Ratification of ASEAN Protocol to Boost Indonesia’s Takaful Market: Finance Minister

The ratification of the seventh protocol on financial services of the Association of Southeast Asian Nations (ASEAN) Framework Agreement on Services (AFAS) would enable Indonesia’s Shariah general insurance industry to develop via investment and competition, according to the country’s Finance Minister Sri Mulyani Indrawati.

Speaking at a recent joint meeting of Commission XI of the House of Representatives in Jakarta, Indrawati emphasized that the ratification of the protocol would not require any amendments in existing Indonesian regulations, and that Indonesia would benefit from the expansion of market access that ASEAN partner countries have committed to. Indrawati added that the growth of the Shariah gen...