The Blue Print of Islamic Banking Developmnet in Indonesia is formulated by Bank Indonesia as a long term road map for developing Indonesia’s Islamic banking industry through 2015.
The Grand Strategy of Islamic Banking Market Development, also formulated by Bank Indonesia, outlines a comprehensive strategy to develop Islamic banking market and covers many strategic aspects, such as: setting a 2010 vision to become a leading Islamic banking industry in ASEAN region, creating a new image of Islamic banking in Indonesia that is more inclusive and universal, drawing a more accurate mapping of the market segment , developing more diverse products, improving services, and creating a new communication strategy that positions Islamic banking as beyond banking.
Sovereign Sukuk Act & Islamic Banking Act
In the meantime, the government has also taken several visionary measures, such as revision of tax regulations and Sovereign sukuk act issuance (UU SBSN). The passage of this law would enable Islamic-based investment instruments to become more competitive and ready to be offered to both domestic and foreign investors. In turn, this will further drive the development of Islamic banking in Indonesia.
Besides the Sovereign Sukuk Act, Indonesia has also enacted the Islamic Banking Law. By referring to the international standards of banking and Islamic banking, the newly enacted Islamic Banking Act will support national Islamic banking industry in diversifying its products and improving the quality of its services to all segments of Indonesia’s society.
The passing of these two acts has boosted the optimism of Islamic banking industry and added significant and timely support of Islamic banking. It is hoped that the laws can help pushing the industry to close the gap and attain its market development vision to become the most attractive and leading Islamic banking in ASEAN region.
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