INDONESIA - EVENTS - Government Seriously Develops Indonesian Islamic Financial Industry

www.depkeu.go.id - Jakarta, 20/6/2012 MoF(Fiscal) News - Opening the International Conference on Islamic Capital Market in Jakarta on Tuesday, Vice Minister of Finance I Anny Ratnawati conveyed that the government of Indonesia commits to develop Sharia financial industry as a part of national economic development. This commitment is reflected in the development of Islamic investment products (State Islamic Securities/Sukuk), which are periodically issued by the government through Ministry of Finance.
She explained, the development of Sharia investment products is higher than the conventional ones since the issuance of law and regulations related to the Islamic financial industry in 2008. “The amount of sukuk issued by the government on December 31, 2008 was only USD429 million. Yet, it increased by 1.898 percent to USD8.57 billion on December 31, 2011,” she said. Meanwhile, the amount of the government bonds increased of around 49 percent from USD82.35 billion to USD122.40 billion in the same period. Therefore, she welcomed investors’ enthusiasm in each Sharia investment product issued. (source)

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)

INDONESIA - CAPITAL MARKETS - Bapepam-LK Supports Islamic Finance Development in Indonesia

www.depkeu.go.id - Jakarta, 16/4/2012 MoF (Fiscal) News - Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) always encourages the growth and development of domestic Islamic financial industry. This was stated by Head Bureau of Accounting Standards and Disclosure of Bapepam-LK Etty Retno Wulandari while attending the Islamic Finance News (IFN) Indonesia Forum 2012, on Monday (16/4) at the Hotel Mulia, Jakarta.

Thus, the government through Bapepam-LK in cooperation with the Indonesia Stock Exchange (BEI) and the Indonesian Ulema Council along with various other stakeholders will always strengthen the cooperation in Islamic finance. Bapepam-LK itself is currently undertaking a revision to the regulation Number II.K.1 concerning the Criteria and Issuance of Islamic securities. The changes cover financial ratio and the date of issuance and validity of the List of Islamic Securities (DES). (source)