Islamic Banking in Indonesia in
Brief
In
the context of macro economic management, an extensive use of various Islamic
financial products and instrument will help attaching financial sector and real
sector and create harmonization between the two sectors. In addition to support
financial and business the widely use of islamic product and instrument will
also reduce speculative transactions in thus
the economy supports the stability of overall financial system. At the end, the
Islamic banking will significantly contribute to the achievement of mid-long
term price stability.
Policy of Islamic Banking Development in Indonesia.
”The
Blueprint of of Islamic Banking in Indonesia ” defines the vision, mission and
target of Islamic banking development as well as strategic initiatives with clear priorities in response to the main challenge
and in reaching the target for the next ten years by achieving significant
market share of Islamic banking through the advancement of the role of Islamic
banking in the national, regional and international financial activities with
other Islamic financial sectors.
In
the condition of its integration, in the short term, the phase of Islamic
banking development is more directed toward servicing the huge potential of
domestic market. In other words, Indonesian Islamic banking must be able to
become domestic player with an international quality in services and
performance.
Subsequently, the Islamic banking
system envisioned by Bank Indonesia
is a modern Islamic banking with open and universal characteristics and
inclusive to all Indonesian people with no exception. It refers to banking
system presenting applicative forms
of Islamic economic concept that is wisely formulated in the current context of
problems faced by Indonesia within the consciousness
of the historical socio-cultural condition of this country. Only by doing that,
the aspiration development of Islamic banking will always be recognized and
accepted by all Indonesian people as a part of the solutions to the various
problems encountered by this
country.
Grand Strategy of Islamic Banking Market Development
In
line with the concrete efforts in developing Islamic banking in Indonesia, Bank Indonesia
has formulated a Grand Strategy of Islamic Banking Market Development, as a
comprehensive strategy of market development covering strategic aspects, such
as: determining the vision of 2010 as the leading Islamic banking industry in
ASEAN, creating the new image of inclusive and universal Islamic banking,
mapping a more accurate market segment, developing more various products,
improving services as well as adopting new communication strategy of Islamic
banking by positioning it as a beyond banking position. ( Islamic banking is more
than just a bank).
Second, new image program of Islamic banking that
includes positioning, differentiation and branding aspects. The new positioning
of Islamic bank as banking that provides mutual benefits to both parties, differentiation aspect with
competitive advantages with various products and schemes, transparency, competent and ethical finance, updated and
user friendly information technology as well as qualified investment expert of
Islamic finance. Branding aspect will be represented by ”Islamic bank, more
than just a bank “( beyond banking).
Third, new mapping program which is more accurate on
Islamic banking market potential that generally directs Islamic bank services
as universal service or bank accessible for all kinds of people and all
segments in accordance with the strategy of each Islamic bank.
Fourth,
product development program directed to various products variations supported by the unique value
offered (mutual benefits) and strenghthened by a wide office network and the
use of easily comprehended standards of product name (example : deposit – iB,
financing – iB).
Fifth, program of service quality enhancement supported by competent
human resources and the supply of information technology to meet customer ’s
requirement and satisfaction. This competency is also expected to be able to
communicate products and services of Islamic banking to customer correctly and
clearly get always complying to sharia principles; and
Sixth, a wider and more efficient socialization
and educational program for public interest through various direct or indirect
(printing and electronic media, online/website) communication channels with the
objective of contributing comprehension on the advantages of Islamic banking
products and services that can be benefited by the public.
Documentation
on Sharia Banking:
- Codification of Islamic Banking Products
- Grand Strategy of Islamic Banking Market Development
- Investment Guide
- UU No.21 2008
