For all its plans to drive the Islamic economy forward, the market share by assets of Indonesia's Islamic commercial banks grew only 1.17% from 2016 to 2020.
The good news is that growth accelerated last year. Assets of standalone Islamic commercial banks and Islamic windows grew by 13.23% to 593,948 billion rupiah ($41.58 billion) last year, according to data from the Financial Services Authority (OJK).
This was higher than the 9.9% growth in 2019 when assets reached 524,564 billion rupiah from 477,327 billion rupiah.
However, the market share of total Islamic financial assets is higher: they reached 1,802.86 trillion rupiah at the end of 2020, for a market share of 9.89%. This includes assets from the different sectors: banking, non-banking, capital market and mutual funds ex-shares.
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