IslamicFinance.de

The total assets of the #Indonesian sharia banking industry in the third quarter of 2016 reached Rp331 trillion, accounting for 5.13% of the national banking industrys assets. Lukdir Gultom, Chief of the Indonesian Financial Service Authority (OJK), said the actual figure outstrips the target set by the OJK at 5%. He added that the OJK continued to encourage the sharia compliant financial service industry covering banks, non-bank financial institutions and the capital market. To date, Indonesia has a total of 13 sharia commercial banks, 21 sharia business units, and 165 sharia rural banks. The OJK will try to increase their number. Having a Muslim majority population, North Sumatra has the potential to become a hub for the Indonesian sharia banking industry.