TEMPO.CO, Jakarta - Sofyan Djalil, National Development Planning Minister and Head of the National Development Planning Agency (Bappenas) said that the government is in the process of establishing a National Committee on Sharia Finance (KNKS) in an attempt to improve coordination between respective government institutions related to the sharia financial industry.
"The Committee will be led by President Joko Widodo. Currently, we are drafting a presidential regulation [on the Committee]," Sofyan said in a press release received by Tempo on Thursday, April 7, 2016.
Sofyan asserted that the Committee would allow the government to provide more support for the sharia financial industry, which currently receives support mainly from private companies. "With [the establishment] of the Committee, we hoped that sharia economic growth can be accelerated," Sofyan stated in the release.
In terms of regulation and legal framework, Sofyan explained that the government will coordinate with the Financial Services Authority in preparing better regulation on the sharia financial industry. "Improper regulations will be reviewed and deregulated. Probably there will be incentives," Sofyan said.
The sharia financial industry, according to Sofyna, has provided the government and private businesses with more investment opportunities. Sofyan added that the government will support the development of sharia financial industry by including it in the Medium-Term National Development Plan for 2015-2019.
ANGELINA ANJAR SAWITRI
