OJK Seeks Islamic Financial Products Growth

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  • TEMPO.CO, Jakarta - The Financial Service Authority (OJK) is seeking to boost Islamic financial products growth through better access to the financial service industry.

    “In this case, better access will ease service delivery, lead to the affordable price, as well as other benefits,” OJK Commissioner Council member Firdaus Djaelani said on Monday in Semarang, as quoted by Antara.

    The market share of Islamic finance in Indonesia is still low at 5.3 percent. However, Firdaus is optimistic that Islamic finance industry has a huge potential.

    “The optimism is based on the fact that Indonesia has the largest Muslim population in the world,” he said.

    In addition, Islamic financial service industry also offers products and services with similar quality with that of the conventional financial service industry.

    In this case, people need to participate in enhancing market share of Islamic finance industry, including through engagement in the Islamic Economic Society (Perkumpulan Masyarakat Ekonomi Syariah/MES).

    He expects that the MES can be a catalyst for the development of Islamic finance in Indonesia.

    “We have inaugurated the executive committee of the MES Central Java chapter. They are expected to improve interest of Centra Java residents to learn and use more Islamic financial products,” he said.

    In general, the better understanding of Islamic financial products will open up access to financial institutions.

    “Furthermore, economic growth and community empowerment can be improved through better access to financial [institutions] for the people and SMEs, also to provide a sense of security for the people in financial investment,” he said.