Baca berita tanpa iklan. Gabung Kompas.com+

Indonesia’s Islamic Finance Assets Reach $128.3 Billion in March 2021

July 16, 2021, 02.24 PM


JAKARTA, KOMPAS.com – Indonesia’s Islamic finance assets reached 1,862.7 trillion rupiahs ($128.3 billion) as of March 2021, or equivalent to 9.96 percent of the total financial assets, a top official said.

“From the aspect of assets, the sharia financial sector in Indonesia grew strongly reaching 1,862.7 trillion rupiahs ($128.3 billion) in March 2021,” Finance Minister Sri Mulyani Indrawati said during an online discussion on Thursday, July 15.

Sri Mulyani said the development of the global Islamic finance assets has contributed to the sharia financial sector in Indonesia. Currently, the volume of Islamic finance assets continues to increase from $2.52 trillion to $2.88 trillion, while global Islamic finance is expected to grow by five percent in the 2019-2024 period with assets reaching $3.69 trillion.

Also readIndonesia’s Covid-19 Surge Can Potentially Undermine Economy

Indonesia, she added, needs to strengthen the resilience of its Islamic financial sector, including its shares in the capital market. "Indonesia must be able to play the roles in various developments and progress in the sharia economy following the increasing aspirations of the people to obtain sharia-based instruments," said Sri Mulyani.

However, the minister said, the Covid-19 pandemic could affect the development of the capital market. The Global Islamic Economic Report 2020 pointed out that there was stagnation in the development of Islamic finance assets in 2020. Even though in 2019, Islamic finance assets experienced an increase of 13.9 percent.

In Indonesia, the assets of corporate sukuk (sharia-compliant bonds) and sharia mutual funds are still low. On June 25, the outstanding position of corporate sukuk only reached 32.54 trillion rupiahs ($2.2 billion) with a market share of 7.44 percent.
The sharia mutual funds could only reach a value of 39.75 trillion rupiahs ($2.7 billion) with a market share of about 7.28 percent. "With a small base, it is hoped that developments can continue," said the minister.

Also readIndonesia’s Economy Shrinks 0.74 Percent in Q1

For the development to continue, the minister said the government will work together with Bank Indonesia (BI) and the Financial Services Authority (OJK) to develop the Islamic financial market, pursue policies, and regulations as well as the creation of instruments.

She said the development will be continued. As of June 2021, data from the OJK showed that sharia stock assets reached 3,372.2 trillion rupiahs ($232.7 billion) or equivalent to 47.32 percent of the total Indonesian stock price index.

"The government is committed to developing the Islamic capital market by increasing the depth and liquidity of the Islamic financial sector. This is manifested by the issuance of state sharia securities or state sukuk," she said.

(Writer: Fika Nurul Ulya | Editor: Erlangga Djumena)

Source: https://money.kompas.com/read/2021/07/15/110600026/menkeu--per-maret-2021-aset-keuangan-syariah-tembus-rp-1.862-triliun?page=all#page2.

 

Simak breaking news dan berita pilihan kami langsung di ponselmu. Pilih saluran andalanmu akses berita Kompas.com WhatsApp Channel : https://www.whatsapp.com/channel/0029VaFPbedBPzjZrk13HO3D. Pastikan kamu sudah install aplikasi WhatsApp ya.



Comment wisely and responsibly. Comments are entirely the responsibility of the commentator as regulated in the ITE Law
Report
Thank You! We have received your report. We will remove comments that conflict with the Community Guidelines and the ITE Law.

More Headlines

News
April 14, 2023, 12.38 PM

Indonesia Detects New Covid Arcturus Variant

Baca berita tanpa iklan. Gabung Kompas.com+
Baca berita tanpa iklan. Gabung Kompas.com+

MOST POPULAR

Baca berita tanpa iklan. Gabung Kompas.com+
Baca berita tanpa iklan. Gabung Kompas.com+
Close Ads
Oke