Indonesia`s shariah financial services remain prospective: President

Jakarta (ANTARA News) - The Shariah financial services remain prospective in Indonesia despite the global economic slowdown, President Joko Widodo (Jokowi) 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," 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 remarked.

"I have highly lauded the Financial Services Authoritys (OJKs) 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.

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 countrys Islamic finance reached Rp476 trillion, wherein one US dollar is equivalent to Rp13,600. (*)