Monday, October 09, 2006

Rapid growth seen in Indonesian Islamic finance industry

"Indonesia Islamic banking share seen up-Central Bank," Yahoo News Asia (provided by Reuters), October 9, 2006

The Central Bank of Indonesia has estimated that Islamic banking assets will rise from 1.5 percent of all banking industry assets today to 5 or 6 percent in 2011. The growth will be propelled by changes in Shari'ah-compliant banking regulation that makes this regulation less onerous than it is currently.
"The total assets of Islamic banks amounted to 22.9 trillion rupiah ($2.48 billion) in July, or around 1.5 percent of the domestic banking industry's total assets. The figure was about 1.4 percent at the end of last year."

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