Indonesia Islamic Banking Development Roadmap

Aug 5 2021
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The Islamic banking industry in Indonesia has continued to expand despite several existing strategic issues and challenges. However, based on the Islamic Banking Transformation Study performed in 2018, several strategic issues are impeding faster growth of the Islamic banking business, including a lack of business model differentiation, suboptimal human resources in terms of quality and quantity, and low levels of literacy and inclusion.

In addition, global conditions have forced us into a New Normal era due to the Covid-19 pandemic and demand social distancing, which has changed the social and economic behavior. On the other hand, concern for helping each other has increased, mainly regarding financial issues. This can be considered a challenge and an opportunity for the Islamic banking industry to offer digital-based services and meet societal needs by contributing to post-pandemic economic development.

The direction of Islamic banking development was previously stated in the Indonesia Islamic Banking Roadmap 2015-2019. Continuing effort for Islamic banking development, also considering various strategic issues, opportunities, and challenges, OJK has compiled the Indonesia Islamic Banking Development Roadmap 2020-2025. With a vision to create a resilient and competitive Islamic banking industry that significantly contributes to the national economy and social development.

The direction of Islamic banking development aligns with various policies, including the external policies on national level. On the other hand, concern for helping each other has increased, mainly regarding financial issues. These issues can be considered as a challenge and an opportunity for the Islamic banking industry to offer digital-based services and fulfill societal needs by contributing to post-pandemic economic development.

Medium-Term National Development Plan (RPJMN) 2020-2024 and the Indonesia Islamic Economy and Finance Masterplan 2019-2024, as well as internal policies at OJK, namely the Indonesia Financial Services Sector Masterplan (MPSJKI) and Indonesia Banking Development Roadmap (RP2I). As an integral part of RP2I, this roadmap is a strategic measure by OJK to harmonize Islamic economic development in Indonesia, particularly the financial services industry in the Islamic banking sector.

For details, please download the attached material.

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