ALMA Syariah_Aulia Firdaus

Lembaga PengembanganPerbankan IndonesiaMitra Anda Membangun Masa Depan


11



22

PENDAHULUAN1

TREASURY2

ALMA3

APLIKASI PADA BANK SYARIAH4

Agenda

ALCO SYARIAH5

PENUTUP6



33

PENDAHULUAN1



44

SURPLUS UNIT

Saver

Investor

Financier

Shohibul Maal

DEFICIT UNIT

REAL SECTOR

Business Projects

(infrastructure, natural

exploration, Trade Finance, etc)

UMKM,,

Mudharib

Social Welfare

Social Development

Mashlahah

Falah

POOL OF FUND

Bank Syariah

Fund Manager Syariah

Asuransi Syariah

Securities H

ouse &

Institusi/Profesi P

endukung

ZAKAT INFAQ SHADAQAH

WAQAF (ZISWAF)

Integrasi & Sinergi Pasar Keuangan Global Syariah



55



66

Berjamaah (QS:3:102-105)Visi: Pelopor pengembangan pasar keuangan global syariah yang inovatif, efisien dan kompetitif sesuai kebutuhan pelaku pasar untuk memberdayakan sektor riil.Misi:

Menjadi katalisator untuk mempercepat terwujudnya pasar keuangan global syariahMelakukan kajian dan sosialisasi bagi produk inovatif pasar keuangan global syariahMempersiapkan SDM yang mampu menjadi penopang dan pelaku pasar keuangan global syariahMenuju Indonesia sebagai pusat transaksi keuangan global syariah yang diperhitungkan dunia

Indonesia Islamic Global Market Association



77

TREASURY2



88

B A N KBranch Branch

Liquid &

OptimalTrading

Management

• Money Market• FOREX Market• Debt Market• Derivative Market Liquidity

Management

YES

NOShort

of Fund

Excess

of Fund

TreasuryFunding Lending

Peran Treasury



99

Islam a Comprehensive Way of Life

ISLAM

AQIDAH SHARIAH AKHLAQ

MUAMALAH IBADAH

SPECIAL LAW PUBLIC LAW

CRIMINAL LAW CIVIL LAW INTERIOR AFFAIRS EXTERIOR AFFAIRS INT’L AFFAIRS

ADMINISTRATIVE FINANCE CONSTITUENCY

LEASING INSURANCE BANKING INVESTMENT VENTURE CPTL

FIQIH



1010

Ibadah Muamalat

Semua tidak boleh,Kecuali yang telah Ada ketentuannya

Semua bolehkecuali ada larangannya

HUKUM ASAL

Syariat Islam: hukum-hukum & peraturan yang dibebankan Allah SWT kepada hamba-hamba-Nya.

Hukum TAKLIFI: istilah teknis yang dipakai dalam ilmu fiqih tentang perintah & larangan




1111

Teori Gradasi dalam Hukum Islam

Haram Makruh SunahMubah/Halal Wajib

Sebaiknya dihindari

Sebaiknya dikerjakan


Maisir, Gharar, Riba



1212

What is in Treasury?

•ALCO

•CustomerPersonal Banking

Affluent

SME

Commercial

Corporate

Financial Institution

•Professional Market

Trading

Gapping

Product

• Foreign Exchange

• Options

• Fixed Income

• Money Market

• Derivatives

Treasury



1313

What are they ‘dealers’ doing?

Trading/ALM:Generating Interest

& Fee based Income

Trading/ALM:Generating Interest

& Fee based Income

Sales:Fee Base through cross selling of

Treasury products and service to

banks customer

Sales:Fee Base through cross selling of

Treasury products and service to

banks customer

Buy low sell high Foreign Exchange Options Derivatives Fixed Income Money Market

Optimizing idle funds, Relocating low yield asset to higher yield asset.

Building liquidity reserve (SR and TR), Minimizing Gap Maturity, Minimizing price risk for Net Open Position Management, Implementing Policy & Procedure in place, Setting necessary Policy & Procedure and gradually reviewing it, Developing and enhancing infrastructure and System, Qualified and professional staff.

