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Islamic finance in Indonesia hits USD156.8bn

Indonesia’s Islamic financial industry has demonstrated significant growth, with its sharia finance assets increasing by 6.75% to IDR2,452.57tr (USD156.8bn) as of September 2023, according to Arief Wibisono, expert staff at the Finance Ministry. This announcement was made during the Indonesian Sharia Economic and Financial Study (KEKSI) 2023 meeting. The industry’s assets are largely comprised of the sharia capital market, sharia banking, and the non-bank financial industry, with respective shares of 59.44%, 33.92%, and 6.64%. The market share of Islamic finance in Indonesia is also on the rise. Furthermore, according to the Global Islamic Economy Indicator (GIEI), Indonesia’s sharia economy has climbed to third position globally. Despite this success, the sharia financial assets’ ratio to the national finances remains low at 10.81%.


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