Indonesia Set Ip the National Islamic Financial Committee to Enhance the Development of Sharia Business in the Country - Photo by Bappenas

JAKARTA (TheInsiderStories) – Indonesian government set up the National Islamic Financial Committee (NIFC) to enhance the development of sharia finance in the country, said one senior government official yesterday (01/03).

Minister of National Development and Planning, who is also as the Secretary of the NIFC, Bambang Brodjonegoro has installed the management of the agency lead by Ventje Rahardjo Soedigno. Other executives are Taufiq Hidayat as Director of Law and Sharia Financial Management Standards, also Ronald Rulindo as Director of Product Innovation, Market Deepening, and Sharia Financial System Infrastructure Development.

Then, Ahmad Juwaini as the Exclusive Director of Finance, Religious Social Funds and Sharia Micro Finance, Sutan Emir Hidayat as Director of Islamic Financial Research and Education, and Afdhal Aliasar as Director of Promotion and External Relations.

He continued, the government established NIFC through Presidential Regulation Number 91 Year 2016, concerning the National Islamic Finance Committee in order to develop Islamic finance and become a key player in the global sharia economy.

This committee is chaired directly by the President and Vice President, then there is a steering council consisting of ten leaders from the government and related authorities.

“The formation of the National Secretariat is a manifestation of the government’s commitment to develop the Islamic economy and finance in Indonesia seriously by involving all stakeholders,” the minister said after the innauguration at his office in Jakarta.

NIFC has the mandate to accelerate, expand and advance the development of Islamic finance and economics. The agency also has the role of equalizing perceptions and realizing synergies between regulators, government, and the Islamic financial and economic industries.

According to him, Quick Wins in Islamic finance sector was implemented by the establishment of large-scale Islamic state-owned banks, increasing the growth of sharia securities and regional sukuk issuance, expanding microfinance institutions with branding of micro waqf banks, reforming zakat to support poverty alleviation programs, waqf land census, and empowering Hajj funds.

Whereas the Quick Wins of the sharia economy include the acceleration of the completion of the Halal Product Guarantee Rule and the rule for tariff and halal certification fees. The last quick wins in the international cooperation sector were to oversee Indonesian technical assistance to several countries to establish the first Islamic bank.

Written by Staff Editor, Email: theinsiderstories@gmail.com

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