Islamic corporation promotes sharia-based reform on finance

Jakarta (ANTARA News) - The Islamic Corporation for the Development of the Private Sector (ICD) and the Financial Services Authority promote the model of financial industry based on Sharia principles in Indonesia.

The Chief Executive of the Non-Bank Financial Industry Supervision of the Authority, Firdaus Djaelani, said here on Tuesday that the Authority is responsible for developing the Islamic financial industry in Indonesia.

"The Authority and the ICD support the non-bank-based financial institutions to develop business based on Sharia principles," he added.

He hoped the private sector in Indonesia will consider Sharia system in the financial industry transformation.

Meanwhile, the Chief Executive Officer and General Manager of ICD, Khaled Mohammed Al-Aboodi, said the ICD and the Authority will continue to work together to raise awareness about and make people understand the Islamic system when applied to non-bank and bank financial institutions.

Until now, he added, the ICD has gained extensive experience in providing financial consultation and technical solutions for bank and non-bank institutions which are interested in converting their businesses to those run as per Islamic principles.

"We believe that our support will develop the Islamic finance industry in Indonesia and attract investors from the Middle East to Indonesia," Al-Aboodi said.

The ICD is a specialized financial institution of the Islamic Development Bank (IDB) that promotes the private sector by providing Islamic financing facilities.

The ICD also provides access to financing and investment for private sector projects which are specially prepared to create employment opportunities.(*)