Association of Islamic Banking Institutions Malaysia

Indonesia sold 8.033 trillion rupiah ($852 million) of retail Islamic bonds, more than the 3 trillion rupiah the government sought, Rahmat Waluyanto, director general of debt management at the Finance Ministry, said today. The notes, which mature in February 2013, will pay a return of 8.7 percent, Waluyanto said. Total demand from investors was 8.749 trillion rupiah, he said. Southeast Asia’s largest economy is tapping individuals to widen the investor base and reduce dependence on overseas debt sales. Retail bonds are usually offered in small amounts to make them affordable to the general public. BusinessWeek