Providing advisory and solution for customer Fulfilling customer needs Range of product from plain vanilla to complex structured product High quality sales service Customer satisfaction and loyalty

Other Tasks:Safeguard the bank

from Liquidity, market, price and

operation Risk

Other Tasks:Safeguard the bank

from Liquidity, market, price and

operation Risk



1414

Business Model

P e o p l e

Technology/ Platform

Process/ Channel

Structure

Franchise & Recurring

Sales

- Retail / Consumer

- Corp/Commercial

- Financial Institution

Market Driven & Volatile

- Trading (FCY) (Option)

Accrual & Stable

-Money Market

ALM

Advisory & Opportunistic

-Origination

-Capital Market

-Asset Management

A c t i v i t y

Personal Banking

A f f l u e n t

Commercial & Corporate

Financial Institution

Professional Market

- Retail FX & Investment

- Speculation

- Trading and Gapping

Dis

tribu

tion

Ch

an

ne

l

R E

V E

N U

E

Customer

- Hedging

Drivers

• Summit System

• Reuters / Bloomberg

-

• Internal Deal

• FTP

- Individual Performance/KPI

-Profit Center

• Direct Execution

• Branch Dealing System - Cost Reduction



1515

Question



1616

Internal TP Mechanism

BalancingSupporting

Efficiency & Optimizing

Asset Liability Management (ALMA)3



1717

Assets and liability management:

Pengertian Umum

PENETAPAN

KEBIJAKSANAAN

• Planning

• Organizing

• Actuating

• Controlling

• Permodalan (Equity)

• Pengumpulan dana (Funding)

• Penggunaan dana (Asset)

• LABA OPTIMAL

• LIKUIDITAS TERSEDIA

• RISIKO SUDAH DIPERHITUNGKAN



1818

Terfokus pada penyebaran fungsi Asset & Liability Management: (Asset management, Liability Management, capital Management)

Bertujuan untuk mengoptimalkan perbedaan waktu antara pendapatan dan biaya dana

Pedoman kebijakan bank mendatang

Peningkatan dana untuk meng-cover kebutuhan yang direncanakan

Pengalokasian dana diantara kas, aktiva produktif dan fasilitas kantor

Analisis peningkatan profit apakah untuk yang akan datang akan meningkat

Ruang Lingkup ALMA



1919

Pertumbuhan bank yang wajar

Pendapatan/laba yang maksimal

Menjaga likuiditas yang memadai

Membentuk cadangan (reserve) untuk preventive

Memelihara/menjaga dana masyarakat yang dipercayakan melalui kegiatan bank yang wajar/bijaksana

Memenuhi kebutuhan masyarakat untuk pembiyaan

Tujuan ALMA



2020

Deregulasi sektor perbankan

Kondisi lingkungan (fluktuasi suku bunga, nilai tukar)

Sikap para investor yang semakin kritis (mengerti goal rate of return dan mitigasi risiko)

Berkembangnya teori tentang corporate finance

Meningkatnya kebutuhan modal

Persaingan yang semakin kompetitif

Faktor Pendorong ALMA



2121

Perubahan kondisi internasional yang mempengaruhi kegiatan ekonomi nasional dan lokal

Fluktuasi tingkat bunga dan nilai tukar yang sangat tinggi

Perubahan yang cepat menimbulkan ketidakpastian, dari sisi sumber dana maupunpenyalurannya terutama dalam bentuk kredit

Kebijakan Bank Sentral yang berpengaruh pada jumlah uang beredar

Kebijakan dan strategi internal dari manajemen bank

Limit kredit yang diberikan oleh bank

Faktor Penghambat ALMA



2222

Question



2323

APLIKASI PADA BANK SYARIAH4



2424

Perbedaan pokok antara bank Syariah dan bank konvensional terletak pada konsep berbagi hasil dan berbagi risiko (profit and loss sharing) yang menjadi acuan bagi system operasionalnya.

Berdasarkan karakteristik di atas, maka risiko yang dihadapi oleh bank syariah lebih terfokus pada risiko likuiditas dan risiko kredit dan tidak akan mengalami risiko karena fluktuasi tingkat bunga

Aplikasi ALMA pada Bank Syariah



2525

Pengelolaan Likuiditas

Risiko likuiditas adalah risiko yang disebabkan karena Bank tidak mampu memenuhi kewajiban yang telah jatuh waktu, termasuk kewajiban untuk membiayai asset yang dimiliki.

Terdapat 2 (dua) konsep mengenai Risiko likuiditas, yaitu :

Endogenous Liquidity, yaitu risiko likuiditas yang berhubungan dengan ketidak-mampuan untuk menjual asset di pasar secara cepat.

Exogenous Liquidity, yaitu risiko likuiditas yang berhubungan dengan ketidak-mampuan Bank dalam mendapatkan pendanaan di pasar uang.



