Indonesia Islamic banks outgrew conventional peers in 2020
JAKARTA – Indonesia’s Islamic banking industry assets grew by 10.97% in 2020, higher than the 7.7% registered by the country’s conventional banks, said President Joko Widodo on Monday (Feb 1).
He did not give the market size of the banking industry for 2020, and official data from the Financial Services Authority (OJK) is not yet available.
The president was speaking at the official launch of Indonesia’s newest Islamic bank, Bank Syariah Indonesia, that was formed through a merger of three state-owned banks.
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