Indonesia’s Islamic Banking Sector Outperforms Conventional Banking in 2020 Amidst COVID-19: Joko Widodo

February 03, 2021 | Updated at February 05, 2021

The President of Indonesia, Joko Widodo (Jokowi), highlighted the performance of the Islamic banking industry in Indonesia and its rate of growth in 2020, as compared to conventional banking, during COVID-19. According to data from the State of Global Islamic Economy Indicator Report 2019/20, Indonesia’s Islamic Banking industry currently ranks 4th in the world.

Speaking at the inauguration of PT Bank Syariah Indonesia on the 1st of February 2021, President Jokowi stated he was pleased with the performance of the country’s Islamic banking sector, which continues to record stable growth. Jokowi states that the Islamic banking industry marked a 10.9% year-on-year (YoY) growth in assets; larger than the 7.7% YoY asset growth recorded by conventional banks in 2020.