Wednesday, 15 Safar 1443 / 22 September 2021

Wednesday, 15 Safar 1443 / 22 September 2021

Three challenges ahead of Islamic banking

Selasa 20 Mar 2012 23:59 WIB

Rep: Nur Aini/Satya Festiani / Red: Yeyen Rostiyani

ASEAN Economic Community in 2015 provides a challenge to domestic Islamic banking. (illustration)

ASEAN Economic Community in 2015 provides a challenge to domestic Islamic banking. (illustration)

Foto: Republika/Wihdan Hidayat

REPUBLIKA.CO.ID, JAKARTA - Islamic banking is predicted to face three challenges ahead in the next two years. They are the transition of financial supervisory to Financial Service Authority (OJK), ASEAN economic community, and the increasing of human resources (SDI) needs.

OJK presents as authority institution supervising all financial institution, to replace of Bank Indonesia (BI) and Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) roles. OJK will supervise the management of 8.000-9.000 trillion IDR fund.

A senior analyst from BI, Rifki Ismal, said OJK would challenge Islamic bank. Nonetheless, Ismal predicted OJK would observe other banking industries and Islamic financial institutions. 

The second challenge comes from the plan to form ASEAN economic community in 2015, to resemble European Economic Community. ASEAN economic community proceeds with three scenarios. The first scenario is the unity of finance with a probability of having single currency. The second scenario is the unity of security and culture in ASEAN economic community.

With those challenges, Islamic financial industry must prepare to compete and survive. “The industry will compete with foreign institutions,” he said.

The last challenge comes from internal industry. The fast development should be balanced with network expansion. 

The analyst of Islamic economy, Veitzal Rifai, said the boost for Indonesian Islamic banking increased with the awareness of public to Islamic economy. The development of Islamic financial institution would reach 50 percent in the next year, he predicted. 

 

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