Jakarta (ANTARA) - Vice President Ma'ruf Amin urged financial sector players to exert all-out efforts to maintain public confidence in financial business, as he believes such a business is vital to the national economy.

Amin delivered the statement during the event of Initial Registration of Sharia Asset-Backed Stocks in the form of participation letters of state-owned secondary mortgage firm PT Sarana Multigriya Finansial and state-owned Bank Syariah Indonesia at the Indonesian Stock Exchange Building in Jakarta on Monday.

"(I would like to ask) financial sector players to seriously maintain public confidence," the vice president remarked.

In his speech, the vice president urged financial sector players, supervisory authorities, and related parties to possess high standards of knowledge, professionalism, and moral ethics in managing the financial sector.

Frauds in the financial sector will not only result in a decline in public confidence but will also lead to a rapid collapse of the country's economy, he stressed.

Hence, Amin called on business actors, regulators, and supervisors to conduct their duties in accordance with the applicable standards and procedures.

"Customers' data, system, and investment must really be protected," he stated.

The VP also encouraged financial sector players to strengthen the principle of prudence in the management of the sector as well as avoid high-risk product instruments that may lead to defaults, as had occurred in the housing loan case in the United States that caused the global economic crisis in 2008.

Amin then underscored the importance of sharia banking while appealing to financial sector players to develop innovative financial instruments, including those based on the Islamic law.

"The increase in public comprehension and ease of access to various sharia financial products will surely help the government accelerate growth of the national sharia financial sector," he noted.

The vice president also called on all related parties to intensify efforts in disseminating information on sharia financial products to the public, including by overtly explaining about information openness and product risk profiles, so as to prevent problems from arising in future.

On the occasion, Vice President Amin congratulated the two state-owned enterprises (SOEs) for the launch of the sharia asset-backed stocks.

He expressed hope that the instrument would continue to be developed and many more financial institutions and companies would follow on the footsteps of the SOEs by adopting such an instrument as their sources of financing.

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Translator: Rangga Pandu, Tegar Nurfitra
Editor: Rahmad Nasution
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