Indonesia Islamic finance market share to cross 10% barrier with launch of three-way merged bank
JAKARTA – The market share of Indonesia’s Islamic finance industry looks set to cross the 10% barrier next month when the three merged state-owned Shariah-compliant banks start operations.
Islamic assets made up 9.9% of Indonesia’s total financial industry at the end of November last year, Wimboh Santoso, the outgoing chairperson of the non-profit Islamic Economic Society (MES) said during a recent virtual media conference.
This market share comes some three decades since the opening of the country's first Islamic bank, Bank Muamalat, in 1992.
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