In view of providing a wider banking services
alternative to Indonesian economy, the development of Islamic banking in
Indonesia is implemented under dual banking system in compliance with
the Indonesian Banking Architecture (API). Islamic banking and
conventional banking systems jointly and synergically support a wider
public fund mobilization in the framework of fostering financing
capability of national economic sectors.
The characteristic of Islamic banking operation is
based on partnership and mutual benefits principle provides an
alternative banking system with mutual benefits both for the public and
the bank. This system will give priorities to aspects related to
fairness in transaction and ethical investment by underlining the values
of togetherness and partnership in production, and by avoiding any
speculative activity in financial transaction. By providing various
products and banking services supported by variative financial
scheme,.Islamic banking will be a credible alternative that can be
benefited by all of Indonesian people without exception.
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.
The enactment of Act no. 21 of 2008 issued on July
16, 2008 has provided a more adequate legal base to the development of
Islamic banking in Indonesia ,and consequently will accelerate the
growth of the industry. With an impressive development progress reaching
an annual average asset growth of more than 65% in the last five years,
it is expected that Islamic banking industry will have a more
significant role in supporting national economy.
Policy of Islamic Banking Development in Indonesia.
”The Blueprint of Islamic Banking Development in
Indonesia ” prepared by Bank Indonesia in 2002 provides guidance to
stakeholders of Islamic banking and to set the position and vision of
Bank Indonesia in developing Islamic bank in Indonesia. In the process
of preparing this Blueprint, various aspects have been taken
comprehensively into consideration such as the actual condition of
national Islamic banking industry including related tools, development
trend of Islamic banking industry within international scale as well as
system development of national Islamic finance that has started to be
materialized and inseparable from wider architectural landscape such as
Indonesian Banking Architecture (API) and Indonesian Financial System
Architecture (ASKI) including international best practices formulated by
international Islamic financial institutions such as IFSB (Islamic
Financial Services Board), AAOIFI and IIFM.
The development of Islamic banking was directed to
provide the highest benefits to the public and to give optimal
contribution to national economy. Consequently its development path is
always referred to other strategic plans, such as Indonesian Banking
Architecture (API), Indonesian Financial System Architecture (ASKI) as
well as Medium Term National Development Plan (RPJMN) and Long-Term
National Development Plan (RPJPN). Therefore, the policy in developing
Islamic banking is a part and an activity supporting the achievement of a
larger scale strategic planning in developmnet at national level.
”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 internatioal 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).
Hence, different concrete programs have and will be
performed as the implementation stage of the Grand Strategy of Islamic
Banking Market Development including but not limited to the following
measures:
First, assigning a new vision of
Islamic banking development on phase I in 2008 to build understanding in
Islamic banking as Beyond Banking by reaching an asset target of Rp 50
trillion and industrial growth of 40%, phase II in 2009 with the
objective of positioning Indonesian Islamic banking as the most
attractive one in ASEAN. Phase III in 2010 will have the objective of
attaining Indonesian Islamic banking as a leading Islamic Bank in ASEAN.
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
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