Indonesia ranks first for sharia finance growth in GIFR report

Indonesia ranks first for sharia finance growth in GIFR report

Deputy Governor of the central bank Bank Indonesia (BI) Dody Budi Waluyo at the Indonesia Sharia Economy Festival (Fesyar) 2019. (ANTARA/AstridFaidlatulHabibah/sh)

Optimism has grown higher for the development of sharia economy and finance in Indonesia, with the Global Islamic Finance Report (GIFR) 2019 that placed Indonesia in the first rank in the development of the sharia finance ecosystem
Surabaya, E Java (ANTARA) - Deputy Governor of the central bank (BI) Dody Budi Waluyo pointed to notable growth in sharia finance in Indonesia and the Global Islamic Finance Report (GIFR) 2019 placing the country on first ranking.

"Optimism has grown higher for the development of sharia economy and finance in Indonesia, with the Global Islamic Finance Report (GIFR) 2019 that placed Indonesia in the first rank in the development of the sharia finance ecosystem," Waluyo noted here on Thursday.

Waluyo remarked on the sidelines of the Indonesia Sharia Economy Festival (Fesyar) 2019 that BI, in cooperation with the National Committee on Sharia Finance (KNKS), will uphold its commitment to encouraging development of the sharia economy and finance.

"It is crucial to maintain a strong synergy, under the KNKS, in order to materialize Indonesia's vision to become a center for the world sharia finance in future," he stated.

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Indonesia has outlined four strategies to develop sharia finance in the country encompassing efforts to strengthen the halal chain value; sharia finance; micro-, small- and medium-scale businesses; and development of the digital economy.

"Fesyar 2019 is one strategy to strengthen and promote sharia finance in Indonesia," he stated.

East Java Governor Khofifah Indar Parawansa remarked that the government had continued to encourage development of sharia finance in the region, including through promoting "One Pesantren One Product" that has covered over 200 products.

"We have utilized the sharia finance market as an effort to achieve sustainable economic growth," she remarked.

The annual GIFR 2019 has placed Indonesia in the first ranking after it managed to score 81.93 on the 2019 Islamic Finance Country Index (IFCI). Last year, Indonesia was yet placed sixth according to the report.


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