Indonesia to make more regional development banks, pension funds Shariah-compliant as it eyes bigger Islamic economy

Indonesia is in a hurry to increase Islamic financial assets and, under orders from vice president Ma’ruf Amin, the National Committee for Islamic Economy and Finance (KNEKS) will take a progressive approach.

Islamic commercial banking assets stood at 593,948 billion rupiah at the end of 2020, making up 6.47% of the country’s commercial banking assets. In the overall financial industry, Shariah-compliant assets reached 1,802.86 trillion rupiah, equivalent to 9.89% of the sector.

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