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October 27, 2020, 08.51 PM

JAKARTA, – Indonesia’s Vice President Ma’ruf Amin has expressed satisfaction with the development of the sharia-compliant ecosystem in the country’s economic and financial sectors.

“In the field of Islamic finance, Indonesia has achieved a relatively complete ecosystem,” said Ma’ruf in a webinar organized by Infobank magazine on Tuesday, October 27.

Ma'ruf said the sharia economic and financial ecosystem has been formed by laws and regulations, regulators, the business community, and the people.

Also read: Indonesia’s Central Bank Estimates 0.01 Inflation Rate in September

It already has a strong position, making the development of Islamic finance faster, he said.

However, there is still room for improvement in the sharia economic ecosystem, he added.

“This includes the role of the big Islamic financial institutions to serve as an anchor for other Islamic financial institutions. The big Islamic financial institutions have not reached the maximum efforts.

“Similarly, there few Islamic microfinance institutions that serve the society in the grassroots levels,” he said.

Also readIndonesian VP Urges Islamic Boarding School Students to Help in Economic Development

Therefore, the government came up with several policies to catalyze the development of the Islamic economy and finance by merging three state-owned sharia banks, namely Bank Syariah Mandiri, BNI Syariah, and BRI Syariah into the biggest sharia bank.


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