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Bank Indonesia : Maintaining the Islamic Financial Industry’s Growth in an Improved Quality

05/30/2013 | 10:57pm EST

Title Maintaining the Islamic Financial Industry's Growth in an Improved Quality
Data Source Communications Department Date 30-05-2013 Hits 8
Contact Communications Department, Fax.: (62-21) 350-1867, E-mail : humasbi@bi.go.id

No. 15/ 6 /DKom

Bank Indonesia holds The 3rd Bank Indonesia International Seminar on Islamic Finance on 30-31 May 2013, in Bali. The seminar's theme is, "A New Phase of Islamic Finance: Capturing the Untapped Area to Improve the Quality of Economic Development".The seminar is expected to revisit the essense and purpose of the Islamic finance, and explore new sources of growth to maintain the current high level of growth in the Islamic finance industry. The area of discussion includes shariah norms in the economy, the application of Islamic finance in the government sector, the promotion of inclusive growth, and the implementation of macroprudential policies in Islamic finance.

The seminar intends to explore several issues relating to the quality improvement of the economic growth, especially through the increase of maqasid sharia in the Islamic finance. Moreover, Islamic finance should be heavily involved in advancing the social condition, reaching the unbankable (financial inclusion) and financing various government projects with significant economic and social impacts. However, such intention should be in the sharia coridor and keeping the financial and economic stability.

The Islamic financial assets in Indonesia has reached around USD38.1 billion, comprises mainly of banking (54%) and sukuk (36%), with the rest consisting of insurance, multi-financeand mutual funds. In the banking areas itself, Islamic banking, which consists of Islamic Banks, Islamic Windows, Shariah Rural Banks, constitutes4.89% of the total national banking share, mainly concentrated in the urban areas. The role of Islamic cooperative societies and other Islamic microfinance institutions has been vital to the development of Islamic finance to areas unreachable by the banking network and the unbankablesegment.

The seminar is attended bymore than 200 participants representing regulators, practitioners, and scholars in Islamic banking and finance, both domesticand international. There are 18 prominent speakers in the Islamic economy and finance, representingIslamic Development Bank, State Bank of Pakistan, Bank Negara Malaysia and internationalorganizations such as the World Bank, International Monetary Fund dan Asian Development Bank. International participants came from 9 countries, among othersare South Korea, Malaysia, United Arab Emirates, Thailand and the UK.

Bali, 30 Mei 2013
Communications Department

Difi A. Johansyah
Executive Director

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© Publicnow 2013
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