OJK Strengthens Islamic Banking to Support Economic Growth

Author: Luthfie Febrianto
October 25, 2024

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SEAToday.com, Jakarta - The Financial Services Authority (OJK) has reinforced its commitment to growing Indonesia’s Islamic banking sector, recognizing its potential to drive economic growth, particularly in regional areas.

Dian Ediana Rae, OJK’s Executive Head of Banking Supervision, emphasized this during a recent workshop in Banda Aceh on October 24-26, as part of the 2024 Annual Islamic Banking Meeting.

Collaboration between OJK, local governments, the Regional Economic and Islamic Finance Committee (KDEKS), and the Islamic banking industry is at the core of this initiative.

“We hope this partnership can become a strong foundation for the growth of Islamic banking, especially in supporting regional economic programs and development priorities,” Rae said.

Rae highlighted the importance of strengthening the Islamic financial ecosystem to support sustainable business growth. OJK’s goal is for Islamic banking to become a healthy, efficient, and competitive industry, contributing significantly to national economic welfare.

She noted that Islamic banking in Indonesia has shown resilience even in challenging times, including the COVID-19 pandemic. As of August 2024, the sector’s market share rose to 7.33%, with assets growing by 10.37% to IDR 902.39 trillion.

To sustain growth, OJK introduced the 2023-2027 Islamic Banking Development Roadmap, focusing on synergy within the Islamic financial ecosystem.

A new roadmap for strengthening Regional Development Banks from 2024 to 2027 was also launched, aiming to increase financial access in strategic sectors like education, healthcare, agriculture, and infrastructure.

Writer: Fariz Ahmad Luthfi