Islamic Values, Management and Technology are Key Influences of Indonesia’s Islamic Financial Industry: Financial Services Authority

Advisor for the Digital Financial Innovation Group, Financial Services Authority (OJK), Maskum has identified three key factors that influence the Islamic financial industry in Indonesia, as reported by local media.

According to Maskum, who was speaking at the Indonesia Islamic Festival (IIFEST) webinar series on the 11th of December 2020, the first factor that influences the Islamic financial industry is Islamic values in Shariah-based financial services. Citing an example of the goodwill of both parties, Maskum noted that there was a sense of responsibility between the bank and the customer with the principle of profit sharing and low transaction costs.

The second factor is based on management, with Maskum adding that although Islamic finance management was not much di...