State-Owned Islamic Banks in Indonesia could Merge to Strengthen Power and Boost Global Rating

According to Indonesian Vice President Ma'ruf Amin, the Government of Indonesia is considering the merger of several public Islamic banks in the country, with the aim of creating a sizeable Islamic bank that would rank within the top 20 globally.

Ma’ruf noted that at present, Indonesia lacks a large Islamic bank, capable of supporting the country’s domestic and foreign interest. Ma’ruf also noted that such a merger would provide a boost to the domestic economy and was anticipated to fuel economic recovery.

According to the Vice President, this move was also a bid to strengthen Indonesia's Halal industry and other Shariah-compliant financial services, with the aim o...