Indonesia First Rank at Global Islamic Finance Market

Jakarta, MINA – The annual Islamic banking and financial report from the 2019 Global Islamic Finance Report (GIFR) places Indonesia first. Indonesia managed to record a score of 81.93 in the 2019 Islamic Finance Country Index (IFCI).

General Director of the Cambridge Institute of Islamic Finance (IIF) Humayon Dar said the index carried out compiled sharia finance from the best level to the worst. From the 48 countries sampled and with 8 assessment factors considered, the Indonesian financial market managed to occupy the first position as the best.

It was considered inseparable from the role and support of the Indonesian government.

“There is an increase in support from the Indonesian government that puts its Islamic financial market at the top of global position,” Dar said at Ministry of National Planning and Development (PPN), Jakarta on Thursday, October 17.

Last year, Indonesia was still in the sixth position. So, he said that the existence of support in the form of regulatory developments followed by an increase in the ecosystem of Islamic banking and financial industry, strong political support from the government, and the great potential offered by the Islamic economy made Indonesia able to advance to the first position.

PPN Minister Bambang Brodjonegoro said the development of Islamic economic finance showed remarkable development. On the aspect of the development of Indonesia’s sharia financial assets as of June 2019, it reached 94.44 billion US dollars with a market share of 8.29 percent.

Meanwhile, based on the notes of the Financial Services Authority (OJK), the total assets of sharia banking were recorded at Rp 499.3 trillion or 5.95 percent of the total sharia financial market share. With this, he said Indonesia was able to overtake the GCC countries which have been often dominated by Malaysia since 2011.

“This is important and historic for our Islamic economic finance,” he said. (T/Sj/P2)

Mi’raj News Agency (MINA)