Friderica Widyasari Dewi, head for consumer protection at the OJK, said at the Ramadan Insight forum hosted by Investor Daily in Jakarta on March 30, 2023. (B Universe Photo/Mohammad Defrizal)

JakartaGlobe-Mar 30

Islamic finance is on the rise in Indonesia, but the country must not miss this chance to pave the way for its dream of becoming the world’s largest center for the sharia economy. The Indonesian Financial Services Authority (OJK) reported that sharia finance assets had climbed to Rp 2,375 trillion as of Dec. 2022, up by 15.87 percent from the previous year. Islamic finance accounts for 10.69 percent of the market share of the financial assets in Indonesia. “We also rank third in the 2022 Islamic Finance Indicator [IFDI]. But we need to make sure that we do not miss out on this momentum,” Friderica Widyasari Dewi, head for consumer protection at the OJK, said at the 2023 Ramadan Insight Forum: Sharia Economy, hosted by Investor Daily in Jakarta on Thursday.

“Our Muslim population is large, so this [country] is a highly potential market. But remember, sharia products are not just for Muslims, but for everyone. From a governance standpoint, there are tons of benefits to using sharia products. Non-Muslims in Indonesia have also begun to use sharia finance products,” Friderica said. Read more at: https://jakartaglobe.id/business/sharia-finance-is-on-the-rise-in-indonesia