State mortgage Bank Tabungan Negara (BBTN) has informed shareholders (ministry of state-owned enterprises) that it has decided not to proceed with a merger plan with PT Bank Muamalat Indonesia, the pioneer of sharia banking in Indonesia. Pretty much in contrast to optimism delivered by MSOEs Erick Thohir early this year that the merger can be completed before end of Jokowi’s term (October 2024).To subscribe please click here