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KUALA LUMPUR, April 12 (Reuters) - Malaysia's Bank Islam has dropped a plan to acquire a stake in Indonesian lender PT Bank Muamalat, Business Times newspaper reported on Tuesday.
Bank Islam "is not participating in Bank Muamalat but is still keen on Indonesia", the paper quoted Bank Islam managing director Zukri Samat as saying.
Sources told the paper Bank Islam decided against a bid as it was deemed too expensive.
The Malaysian bank and several Middle Eastern investors had been keen to buy a stake in Bank Muamalat, Indonesia's biggest sharia bank, to gain a foothold in Indonesia's vast but untested Islamic banking market. [ID:nJAK218538]
Click on [ID:nISLAMIC] for more Islamic finance stories and for a speed guide Reporting by Liau Y-Sing; Editing by Razak Ahmad