Indonesia Islamic banking market share crosses 5 pct ’psychological barrier’, looks to halal sector for more growth
Photo: JAKARTA, INDONESIA - SEPTEMBER 25, 2016: People enjoy car free day, which happens every Sunday morning, on the Sudirman avenue in Jakarta, where only Tranjakarta bus can run / AsiaTravel / Shutterstock.com
JAKARTA –The value of Indonesia’s Islamic banking assets crossed the psychological 5 percent barrier at the end of September to reach 331.76 trillion Indonesian rupiah ($25 billion), or 5.13 percent of the country’s 6,465.68 trillion rupiah banking assets, Beny Witjaksono, Executive Director of Indonesian Sharia Bank Association (Asbisindo) told Salaam Gateway.
Citing data from the Financial Services Authority (OJK), Witjaksono said the value of assets held at the end of September by the country’s 13 Islamic banks, 21 Shariah-compliant units of conventional banks and 165 Shariah-compliant rural banks jumped 17.58 percent from 282.16 trillion rupiah compared to the same period last year.
The growth in assets is 11.98 percent from 296.26 trillion rupiah at the end of 2015.
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