Sharia banks to benefit from trillions in 'zakat'
Indonesia's sharia banks expect to raise a large amount of inexpensive funds from Islamic charity foundations following the signing of a memorandum of understanding (MoU) between Bank Indonesia, the Indonesian Ulema Council (MUI) and several alms and zakat collecting bodies.Under the agreement signed in Jakarta on Monday, the central bank and the MUI's National Sharia Council (DSN) agreed to work together to encourage the Islamic charity foundations to keep their funds in the country's sharia banks.
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