Japanese-Bruneian fund seizes investment opportunities in Indonesia

SBI Islamic Fund (Brunei) Limited, a joint venture between Brunei Darussalam’s Ministry of Finance and Japan’s Strategic Business Innovator (SBI) Holdings, is looking for opportunities to invest in Indonesia.

SBI Islamic Fund (Brunei) Limited CEO Amran Mohammad said the fund would build fish processing factories in Maumere, East Nusa Tenggara, and in Aceh. The facilities would be used to process tuna to be exported to Japan.

“The one in Aceh will be much bigger than that in Maumere. We are sealing the agreement for [the project in] Aceh,” he told The Jakarta Post during the 3rd IDB Member Countries Sovereign Investment Forum in Nusa Dua on Tuesday.

The investment for the development of the two facilities would come from its second sharia fund totaling US$60 million.

Both Brunei’s Ministry of Finance and SBI Holdings contributed $25 million each to the fund, while the remaining $10 million comes from the Islamic Development Bank (IDB).

SBI Islamic Fund (Brunei) Limited’s first sharia fund worth $75 million was created three years ago and invested in Indonesia’s logistics firm Pandu Logistics, among other investments.

However, Brunei Ministry of Finance deputy permanent secretary for investment Khairuddin Abdul Hamid said the fund was still looking for another $40 million from private investors.

“We have already talked with some prominent parties during this forum and are still waiting for the reply,” he said.