Sharia IKNB Roadmap 2015-2019

Dec 1 2015


From 2010 to 2014, Indonesia’s Sharia financial sector, including the Sharia non-bank financial industry (IKNB), enjoyed significant growth. During the five-year period, the Sharia IKNB, which includes Sharia insurance, Sharia financing, Sharia credit guarantee, Sharia venture capital, and other Sharia financial services industries, posted an average growth of 62.29 percent annually despite signs of slower growth rates in the last two years.

The Financial Services Authority (OJK) is positive that in the mid and long terms, they will see sustainable development and continuously significant growth rates in the Sharia IKNB industry. This optimistic stance is based on the industry’s enormous, unexplored potential, and the industry players’ passion in running Sharia-compliant financial activities, whether by establishing all new Sharia companies (that fully comply to Sharia principles) or by launching Sharia business units. 

To sustain and raise the expected growth rates, there should be policy direction that will guide the Sharia IKNB development for the next five years. Such direction was set in this roadmap and it aimed to respond to today’s challenges and those that would rise within the next five years. The direction had been synchronized with the objectives of OJK’s establishment.

The Sharia IKNB Roadmap provides regulators, industry players, and all stakeholders with guidelines on direction for policies and development of the Sharia IKNB. The policy direction for the previous period was presented in general in “The 2010-2014 Master Plan for Capital Market and IKNB.” In the master plan, the policy direction was described in five goals and a number of strategies had been prepared for each goal. The second objective listed the third strategy, i.e. “Developing Capital Market and Sharia IKNB.”

The Sharia IKNB Roadmap 2015-2019 was prepared based on reviews/research that the OJK had conducted on the development of the Sharia IKNB. The reviews produced a number of strategic issues faced by each industry. When the roadmap was being drafted, the strategic issues concerning the Sharia IKNB were the basis for preparing action plans.  


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