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Jakarta Post

Indonesia's Islamic finance rank rises

  • Riska Rahman

    The Jakarta Post

Jakarta   /   Thu, November 14 2019   /  01:50 am

Indonesia’s Islamic finance rank has improved exponentially this year, but challenges remain to further develop the sharia economy.Based on the 2019 Islamic Finance Development Indicator launched on Tuesday by the Islamic Corporation for the Development of the Private Sector (ICD) and financial market data provider Refinitiv, Indonesia’s ranking jumped six steps to fourth from 10th place in 2018 after Malaysia, Bahrain and the United Arab Emirates.Refinitiv’s proposition manager, Shaima Hassan, said the leapfrog in the ranking was caused by the fact that the country’s score improved by 37 percent this year driven by several factors, one of which was the establishment of the 2019-2024 sharia economy master plan.The master plan, launched in May by President Joko “Jokowi” Widodo, was intended to empower Indonesia’s halal value chain and turn the country into a net producer ins...