Sharia Financial Assets Grow 23 Percent, Financial Services Authority: Good Endurance And Great Potential

JAKARTA - Chairman of the Board of Commissioners of the Financial Services Authority (OJK) Wimboh Santoso said the development of Islamic financial industry assets, excluding Islamic stocks, as of February 2021 reached IDR 1.836.57 trillion. According to him, this figure shows quite high growth with 23.52 percent year-on-year (yoy).

"The Islamic financial services sector is proven to have good resilience or endurance from the pandemic to the current recovery period", he said in a statement, Monday, May 3.

According to Wimboh, the role of the financial services sector is very crucial as a catalyst and driving force, including the role of the economic sector and Islamic finance.

This can be seen from the potential that Indonesia has, among others, that 87 percent or the equivalent of 230 million people are Muslims. In addition, trade in the Indonesian halal industry will increase to USD 3 billion in 2020.

"It should be remembered that Indonesia is the first country to issue green sukuk with a value of up to USD 3.9 billion", he said.

To that end, the OJK will then issue three policy directions in the development of sharia economy and finance in 2021. First, strengthening Islamic financial services institutions through increasing capital and human resources.

"The first aspect includes increasing competitiveness and market share in the market, the use of information technology, financing MSMEs, and developing Islamic financial products", he explained.

Second, strengthening the infrastructure side that targets the development of the halal ecosystem, and the provision of integrated sharia products with the latest information technology capabilities.

"The third is to strengthen literacy and research. In this aspect, the authorities encourage the establishment of a sharia literacy center, increase awareness of sharia products, as well as business assistance and development", concluded Wimboh Santoso.