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Jakarta Post

Government to improve legal framework on sharia finance

  • Adrian Wail Akhlas

    The Jakarta Post

Jakarta   /   Thu, November 14, 2019   /  12:42 pm
The Jakarta Post Image
Bank Indonesia (BI) deputy governor Dody Budi Waluyo (center) shakes hands with Monzer Kahf, an Islamic studies professor at Hamad bin Khalifa University in Qatar, during the International Islamic Monetary Economics and Finance Conference in Jakarta on Tuesday, Nov. 12.(Courtesy of Bank Indonesia/-)

The government will mend the legal framework on the development of sharia finance to unlock the untapped potential of the sector. In his address at the Indonesia Sharia Economy Festival held in Jakarta on Wednesday, Vice President Ma'ruf Amin said improvements to the regulatory framework would be made through a revision of Presidential Regulation (Perpres) No. 91/2016 on the National Committee for Sharia Finance. He expressed hope the revision would allow business players in sharia finance to maximally benefit from the country’s large Muslim population. "The revision of Perpres No. 91/2016 will expand its scope [from only sharia finance] to sharia economy, in which the president will serve as the chairman and the vice president the managing director of the National Committee for Sharia Finance," the former chairman of the Indonesian Ulema ...