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Islamic Economic Great Potential in Indonesia – Economics & Business Channel
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Islamic Economic Great Potential in Indonesia

Islamic Economic Great Potential in Indonesia

Indonesian Islamic banking Association (ASBISINDO) member, Imam T Saptono says that Islamic banking is only a small part of Islamic economics. But this time Islamic banking in Indonesia become the wagon which brought Islamic economic more advanced.

Based on the data, in a discussion a few weeks ago, he said that the global Islamic banking assets continued to increase rapidly. Based on recent data, the global Islamic banking assets reached nearly 1.8 trillion U.S Dollars.

Up to now, He said, Middle Eastern countries especially members of the Gulf Cooperation Council Countries (GCC), has a dominant role. In Southeast Asia, Malaysia is the largest state of Islamic banking assets accounted for.

He compared in 2012, the Malaysian Islamic banking assets grew 38 bln U.S. dollars, while the non-GCC Middle East has assets valued at 25 billion U.S. dollars. Meanwhile, GCC growth figures recorded 127 Billion dollars.

Indonesia, he said, as a country with a Muslim majority in fact have a small market share of Islamic banking which is about 4.86% based on data from September 2013. Malaysia reach 21% and Saudi Arabia reached 23%.

But Indonesia has a huge potential because Islamic banking is driven by society. Meanwhile, Islamic Finance in Malaysia is drivenby government and the Middle East because of petrodollar. Moreover, the growth of Islamic banking in Europe as well simply because pursuing major investments from the Middle East and Asia.

In different occasions, the Head of the International Program for Islamic Economic and Finance (IPIEF) Yogyakarta Muhammadiyah University Mashudi Muqarrabin say, the difference between Islamic economics in Indonesia and Malaysia. In Malaysia, Islamic economics proposed by the government or kingdom followed by the general public. While in Indonesia, Islamic economics proposed by the public and responded well by the government.

That is why Indonesia Islamic finance in the last two years sped though admittedly Malaysia first apply it, “He said while receiving the faculty and students of Islamic Science University of Malaysia (USIM) in Yogyakarta last week.

Related to national Islamic banking asset Imam mentioned 228 Trillion IDR in September 2013 , 177 trillion IDR financing and 172 Trillion IDR third-party funds.