Indonesia’s Islamic Financial Services Industry Distributes IDR 434.52 Trillion in 2020; VP Announces Strategic Initiatives

Indonesia’s Islamic financial services industry distributed financing of IDR 434.52 trillion to domestic Halal sector industry players in 2020, an increase of 6.27% from 2019, according to Ma’ruf Amin, Vice President of the country, based on the 2020 Indonesian Shariah Economic Report published by Bank Indonesia. Ma’ruf, who was speaking at the 2021 Islamic Finance Summit on the 30th of September 2021, also highlighted that Islamic financial institutions should be more adaptive with market needs in the digital era to become more competitive.

Why it Matters?

The growth in the Islamic financial services industry was driven by financing in nine sectors including agriculture and fisheries, in line with positive growth in the agricultura...