Low level of Islamic banking literacy barrier to Indonesia’s Islamic finance growth: survey
Photo: A man walks past a poster of a one hundred thousand Rupiah banknote inside Indonesia's central bank, Bank Indonesia, in Jakarta, November 17, 2016. REUTERS/Beawiharta
JAKARTA – The financial literacy index for Islamic banking in Indonesia that stands at 6.63 percent is lower than the 9.61 percent for the sector's inclusion, revealed the 2016 National Survey on Financial Literacy and Inclusion (SNLIK) by the country’s Financial Services Authority (Otoritas Jasa Keuangan, OJK).
The literacy index measures how well Indonesians understand the sector and its products and services, and the inclusion index measures their access to and use of Islamic banking.
Deden Firman, Director of Research, Development, Management and Licensing of Islamic Banking at OJK told Salaam Gateway the gap between Islamic banking inclusion and literacy is an opportunity for the sector.
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