2626

Tujuan :Memastikan kemampuan bank untuk melakukan pembayaran kepada deposan atau penyimpan dana (DPK) dan melakukan pembayaran atas semua pinjaman dengan memastikan ketepatan pembayaran dana mereka yang akan dikembalikan atau jatuh tempo.

Memastikan untuk dapat menyediakan dana yang telah direncanakan untuk pembiayaan baru yang telah disetujui.

Memastikan agar ketentuan GWM sesuai ketentuan Bank Indonesia selalu terpenuhi.

Mengusahakan agar kelebihan likuiditas ditempatkan pada instrumen dengan hasil yang optimal tetapi likuid dan berjangka waktu mendekati sama dengan sumber pendanaannya.




2727

Portfolio Likuiditas:Primary Reserve:

Primary Reserve dibentuk melalui Giro Wajib Minimum (GWM) yaitu simpanan minimum yang harus dipelihara oleh bank dalam bentuk saldo rekening giro dalam Rupiah pada Bank Indonesia yang besarnya ditetapkan oleh Bank Indonesia sebesar persentase tertentu dari Dana Pihak Ketiga (DPK), atau alat-alat likuid lainnya yang setiap saat dapat langsung digunakan seperti uang tunai dalam kas.

Secondary Reserve: Secondary Reserve dibentuk melalui alat-alat likuid yang setiap

saat dapat dijadikan uang tunai tanpa mengalami kerugian penurunan nilai yang berarti, seperti SBIS, IMA dan surat berjangka pendek lainya, Recap Bond (Obligasi Rekap) atau Obligasi Pemerintah yang tercatat pada AFS (Available for Sale).




2828

Banyak bergantung pada:

Tingkat kelabilan (volatility) dari simpanan (deposit) nasabah

Kepercayaan pada dana-dana non PLS

Kompetensi teknis yang berhubungan dengan pengaturan struktur liabilitas

Ketersediaan aset yang siap dikonversikan menjadi kas

Akses kepada dana yang tersedia di pasar antar bank, sumber dana lainnya, termasuk fasilitas lender of last resort dari bank sentral

Likuiditas Bank Syariah



2929

22

55

33

44

11Fasilitas Pembiayaan

Jangka Pendek Syariah (FPJPJS)

Fasilitas Likuiditas Intrahari Syariah (FLIS)

Fasilitas Repo Surat Berharga Syariah

Fasilitas Sharia Foreign Exchange Forward

Fasilitas Simpanan Bank Indonesia

Syariah (FASBIS)

Instrumen Likuiditas Perbankan Syariah



3030

Fasilitas Pendanaan dari Bank Indonesia: Fasilitas Pendanaan Jangka Pendek Syariah (FPJPS):

Bank Indonesia dapat memberikan pembiayaan kredit kepada Bank khususnya Treasury Syariah untuk mengatasi kesulitan pendanaan jangka pendek. Kesulitan pendanaan jangka pendek adalah keadaan yang dialami oleh bank syariah yang disebabkan oleh terjadinya arus dana masuk yang lebih kecil dibandingkan dengan arus dana keluar (mismatch). FJPSyang diterima oleh bank syariah menggunakan prinsip mudharabah. FJPS yang dijamin dengan agunan yang berkualitas tinggi dan mudah dicairkan dan tidak bertentangan dengan prisnip syariah dan tercatat di Bank Indonesia berupa SBIS, Surat Utang Negara, dan atau surat berharga dan atau tagihan lainnya, yang berkualitas tinggi dan mudah dicairkan, dengan maksud agar kelangsungan kegiatan usaha Bank dan kelancaran sistem pembayaran dapat terpelihara.




3131

Fasilitas Likuiditas Intrahari bagi bank Umum berdasarkan Prinsip Syariah (FLIS):

Fasilitas Likuiditas Intrahari Bagi Bank Umum Berdasarkan Prinsip Syariah yang selanjutnya disebut FLIS adalah fasilitas pendanaan yang disediakan Bank Indonesia kepada Bank dalam kedudukan sebagai peserta Sistem BI-RTGS dan SKNBI, yang harus dilunasi pada hari yang sama dengan hari penggunaan.

FLIS adalah fasilitas pendanaan untuk meminimalkan risiko dalam sistem pembayaran yang dapat timbul sebagai akibat dari kegagalan pembayaran antar bank selama jam operasional sistem BI-RTGS yang wajib dijamin dengan agunan milik Bank berupa SBI dan/atau obligasi pemerintah.




