Huge growth for Sharia banking in Indonesia

Average annual growth has been 40% since 2007.

Indonesia’s sharia banking system consisting of 191 banks and its potential is huge. Worldwide, the growth rate for sharia banking ranges from 15% to 20% annually.

Sharia banking has been experiencing extraordinary developments in several countries including Indonesia.

Roslan Abdul Razak of the International Centre for Education in Islamic Finance (INCEIF) revealed that the combined assets of 1,000 sharia financial institutions in 75 countries stands at US$ 1.2 trillion.

“Sharia banking can really be a solution, especially during a global crisis,” Roslan said.