Indonesian bank to offer public shares in its Islamic finance arm

Jakarta

ONE of Indonesia's largest banks said it would sell shares to the public this month in its Islamic finance division - in part because it would help the lender cope with fast accumulating piles of money from customers eager to save for pilgrimages.

BRISyariah, a subsidy of state owned Bank Rakyat Indonesia (BRI), says its customers are ploughing an estimated 2 trillion rupiah (S$184 million) into savings accounts earmarked forhajj pilgrimages to Mecca.