3232

Question



3333

ALCO SYARIAH5



3434

The Function of Sharia ALCO

Mempersiapkan bahan monthly ALCO Report, serta di compare dengan data – data sebelumnyaLaporan yang disiapkan harus informatif guna menjelaskan apa saja yg perlu direspon saat ini maupun ke depan.Selalu mengembangkan teknik – teknik dan metode, serta parameter untuk menunjang hasil yang optimal



3535

Continued the Function ….

Menyiapkan simulasi scenario ke depan, khususnya tingkat margin, bagi hasil, fee dan estimasi pencapaian NIM, Asset & Liabilities composition.ALCO juga berfungsi sebagai internal consulting.Memonitor implementasi dari penerapan hasil rapat ALCO.Collecting data, analisis data, membuat summary dan rekomendasi yang akan dipertimbangkan oleh ALCO.



3636

Technical to Develop Sharia ALCO

Secara faktual ketiadaan benchmark bagi Sharia Banking di market menyebabkan perbankan syariah agak mengalami kesulitan dalam menentukan strategy bisnis khususnya pricing.

Menata ALMA secara tepat membutuhkan persepsi yang sama atas keputusan yang telah ditetapkan untuk kepentingan balancing antara Asset and Liabilities.



3737

ALCO Organization

Board of Mgt

ALCO Treasury Head

SSG ALCO

Business Head Financial & Acct. Head Financing Risk Head

• Strategy

• Funding

• Investment

• Pricing• Liquidity

• Forex

• Collecting Data

• Analysis• Recommendation

• Internal Consultant



3838

The Function of ALCO ……

Board of Mgt

ALCO

SSG ALCO

Treasury

Staff Support Div

Line Division

Review/Approve Policy Make Final Decisions

Develop ALM Policy Make Pricing Decisions

Assist ALCO Recommendation

Pricing

Execute ALCO Decs.

Provide Overall Support Assist in Data Collection

Manage Fin. Risk Manage Customers

Execute all ALCO decs.



3939

SHARIA ASSET LIABILITY COMITTEE

Implementasi penerapan ALM dalam perbankan termasuk bank – bank syariah berbeda-beda. Perbedaan itu antara lain disebabkan ;

Size dari bank ybs.

Filosopi, visi dan misi, atau,

Lokasi di mana bank tersebut berada.



4040



4141

SHARIA ALCO REPORT BANK SYARIAH XYZfor the month of Oct 2006



4242

Contents

Economic & Market OutlookBalance Sheet ReviewFunding Review Financing ReviewTreasury ReviewFinancial RatiosMargin AnalysisProfit Distribution ScenariosPricing for Funding & FinancingLiquidity Risks



4343



4444

Economics & Market Outlook

Money Market

In its last governor meeting on Nov 7, BI cuts its benchmark BI rate by another 50 bps to 10.25 following indications of improved economic stability supported by declining inflation.

The BI has aggressively cuts its benchmark BI rate since July this year, which brought BI rate 2.5%.

The cuts are aimed to propel economic growth through higher domestic consumption which is expected to be supported by expansion in mortgages and consumers loan.

FX

The local currency was volatile with trading range shrinking from IDR 70.50 per day in May 2006 to only IDR 16.17 per day recently.



4545

Economics & Market Outlook

Sharia BondKasnic has downgrade the rating of Ijarah Bond Berlina from A to BBB+.MTN of Pembangunan Perumahan will be due on Dec 23,2006 and again would be issue the new MTN to refinance their Obligation in the near future. The rating flat in BBB+ rated by Pefindo.BSM will issue the sub debt as much as IDR 200 bio with rating BBB+ rated by Pefindo.

EconomicStable macroeconomics condition combined with declining inflation and inflows of portfolio investments into both stock market and the bond market has supported the Rupiah to strenghteen.Inflation rate shows to decline from 17.03% (January 2006) to 6.29% (October 2006) followed by declining of BI rate from 12.75% to 10.25%. Or declining 250 bps since January 2006.



4646



4747

Balance Sheet Review

(in Rp billion) Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Oct-06 B/(W)Plan

Average Lending Volume 131 133 134 133 146 148 151 161 165 167 174 179 (5)Average Treasury Asset 165 161 159 155 148 158 167 175 181 169 181 185 (4)Total Assets 296 293 293 288 294 306 318 336 346 336 355 364 (9)

Average Funding Volume 119 152 127 122 143 149 161 159 177 195 224 216 8Average Treasury Liabilities 156 117 122 122 98 98 114 118 106 76 61 79 (18)Total Liabilities 275 268 248 244 241 247 275 277 283 271 285 295 (10) Gap 21 25 45 44 53 59 43 59 63 65 70 69 1

Note : Funding increase IDR 46 bio due to increasing in TD by IDR 39 bio, CA IDR 5 bio and saving IDR 2 bio. Financing increase growth for IDR 9 bio, or 4.5% mainly increasing from mudharabah Financing Treasury Liabilities decrease IDR 15 bio, mainly due to reducing HO borrowing.Treasury Asset increase for IDR 12 bio due to placement in inter bank money market.



