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Jakarta, CNBC Indonesia – Finance Minister Sri Mulyani Indrawati said that currently the total Islamic financial assets of the Republic of Indonesia from its founding in 1992 to September 2020 has reached 1,710.16 trillion IDR.
However, he emphasized that this number does not include Islamic stocks that also continue to rise.
In addition, other developments by the Minister of Finance also explained how the growth of Islamic banking also supports RI’s Islamic financial assets.
“Islamic finance is developing impressively,” he said at the Sharia and Business Academic Synergy 2020 event on Tuesday (12/29/2020).
Total Islamic financial assets include Islamic banking assets of 575.85 trillion IDR, the non-Islamic banking industry of 111.44 trillion IDR, and the Islamic capital market of 1,022.87 trillion IDR. If the assets of the Islamic capital market do not include Islamic stocks, these assets are likely to only include Islamic bonds (sukuk) and mutual funds.
Not only that, he explained that during the Covid-19 pandemic, even Islamic finance, especially through its Islamic banking, continued to rise. This is different from conventional banking, which has actually seen a decline.
“As a result of Covid-19, national banking intermediation has tended to decline, but the performance of Islamic banking tends to be stable and grows above conventional banking,” he explained.
This can be seen in the growth of Islamic banking assets until September 2020 by 10.97%. Meanwhile, conventional banking only grew by 7.77%.
“This means that the growth of Islamic banking assets is higher,” he said.
It also continued with third-party funds from Islamic banking, which grew by 11.56%. This is slightly above the increase in third-party funds from conventional banking, which grew by 11.49%.
Then, the distribution of Islamic bank financing or credit also grew by 9.42%. This achievement was much higher than the growth of conventional bank credit, which had decreased or grown by only 0.55%.
“This means that the industry, especially Islamic banking, has a fairly stable position and has the loyalty of the entire ecosystem,” he explained.
With this good performance, he considered that Islamic banking should be a bridge as well as a capital to continue developing Islamic finance.
“This is the beginning for us to continue developing an Islamic ecosystem, good quality Islamic finance,” he said.
[Gambas:Video CNBC]
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