Sharia banks in the country will soon be subject to Bank Indonesia’s new policy regulating minimum down payments for housing and automotive loans. However, a deputy governor for the central bank says that they may have different limits than those for…
It seems that Bank Indonesia (BI) plans to launch a regulation to limit the pawning of gold at sharia banks, as most of bank customers are inclined to use the service for speculation.
Three sharia banks—Bank Syariah Mandiri, Bank Rakyat Indonesia Sya…
Nowadays, most of the giant international banks provide either an Islamic Commercial Bank (ICB) or an Islamic Business Unit (IBU).
A report named “Islamic Banking Statistics April 2011”, which was launched by Bank Indonesia (BI) on June 15, 2011, f…
Bank Indonesia (BI) is attempting to provide tax incentives to the Islamic banking industry. “BI and the Finance Ministry are mapping the tax regulations, discussing which areas to be provided with the incentives,” said Syariah Banking Director Mulya E. Siregar.
The meeting discussed the technical phase with the Finance Ministry. This is another way for the central bank to accelerate the growth of syariah bank products which have been judged to be difficult to develop due to the lack of innovation. Yet overseas, many syariah products have emerged, giving the investors a wide variety to choose from.
The condition has become worse with the slowness of the National Syariah Board in issuing a fatwa about the products immediately. Before they are marketed, syariah products must receive a fatwa from the board. At least 54 syariah products failed to get a favorable fatwa have not received the fatwa.
The development of syariah banks has also been slowed down by the lack of human resources. By 2015, Indonesia will be part of the ASEAN economic community.
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