Singapore-based sharia investment company Al Falah Investments led by Ilham Akbar Habibie, the eldest son of the late former president B.J. Habibie, is set to acquire sharia-compliant Bank Muamalat Indonesia.

Financial Services Authority (OJK) chairman Wimboh Santoso said on Tuesday that the authority had approved the deal, adding that the consortium led by Al Falah would only need to complete some administrative work.

“The deal will be sealed soon,” Wimboh told reporters in Jakarta.

Al Falah Investment, which is owned by Bank Muamalat commissioner Ilham and Hong-Kong based SSG Capital Management Limited, is a holding company focusing on banking and other financial services.

Bank Muamalat is currently seeking a capital injection to support its business.

According to data from the OJK, Bank Muamalat’s net profit in January-August 2019 fell by 94 percent from the same period in 2018 to Rp 6.57 billion (US$453,103).