Islamic banking is key to Indonesia’s Sharia economy: VP Amin

JAKARTA (ANTARA) – Vice President Maruf Amin said he sees the Islamic or Sharia banking sector as a driving force for the development of the Islamic economy and finance in Indonesia.

During an event held by the Indonesian Sharia Banks Association (Abisinto) in Jakarta on Monday, he expressed his hope that Sharia banks play an important role in promoting the development of Indonesia’s Islamic economy.

„Islamic banks will support economic growth and give birth to a new economy. We have moved to talk about the new economy instead of the conventional economy. The development of the new economy will boost our national economy,” he said.

According to him, from 2020, the government will focus on four aspects to promote the Islamic economy: Shariah financial industry, halal industry, Shariah business and Shariah social enterprises.

Amin noted that the establishment of the National Committee for Islamic Economy and Finance (KNEKS) was one of the measures taken by the government to boost the development of Sharia economy.

„In addition to the implementation of KNEKS, the government has established an expanded form of the National Council of Islamic Economy. All these initiatives encompass four aspects,” he elaborated.

Amin also noted that the government continued by creating several KDEKS, regional versions of the national committee.

„A total of 30 KDEKS are operational in 30 provinces. This means that only six Papuan provinces, East Nusa Tenggara and Bali need to establish such groups to cover all 38 Indonesian provinces,” he pointed out.

Meanwhile, Asbisindo President Heri Kunardi noted that the growth rate of Islamic banking in Indonesia is higher than that of conventional banking.

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Furthermore, he underlined that the potential value of Indonesia’s halal industry has reached Rp4,253 trillion (about US$264 billion).

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