4848



4949

Funding Review

148172

148

232

115

266

142

301

145

352

156

404

165

456

164189 180

213 203235

250227

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

Jun-06

Jul-06 Aug-06

Sep-06

Oct-06

Actual

Forecast

Funding actual above the plan for IDR 23 bio. Funding dominated by TD from BPD and Insurance co.



5050

Funding Composition

Funding Composition

14 13 12 15 121 1 1 1 0

40 41 41 40 43

104 122 141 168 160

159 177 195 224 215

Jul-06 Aug-06 Sep-06 Oct-06 Forecast

Total Funding

T/D Mudharabah

Saving Mudharabah

Saving Wadiah

Current Accout

Funding Composition (%)

8.81% 7.34% 6.15% 6.70% 5.36%0.63% 0.56% 0.51% 0.45% 0.00%

25.16% 23.16% 21.03% 17.86% 19.20%

65.41% 68.93% 72.31% 75.00% 71.43%

Jul-06 Aug-06 Sep-06 Oct-06 Forecast

T/D Mudharabah

Saving Mudharabah

Saving Wadiah

Current Account

TD still dominated of funding structure as much as 75% TD, 17.86% Saving and 6.7% CA. Need to adjust funding strategy from high cost to low cost by selling aggressive CASA



5151



5252

Financing Review

134 134 133145 146 151 155 163 164 168 176

190170

198

227

270

313

357

176198

219

189

Dec-05

Jan-06

Feb-06

Mar-06

Apr-06

May-06

Jun-06

Jul-06 Aug-06

Sep-06

Oct-06

Actual

ForecastForecast

Financing growth actual 4.7% mostly from mudharabah financing Compare to forecast are still below, so need aggressive selling to achieve the forecast.



5353

Financing Composition

Financing Composition (%)

78.13% 75.61% 74.10% 73.49%

21.88% 24.39% 25.90% 31.33%

Jul-06 Aug-06 Sep-06 Oct-06

Mudharabah

Murabahah

Financing Composition

125 124 123 122

35 40 43 52

160 164 166 174

Jul-06 Aug-06 Sep-06 Oct-06

Total

Mudharabah

Murabahah



5454



5555

Treasury Asset Review

16.00 19.00 13.00 20.0036.00

25.00 30.0020.00 23.00

34.00

135.00 135.00 135.00 135.00 135153 155 160 160 160

151.00 154.00 148.00 155.00171.00 178.00 185.00 180.00 183.00

194.00

Jan-06 Feb-06

Mar-06

Apr-06 May-06

Jun-06 Jul-06 Aug-06

Sep-06

Oct-06

MM

Bond

Total

Treasury Asset increase due to placement in inter bank money market. Meanwhile for the bond are still flat due to the proposal to add the portfolio are not approved by Corporate.



5656

Treasury Liabilities Review

50.0016.00 15.00 29.00 19 25 30 15 0

76.00 76.00

83.00 86.0083 94

102 7872

41

126 126

99 101112 113

127

108

87

41

50.00

0.00

50.00

100.00

150.00

200.00

250.00

300.00

Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06

Oct-06

Total

Inter Office

MM

Inter office decrease due to treasury paid up the HO borrowing since the funding in long position. Paid up to HO would be reduced cost of fund around 7.79%.



5757



5858

Financial Ratios

Dec-05 Q1-06 Q2-06 Jul-06 Aug-06 Sep-06 Oct-06Profit and Loss Actual Actual Actual Actual Actual Actual Actual Forecast B/(W)

NII on Financing 4.3% 8.8% 9.7% 8.6% 7.1% 5.7% 1.7% 6.6% -4.9%NII on Treasury Asset 4.2% 7.6% 7.3% 7.3% 9.7% 9.9% 11.5% 8.2% 3.3%NIM 9.3% 8.2% 8.5% 7.9% 8.5% 7.9% 6.7% 7.4% -0.7%Total Margin 9.6% 9.0% 9.3% 8.8% 9.1% 8.7% 7.7% 8.1% -0.4%Fee to Operating Income 3.7% 5.7% 5.6% 7.6% 5.6% 6.6% 10.6% 6.3% 4.3%

