INDONESIA’S SHARIAH FINANCIAL SERVICES REMAIN POSPECTIVE: PRESIDENT

Jakarta, 26 Rabiul Awwal 1437/6 January 2016 (MINA) – The Shariah financial services remain prospective in Indonesia despite the global economic slowdown, President Joko Widodo stated here on Tuesday.

“We see that the growth in shariah financial services remains prospective in Indonesia even though the global economic slowdown is affecting our economy,” President Joko Widodo or popularly known as Jokowi noted in a limited meeting held here to discuss the formation of a Committee on Shariah Economic Development.

The ongoing promising future of Shariah financial services in the country is apparent by the growth of non-conventional banks, Shariah mutual funds, and Shariah law-based non-banking industries, he said.

“I have highly lauded the Financial Services Authority (OJK) effort to provide the Shariah banking stimulus package as part of the economic deregulation packages,” President Jokowi pointed out.

The head of state, however, reminded the related parties of making a new breakthrough to increase the contribution of the Shariah banking sector to accelerate economic development in the country. Mi’raj Islamic News Agency (MINA) quoted Antara News as reporting.

Therefore, in connection with a plan to form the Committee on Shariah Economic Development, President Jokowi said its existence should be able to improve the performance of Shariah financial services in the country.

Indonesia is the worlds largest Muslim-majority nation, while according to Bank Indonesia (central bank), the total assets of the country’s Islamic finance reached Rp476 trillion  or US$ 35 billion.  (T/R07/R03)

Mi’raj Islamic News Agency (MINA)