BI Governor Darmin Nasution on Monday said IILM members comprised 12 countries and multinational institutions, including Iran, Malaysia, Kuwait, Luxemburg, Qatar and the United Arab Emirates, the Islamic Development Bank (IDB), the Islamic Corporation for the Development of the Private Sector (ICD) and the Islamic Financial Services Board (IGFB). (source)
“Indonesia currently has a “conditional party” status. We need House approval to officially join the IILM,” Darmin told a hearing with House Commission XI.
Joining the IILM would have at least four benefits for Indonesia: It would enrich sharia financial instruments; facilitate liquidity management for sharia-based financial institutions; increase sharia competitiveness; and provide access to lower cost sources of financing.
Commission XI, however, did not provide approval for the funding immediately, because of "irregularities" in the legal basis of the IILM.
House Commission XI member Dolfi OFP of the Indonesian Democratic Party of Struggle said the IILM was legally based in Malaysia, not Indonesia.
“Politically, we don't want to bow down to Malaysia's rulings,” he said at the meeting.
The approval for $5 million in capitalization has been granted with several notes, said Commission XI's Achsanul Qasasih, who led the hearing session.
“IILM, which submits to Malaysia's regulations, should not bother Indonesia's politics and economy, especially with Malaysia," Dolfi said. (est)
Source : http://www.thejakartapost.com/news/2011/01/24/bi-seeks-house-approval-5m-grow-islamic-finance.html - Jan 24, 2011
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