Cost/Income 171% 185% 92% 93% 87% 94% 217% 217.1% -0.6%LDR 108.7% 102.6% 102.6% 99.6% 91.0% 82.6% 70.3% 83.2% -12.9%

Lending growth -9.6% 8.3% 0.6% 8.0% 0.6% 2.5% 4.5% 12.4% -7.9%Funding growth 14.8% 21.7% 21.7% 4.6% 10.2% 12.8% 22.8% 11.6% 11.2%

ROAEA -9.6% -5.3% 3.6% 2.3% 6.0% 5.0% 5.5% -9.1% 14.6%ROAE -64.0% -35.6% 24.2% 15.6% 39.8% 33.6% 32.4% -60.9% 93.3%

Oct-06

NII on Financing decrease by IDR 279 bio due to lower yield and higher COF ( special rate).



5959

IDR Key Compliance Ratios

ITEM (FACE VALUE) Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06AVG TPF TWO WEEK BEFORE 105,483.00 104,561.00 94,460.00 108,749.00 117,665.00 125,234.00 128,881.00 147,398.00 170,464.00 178,840.00BI's BALANCE 6,819.00 6,510.00 7,335.00 7,610.00 9,118.00 8,012.00 7,942.00 9,494.00 11,975.00 13,864.00 RESERVE REQUIREMENT (5%) 6.46% 6.23% 7.77% 7.00% 7.75% 6.40% 6.16% 6.44% 7.02% 7.75%SWBI 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00ISLAMIC CORP. BOND (INV/AFS) 135,000.00 135,000.00 135,000.00 135,000.00 135,000.00 155,000.00 155,000.00 160,000.00 160,000.00 160,000.00SECONDARY AMOUNT 135,000.00 135,000.00 135,000.00 135,000.00 135,000.00 155,000.00 155,000.00 160,000.00 160,000.00 160,000.00 SECONDARY RESERVE ( Trigger 10%) 127.98% 129.11% 142.92% 124.14% 114.73% 123.77% 120.27% 108.55% 93.86% 89.47%

Both reserve requirement and secondary reserve are still maintain as per internal and external regulation.



6060



6161

Cost of Fund

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

5.40% 4.90% 5.50% 5.20%3.70%

5.80% 5.90% 5.90% 6.00% 5.70% 4.20% 4.40%

9.10% 8.20% 9.00% 8.60%9.30%

9.70% 9.70% 9.90% 9.80% 9.80%8.20% 9.50%

7.70% 6.30% 7.00% 6.80% 6.40% 7.10% 7.60% 7.90% 8.10% 8.20% 7.20% 7.90%

Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Forecast

Current Wadiah Saving Wadiah Saving Mudharabah Mudharabah Investment (TD) Total Funding

Overall COF decrease compare to Sept due to decreasing of BI rate and lower yield. And also lower COF compare to forecast.



6262

Margin Analysis

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

Financing Yield

COF

Spread

Financing Yield 14.70% 15.10% 14.60% 14.90% 15.30% 15.30% 19.50% 16.10% 15.50% 15.30% 10.70% 17.20%

COF 7.70% 6.30% 7.00% 6.80% 6.40% 7.10% 7.60% 7.90% 8.10% 8.20% 7.20% 8.00%

Spread 7.00% 8.80% 7.60% 8.10% 8.90% 8.20% 11.90% 8.20% 7.40% 7.10% 3.50% 9.20%

Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Forecast

Spread lower due to decreasing of yield



6363

Margin Analysis

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

Treasury Yield

Treasury COF

Treasury Spread

Treasury Yield 12.20% 13.30% 10.60% 11.38% 11.30% 12.90% 13.60% 14.20% 11.70%

Treasury COF 6.40% 6.80% 6.70% 6.63% 6.40% 5.90% 8.20% 7.80% 8.30%

Treasury Spread 5.80% 6.50% 3.90% 4.75% 4.90% 7.00% 5.40% 6.40% 3.40%

Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Forecast



6464

Margin Analysis

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

Blended Yield

Blended COF

Blended Spread

Blended Yield 13.50% 14.30% 12.90% 15.25% 13.60% 14.36% 14.39% 12.10% 13.13%

Blended COF 6.60% 6.70% 7.00% 7.20% 7.30% 7.49% 8.22% 7.11% 7.98%

Blended Spread 6.90% 7.60% 5.90% 8.05% 6.30% 6.87% 6.17% 4.99% 5.15%

Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Forecast



6565



6666

Profit Distribution

BEBAN OVER HEAD PORSI NASABAH % PORSI BANK % YIELD C.O.F SPREAD DEP. 1 BLNJAN '06 50% 1,255,884,176.28 0.57 956,865,638.70 0.43 15.83% 6.76% 9.07% 7.74%FEB '06 100% 1,196,696,103.19 0.56 927,528,966.58 0.44 15.70% 7.08% 8.62% 8.16%

