gatehouse Bank continues to strengthen its strategic partnerships with companies in the SE Asian region that want to tap into the services of a bank with its depth of knowledge in international financial markets combined with its understanding in Shariah banking.

Indonesia has the largest Muslim population in the world by country. It is projected by Indonesia''''s central bank, Bank Indonesia, that Islamic assets in Indonesia will reach IDR 97 trillion by year end 2010 ($USD 21.2 billion), a 43% increase from 2009. Indonesia has been relatively unscathed by the financial crisis, as it has been sheltered by the size of its domestic economy. Bank Indonesia is forecasting growth in GDP this year of 5-5.5%.