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OJK Pushing Islamic Financial Literacy
A logo of the Financial Services Authority (OJK). TEMPO/Tony Hartawan
Wednesday, 13 September, 2017 | 07:38 WIB
OJK Pushing Islamic Financial Literacy

TEMPO.CO, Jakarta - The Financial Service Authority (OJK) chairman Wimboh Santoso said that Indonesia’s Islamic finance industry has a great potential to continue to grow. He said that the industry’s ever growing role helps boost the national economy, particularly in efforts to improve prosperity.

Therefore, Wimboh said, his office and the government, as well as the financial service industry, will push for Islamic financial literacy. Improved literacy rates will go hand in hand with financial inclusion initiatives and innovation of consumer-friendly products. “The efforts are expected to expand market share of the national Islamic finance industry,” he said.

As of June 2017, Wimboh said, the Islamic banking sector has 13 Islamic commercial banks, 21 Islamic business units and 167 Islamic people’s credit banks. The average asset growth (year-on-year) has reached 25.02 percent in the last five years.

Read: Nurhaida Officially Named OJK Deputy

With total assets of roughly Rp387.87 trillion, the Islamic banking industry manages 23.9 million accounts belonging to individuals in 2,600 offices across Indonesia. The assets make up 5.42 percent of the total assets of Indonesia’s banking sector.

As for Islamic capital market, Wimboh noted, based on the data per June 2017, the number of shares registered in the list of sharia stock (DES) has reached 355 or 59.65 percent of the Indonesia Stock Exchange listed stocks. Outstanding corporate sukuk stand at Rp14.66 trillion or 4.37 percent of total outstanding corporate sukuk and bonds. In addition, there are 151 Islamic mutual funds with net asset value (NAV) of Rp18.91 trillion or 26.83 percent of total NAV of mutual funds.

In the non-Islamic banking financial industry, he said, there are 130 companies running the sharia-based businesses. The companies comprise of 58 Islamic insurance or reinsurance companies, 66 Islamic financing institutions and six Islamic underwriters.




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