MAR '06 100% 1,190,173,139.23 0.58 856,796,888.75 0.42 15.83% 7.27% 8.56% 8.13%APR '06 60% 1,125,010,468.18 0.55 924,976,594.58 0.45 15.64% 6.79% 8.85% 8.04%MEI '06 20% 1,179,763,526.41 0.54 985,284,085.10 0.46 14.98% 6.79% 8.19% 8.10%JUN '06 10% 1,262,111,651.58 0.56 988,037,339.04 0.44 16.66% 6.98% 9.68% 8.09%JUL '06 15% 1,258,461,371.95 0.57 931,029,789.41 0.43 15.84% 7.08% 8.76% 8.01%AGT '06 15% 1,120,959,502.99 0.57 850,647,926.20 0.43 0.00% 6.80% -6.80% 7.84%

SEPT '06 45% 1,029,711,781.77 0.57 770,374,997.88 0.43 0.00% 6.84% -6.84% 7.77%

PERKIRAAN BAGI HASIL UUS BULAN OKTOBER 2006.

Alternatif BEBAN OVER HEAD PORSI NASABAH % PORSI BANK % YIELD C.O.F SPREAD DEP. 1 BLN1 100% 606,620,946.05 0.57 463,051,608.03 0.43 15.30% 3.23% 12.07% 3.71%2 50% 864,220,756.56 0.57 659,685,119.05 0.43 15.30% 4.61% 10.69% 5.23%3 40% 915,740,718.66 0.57 699,011,821.26 0.43 15.30% 4.88% 10.42% 5.55%4 30% 967,260,680.77 0.57 738,338,523.46 0.43 15.30% 5.16% 10.14% 5.88%5 20% 1,018,780,642.87 0.57 777,665,225.67 0.43 15.30% 5.43% 9.87% 6.20%

5A 15% 1,044,540,623.92 0.57 797,328,576.77 0.43 15.30% 5.57% 9.73% 6.37%6 10% 1,070,300,604.97 0.57 816,991,927.87 0.43 15.30% 5.70% 9.60% 6.53%7 5% 1,096,060,586.02 0.57 836,655,278.97 0.43 15.30% 5.84% 9.46% 6.69%8 0% 1,121,820,567.07 0.57 856,318,630.08 0.43 15.30% 5.98% 9.32% 6.85%

9 5% 1,096,060,586.02 0.57 836,655,278.97 0.43 15.30% 5.84% 9.46% 6.70%



6767



6868

Benchmark on Funding Pricing vs Other Shariaas of Oct’ 06

BankRatio Eq. Rate Ratio Eq. Rate Ratio Eq. Rate Ratio Eq. Rate

Bank Syariah A 53 5.28 54 5.38 55 5.48 0 0.00Bank Syariah B 65 7.77 67.50 8.07 70 8.37 72.50 8.67Bank Syariah C 60 9.19 62 9.50 65 9.96 65 9.96Bank Syariah D 52 9.10 55 9.71 59 10.24 65 11.37Bank Syariah E 58 8.50 59 8.65 60 8.80 61 8.94Bank Syariah F 65 8.20 67.50 8.51 70 8.83 70 8.83Bank Syariah G 65 9.16 65 9.16 66 0.00 68 0.00Bank Syariah H 56 8.53 59.70 9.09 57.50 8.76 60.70 9.24Bank Syariah I 59 3.31 60 3.37 61 3.43 62 3.48Bank Syariah J 63 8.00 64 8.01 65 7.79 66 8.26Bank Syariah K 58 6.78 59 6.89 60 7.01 60 7.01Bank Syariah L 48 8.09 48.30 8.14 48.70 8.21 49.70 8.37Bank Syariah M 52 8.11 53 8.27 55 8.58 55 8.58Bank Syariah N 64.75 10.08 68.63 10.68 70 8.56 63.83 9.94Bank Syariah O 57 6.83 58 6.95 59 7.07 61 7.31Bank Syariah P 58 9.27 59 9.43 60 9.59 60 9.59Bank Syariah Q 64 6.23 66 6.43 68 6.62 70 6.82Bank Syariah R 58 9.01 59 9.16 60 9.32 62 9.93Bank Syariah S 65 7.51 66 7.63 66 7.63 68 7.86Bank Syariah T 63 8.13 65 8.38 65 8.38 65 8.38Bank Syariah U 75 8.97 75 8.97 77.50 9.27 77.50 9.27

