REPUBLIKA.CO.ID, JAKARTA -- Interconnection of Islamic financial institutions was needed to provide the best products and services in community. Chairman of National Sharia Council in Indonesian Ulama Council (DSN MUI), Maruf Amin said that Islamic financial assets in Indonesia grew 34 percent in 2012 or 15 to 20 percent annually.

"Interconnection of Islamic financial institutions is the most important element," Amin said on Monday.

Indonesia currently has 11 Islamic banks, 24 Islamic business units (BUS), more than 40 Islamic insurance companies, 160 sharia rural banks (BPRS) and 58 Islamic mutual funds. However, composition of shares in Islamic finance remains low. Interconnection process must be coupled with dissemination and sustainable promotion.

The low level of sharia financial literacy must be improved through education and sustainable programs. Role of Financial Services Authority (OJK) was very important, so that interconnection will be effective and can increase shares of Islamic financial market. 

DSN MUI was ready to assist OJK in promoting Islamic financial industry. DSN MUI has issued 84 fatwas related to Islamic financial institution operations. Amin saw that Islamic financial institutions needed to develop innovative products to serve the needs of community.

"DSN is ready to conduct discussions if it is needed," Amin said.

DSN MUI also urged government to participate in developing Islamic financial industry, especially to increase market shares. This institution also welcome government's plan to transfer hajj funds to Islamic banks. 

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