Jakarta, (07/07). The government regulation for Indonesian migrant workers in Saudi Arabia will have a great impact in decreasing fee based income in conventional an Islamic banks from their remittance services.
The general secretary of Ikatan Ahli Ekonomi Islam Indonesia (IAEI) Agustianto, said that the new moratorium policy will have a huge impact for our Islamic banking system in developing remittance services ”our migrant workers in Saudi Arabia has contributed USD 7.1 billion”, “ it is a very significant number if the moratorium is applied”, explained Agustianto. (source)
In related to Islamic banking transactions, it is expected that Islamic banks could anticipate any possibility as the result of the new policy, by attempting to acquire another method to earn fee based income other than from remittance services.
It seems that from then the remittance service will have no impact in earning much fee based in the development of Islamic banking system.
In so far remittance services is the one of the prime product of Islamic banking system from assisting the migrant workers to transfer funds, such as Bank Muamalat, Bank Syariah Mandiri and BNI Syariah.[nibra]
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