Deposit 6 month Deposit 12 monthDeposit 1 month Deposit 3 month



6969

Benchmark on Fin Margin vs Others Syariahas of Oct 06

BANK Margin per Annum

Bank Syariah A 16 - 17%

Bank Syariah B 17-20.5%

Bank Syariah C 23.00%

Bank Syariah D 16-19.5%

Bank Syariah E 16-17%

Bank Syariah F 15 - 16%

Bank Syariah G 21-22%

Bank Syariah H 16-17%

Bank Syariah I 20-21%

Pricing for financing are still competitive, so no need to change



7070



7171

LIQUIDITY RISKMaturity Profile as of Oct’06

A. Aktiva 10000 434,635,061,728.46 95,390,627,580.09 16,899,953,571.72 8,220,110,410.89 11,240,814,550.51 302,883,555,615.25

1. Kas 10100 3,790,459,450.00 3,790,459,450.00 - - - -

2. Bank Indonesia 10200 13,806,362,429.69 13,806,362,429.69 - - - -

a. Giro 10210 13,806,362,429.69 13,806,362,429.69 - - - -

b. SBI 10220 - - - - - -

3. Antarbank Aktiva 10300 98,031,734,749.28 35,221,187,800.09 - - - 62,810,546,949.19

4. Surat-surat Berharga 10400 95,077,949,140.64 - 10,000,000,000.00 - - 85,077,949,140.64

5. Kredit Yang Diberikan 10500 175,660,714,766.53 575,554,772.07 6,899,953,571.72 8,220,110,410.89 11,240,814,550.51 148,724,281,461.34

a. Belum Jatuh Tempo **) 10510 175,660,714,766.53 575,554,772.07 6,899,953,571.72 8,220,110,410.89 11,240,814,550.51 148,724,281,461.34

b. Sudah Jatuh Tempo ***) 10520 - - - - - -

6. Lain-lain 10600 48,267,841,192.32 41,997,063,128.24 - - - 6,270,778,064.08

B. Pasiva 20000 434,635,061,728.46 386,224,407,131.55 5,006,774,854.26 25,985,679,742.65 17,418,200,000.00 -

1. Dana Pihak Ketiga 20100 194,756,908,209.00 159,108,753,612.09 5,006,774,854.26 13,485,679,742.65 17,155,700,000.00 -

a. Giro 20110 15,270,459,361.02 15,270,459,361.02 - - - -

b. Tabungan 20120 44,406,117,147.21 44,406,117,147.21 - - - -

c. Deposito 20130 135,080,331,700.77 99,432,177,103.86 5,006,774,854.26 13,485,679,742.65 17,155,700,000.00

2. Bank Indonesia 20200 - - - - - -

3. Antarbank Pasiva 20300 55,090,620,088.86 42,328,120,088.86 - 12,500,000,000.00 262,500,000.00 -

4. Surat Berharga Yang Diterbitkan 20400 - - - - - -

5. Pinjaman Yang Diterima 20500 - - - - - -

6. Lain-lain 20600 184,787,533,430.60 184,787,533,430.60 - - - -

C. Selisih (A-B) 30000 - (290,833,779,551.46) 11,893,178,717.46 (17,765,569,331.76) (6,177,385,449.49) 302,883,555,615.25

CUMMULATIVE GAP (290,833,779,551.46) (278,940,600,834.00) (296,706,170,165.76) (302,883,555,615.25) -

> 1 - 3 bulan

Jatuh Tempo

> 12 bulanSaldo

> 3 - 6 bulan > 6 - 12 bulanPos - pos Sandi

s.d 1 bulan



7272

Maturity Profileas of Oct 2006

95,391

16,900 8,220 11,240

302,884

-386,224

-5,007-25,986 -17,418

0

-290,833

11,893-17,766 -6,178

302,884

-290,833 -278,940 -296,706 -302,884

0

up to 1 month > 1 month to 3month

> 3 month to 6month

> 6 month to 12month

> 12 month

Asset

Liabilites

Gap

Cummulative Gap



7373

Question



7474

والهدية التوفق وبالله

الله ورحمة عليكم م السال وته وبركا

PENUTUP6

ALMA Syariah_Aulia Firdaus

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