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Jakarta Post

Sharia banks urged to diversify products, improve marketing

  • Eisya A. Eloksari


Jakarta   /   Sat, February 20 2021   /  01:00 am
Money counts: A teller counts money at Mandiri Sharia Bank branch office in Menteng, Central Jakarta. Sharia banks face a lack of risk culture in competing with conventional banks.(Antara/Audy Alwi)

Economists urged sharia banks to diversify and better market their products to widen the market cap of the banks, which has stagnated for years, amid the country’s aim to be a sharia finance hub. Institute for Development of Economics and Finance (INDEF) sharia economy expert Fauziah Rizki Yuniarti said sharia banks needed to attract more users by diversifying products to level with the conventional banks. Even the halal industry had yet to use sharia banks’ products, as they deemed the products unsuitable for their needs, she added. “People have low confidence in sharia banks’ sharia compliance. Some of their products are also not as attractive as those of the conventional banks,” she said during an online discussion on Tuesday.   “Islamic banks need to offer more relevant products with better rates and packages by understanding their co...