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Jakarta Post

Sharia finance gains traction amid pandemic: OJK

  • Adrian Wail Akhlas and Riska Rahman


Jakarta   /   Fri, September 25 2020   /  01:00 am
An employee counts banknotes at Bank Mandiri Syariah office in Malang, East Java, on May 18, 2020.(Antara/Ari Bowo Sucipto)

Indonesia’s Islamic finance has gained traction amid the coronavirus pandemic as the industry’s assets rose significantly and sharia banks recorded a jump in corporate profit, signaling a growing industry previously plagued with low demand. The assets of the country’s sharia finance industry reached Rp 1.639 quadrillion (US$111.1 billion) as of July this year, an increase of 20.6 percent compared to the same period last year, according to the Financial Services Authority (OJK), with the industry’s market share now at 9.68 percent of the Indonesian financial industry. “This reflects how sharia finance has a remarkable resilience and a great spirit to support the acceleration of the national economic recovery,” OJK chairman Wimboh Santoso told a virtual discussion on Monday. “We should use this pandemic as an opportunity to revive sharia econ...