Indonesian regulators plan to boost Islamic banking boom

Indonesian regulators have launched a plan aimed at growing the sector, which currently accounts for less than five percent of banking assets, compared to a quarter in Malaysia and around half in Saudi Arabia. Authorities believe it is a good moment, with many Indonesians getting wealthier after years of strong economic growth and an increasing trend towards piety across broad sections of society. The Financial Services Authority (OJK) is spearheading the drive, and unveiled a five-year roadmap earlier this year that included plans to educate the public about Sharia’h lenders and the establishment of an Islamic finance committee to better manage the sector.