Monday, April 23, 2012

INDONESIA - BANKING - OJK Encourages Islamic Finance Development

www.depkeu.go.id - Jakarta, 17/4/2012 MoF (Fiscal) News - The presence of the Financial Services Authority (OJK), besides maintaining financial system stability, encourages the development of Islamic Finance in Indonesia. This was conveyed by Special Staff of Minister of Finance and former Chief of Establishment Preparation Executive Team for OJK Mulia P. Nasution while attending the Islamic Finance News (IFN) Indonesia Forum 2012, Tuesday (17/4) at the Hotel Mulia, Jakarta. (source)
Mulia added that Indonesia Islamic Finance has enormous potential of growth, especially with Indonesia’s re-entry in the Investment grade amid the ongoing global crisis. "They (the world) currently realize that it is necessary to change the financial system, and Islamic Finance could be an alternative," he said.
There are plenty of countries who have conducted and continue to reform their financial system. This has been conducted by the government of Indonesia together with Bank Indonesia, namely the establishment of OJK. OJK establishment aims to address the global financial complexity towards the crisis threat. On the other hand, the establishment of OJK is the government's commitment in financial sector reform in Indonesia.
"OJK will also cooperate with relevant institutions and stakeholders to conduct socializations and provide education about the Islamic Finance, so that the society comprising of consumers and investors will understand, and in turn they will be interested in Islamic Finance," Mulia said.
OJK is expected to positively correct the shortcomings of the previous financial system. It can also strengthen the State’s economy with a strong financial system,” he said. While the intermediation of the financial system is to avoid cross-cutting problems that may arise in today's financial services sector, by optimizing the protection for consumers and investors, as well as maintaining financial system stability through an integrated supervision. (ak)

Source :   http://www.depkeu.go.id/Eng/Read/?type=ixNews&id=23228&thn=2012&name=en_17042012_2.htm - April 17, 2012

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