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Monday, 30 January, 2017 | 08:04 WIB
Trump`s Protectionist Policies Could Boost Sharia Finance: Kalla

TEMPO.CO, Jakarta - Vice President Jusuf Kalla said that U.S. President Donald Trump’s policies could make Middle Eastern investors invest their money in other countries, such as Indonesia. Indonesia could take advantage of it as the government aims to turn Jakarta into a major sharia financial center. “Due to Trump’s [protectionist] policies, investors from Muslim-majority countries will avoid investing in the United States,” Kalla said in his office last week. Kalla said Middle Eastern investors, stressing that they will not necessarily be looking for Muslims-majority countries, will seek for stability. According to him, the Sharia Authority will need to improve two things: sources and uses of funds. AlHuda Centre of Islamic Banking and Economics (AlHuda-CIBE) Malaysia expects global sharia financial industry to grow 15 percent this year. AlHuda-CIBE director Muhammad Zubair Mughal names sharia bonds, known as sukuk, as the major driving force of growth. Zubair has revealed the plans to issue sukuk of US$78 billion all over the world in the middle of this year. However, banking remains the major contributor to the growth sharia financial industry at 80 percent. Rober Pakpahan, director general of financial management and risk, the Finance Minister, said that outside of banking. Indonesia is the world’s largest sukuk trader. The government sold sukuk of US$2.5 billion last year. “But we will monitor the market condition, first and foremost,” Robert said. AMIRULLAH | ANGELINA ANJAR SAWITRI | ANDI IBNU



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