Islamic Finance

Indonesia names banker CEO of new sovereign wealth fund

BY Staff Writer

16 Feb 2021

News

Salaam Gateway

Indonesia president Joko Widodo has named banker Ridha Wirakusumah the chief executive of the country’s new sovereign wealth fund that aims to attract foreign funds as co-investors.

The Indonesia Investment Authority (INA) will also be run by Arif Budiman as deputy CEO, according to a statement on the state secretariat website on Tuesday (Feb 16).

New CEO Ridha was most recently the head of Bank Permata. He was formerly CEO of AIG Consumer Finance Group and CEO-Asia Pacific Region at American International Group.

Arif was finance director at oil and gas company PT Pertamina. His career prior to the state-owned firm was with consultants Booz Allen & Hamilton and PT McKinsey Indonesia.

The rest of the leadership team comprises Stefanus Ade Hadiwidjaja as investment director, Marita Alisjahbana as director of risk, and Eddy Porwanto as finance director.

The INA’s supervisory board, that was named on Jan 27, is headed by finance minister Sri Mulyani Indrawati.

The sovereign wealth fund is seeking some $20 billion in investments. $5 billion will be anchored by the government.

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