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Communication Department​

10/29/2021 12:00 AM
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Indonesia Ranked First on Islamic Finance Country Index (IFCI) in Global Islamic Finance Report 2021

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Indonesia has ranked first on the Islamic Finance Country Index (IFCI) as contained in the Global Islamic Finance Report 2021. The proud achievement shows that Indonesia has the most dynamic Islamic social finance sector in the world, which is expected to support ongoing development of the sharia finance industry in Indonesia as part of the global economic plan to bolster the post-pandemic economic recovery.  That was the main takeaway of BI Deputy Governor, Dody Budi Waluyo, at the virtual international seminar of the Cambridge Institute of Islamic Finance (IFA), entitled “Role of Islamic Finance in Post-Pandemic World” on 29th October 2021, namely the fifth day of the 8th Indonesia Shari’a Economic Festival (ISEF).

IFCI is an index for ranking different countries with respect to the state of Islamic banking and finance (IsBF) and its relative importance in the national and international context.  Bank Indonesia constantly strives to develop the Islamic social finance industry, as well as support the advancement of FinTech and green finance towards achievement of the Sustainable Development Goals (SDGs). Full support of the President, government institutions, Ministry of Finance, Bank Indonesia and Financial Services Authority (OJK) also plays an important role in promoting the sharia capital market in Indonesia.  To that end, the National Islamic Economy and Finance Committee (KNEKS) discharges a crucial function in promoting Islamic banking and finance in the global Islamic financial services industry.

At the International Waqf Seminar entitled “Strengthening Islamic Commercial and Social Finance as well as Cross-Border Synergy and Digital Innovation to Optimise Waqf,” as part of ISEF 2021, Bank Indonesia Deputy Governor, Sugeng, explained that Indonesia has massive waqf assets and potential, totalling Rp2,000 trillion and Rp180 trillion respectively, with the largest Muslim population globally. Through effective and innovative management, therefore, productive waqf will increase efficiency, accelerate economic development and ameliorate public welfare. Sugeng added that the role of waqf as an integral part of the sharia economy and finance is critical in the new normal era, with a unique position to help restore and build confidence in economic development as one of the planned contributions of the sharia economy and finance.

ISEF 2021 remains ongoing, with the closing ceremony to be held on 30th October 2021.  The hybrid event was organised by Bank Indonesia, the National Islamic Economy and Finance Committee (KNEKS) and several strategic partners in the sharia economy and finance.


Jakarta, 29th October 2021

Head of Communication Department Group

Muhamad Nur


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Halaman ini terakhir diperbarui 11/3/2021 5:17 PM
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