Indonesian Islamic Financial Forum to Promote Sharia-Compliant Banking and Finance in Indonesia
Introducing the concepts and practices of sharia finance and banking to the public at large in the UK and for potential investors from around the world, the Embassy of Indonesia in London, in cooperation with the Bank of Indonesia, Bank Mandiri Sharia, BNI 46 Sharia, the Indonesian Investment Coordinating Board and PT Indometal, has held the Indonesian Islamic Financial Forum 2009 on 5 November 2009.
With an annual growth rate of 10-20 percent and asset increases of 10-15 percent each year, the sharia finance is one of the most rapidly growing industry in the world. According to Moody’s, the global Islamic finance market has grown by about 15 per cent for each of the past three years and is worth more than US$700 billion.
Indonesia is poised to become a major player in the field of Islamic banking and finance, where for the last five years this industry has grown by more than 30 percent annually. Improvements in regulatory framework and high profitability are some of the factors which support the continuous growth of this field of business.
The event, which was held in the Mandarin Oriental Hotel in London, is aimed at promoting the fast growth of Sharia-compliant banking and finance in Indonesia to the people in the United Kingdom. In his welcoming address, the Ambassador of Indonesia, Yuri Octavian Thamrin, underlined Indonesia’s potentials in the field of Islamic financial and banking industry in Indonesia and emphasized the necessity to build links between UK’s well-developed financial market with Indonesia’s emerging Islamic financial sector. This in turn will bring benefit not only for the Indonesian people but will also be profitable to Indonesia’s external partners.
The forum highlighted the existing policies, regulations, institutions, products and promising prospects of Sharia-compliant banking and financial industry in Indonesia and an exhibition that displayed relevant information and various products of Sharia banking offered by several Islamic financial institutions and banks in Indonesia. It has been attended by close to one hundred participants from the business community and other interested parties in the UK.
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