RI Earmarks over US$300mn for Sharia Infrastructure Bank

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  • TEMPO.CO, Jakarta – Finance Minister Bambang Brodjonegoro said the government is ready to establish an infrastructure bank with Islamic priciples or a sharia infrastructure bank. With the government of Turkey and the Islamic Development Bank (IDB), Indonesia will found the Islamic Investment Infrastructure Bank (IIIB).

    The Finance Ministry has prepared an equity participation in the establishment of the sharia infrastructure bank. The decision is in line with Indonesia's target of becoming the axis of the global Islamic financial industry and the government's plan to push for higher infrastructure financing.

    Bambang refused to tell reporters the actual amount of fund the government has prepared. But he ensured that Indonesia will inject more than Turkey's US$300 million.

    Yesterday, the Financial Services Authority's (OJK) board of commissioners' chairman Muliaman D. Hadad said Indonesia has the opportunity to lead the Islamic Infrastructure Investment Bank (IIIB) which will be established by the Islamic Development Bank (IDB). Indonesia is likely to be a strong candidate as a Muslim country with the largest population in the world.