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25 Nov | Monday
Sharia committee wants to quadruple Islamic bank assets by 2024, will partner with Malaysia

Indonesia's sharia financial committee hopes to quadruple the nation's sharia bank assets over the next five years. It will also establish programs to enhance sharia financial services, including a partnership with Malaysia.

National Committee for Sharia Finance (KNKS) executive director Ventje Rahardjo said that the goal was to reach Rp. 2 quadrillion (US$142.2 billion) in sharia bank assets by 2024.

According to Financial Service Authority (OJK) data, sharia banks had total assets worth Rp 477 trillion ($33.9 billion) last year. The number is significantly lower than conventional banks’ Rp 8.1 quadrillion ($575.9 billion) in assets.
 
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