Amidst Global Economic Slowdown, Sharia Financial Sector Remains Promising, President Jokowi Says

President Jokowi presiding over a limited meeting at Presidential Office, Jakarta (5/1)

President Joko ‘Jokowi’ Widodo said that despite global economic slowdown that affects Indonesia’s economy, the development of sharia financial service sector remains promising and can be further developed, evidenced by the growth of sharia banks, sharia investment funds, and sharia non-bank financial industries.

The President also appreciated the move made by OJK (Financial Service Authority) to issue policies that are parts of the de-regulation policies to stimulate the growth of sharia banks.

“Nevertheless, we are hoping for breakthroughs to increase contributions of sharia banks to accelerate the development of national economy,” the President said in his opening remarks before a Limited Cabinet Meeting at the Presidential Office, Jakarta on Tuesday (5/1).

Therefore, the President expects inputs from OJK, Bank Indonesia and other institutions regarding the plan to establish the Sharia Economic Development Committee.

“I ask for more detailed explanation whether the establishment of this Committee can change the ways to develop sharia financial sector in order to be better and to be in a better synergy (with other related institutions),” the President added.

President Jokowi further said that he wants to know functions, tasks and membership of this Committee. He also stressed the importance to consider a legal base of establishment of the Committee.

Also attending the Limited Cabinet Meeting were Vice President Jusuf Kalla, Coordinating Minister for Political, Legal and Security Affairs Luhut B. Pandjaitan, Coordinating Minister for the Economy Darmin Nasution, Coordinating Minister for Maritime Affairs and Resources Rizal Ramli, Governor of Bank Indonesia Agus Martowardojo, Chairman of OJK Muliaman Hadad, Minister of State Secretary Pratikno, Cabinet Secretary Pramono Anung, Presidential Chief of Staff Teten Masduki, Minister of National Development Planning/Head of National Development Planning Agency Sofyan Djalil, Minister of State-owned Enterprises Rini Soemarno, Minister of Religious Affairs Lukman Hakim Saifuddin, Minister of Industry Saleh Husin, and Minister of Trade Thomas Lembong. (DID/DNS/ES) (EP/YM/Naster)