"We hope this cooperation can develop instruments and products of Islamic capital markets as a reference and in line with global economic norms," the President Director of IDX, Tito Sulistio, said.
Jakarta (ANTARA News) - The Indonesia Stock Exchange (IDX) and Bursa Malaysia Berhad will cooperate to develop Islamic capital markets in both the countries.

"We hope this cooperation can develop instruments and products of Islamic capital markets as a reference and in line with global economic norms," the President Director of IDX, Tito Sulistio, stated at an event where a memorandum of understanding was signed on Tuesday. The event was held on the sidelines of the 12th World Islamic Economic Forum here.

He added that such cooperation will benefit the two countries and establish Indonesia and Malaysia as leaders in creating an Islamic capital market hub in the world.

Meanwhile, the CEO of Bursa Malaysia, Datuk Seri Tajudin Atan, hoped that the cooperation will serve to formalize the earnest intent of both exchanges to collaborate. This will help in enriching the offerings in both the capital markets and broaden the usage and availability of Islamic liquidity and products.

"I am optimistic that this cooperation can foster the Islamic capital market in Malaysia and Indonesia," he stressed.

The State of the Global Islamic Economy Report for 2015 showed that the value of global Islamic markets' assets is estimated at US$1.81 trillion. Of that amount, US$295 billion is the outstanding value of sukuk with an average growth of six percent per year.

Meanwhile, the value of global Islamic financial market assets in 2014 grew by 9.69 percent, compared to that in 2013, and amounted to US$1.65 trillion.

The asset value of global Islamic finance market is estimated to grow by US$3.24 trillion by 2020.

Two ASEAN countries that have the largest Islamic financial market in the world are Indonesia and Malaysia. Malaysia currently is the largest Islamic financial market in the world, while Indonesia is the largest Muslim population country in the world.

With 250 million people, Indonesia is expected to emerge as a large Islamic market in the future.(*)

Editor: Heru Purwanto
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