Logo of Financial Service Authority or Otoritas Jasa Keuangan (OJK) in Indonesian language. (illustration)

Indonesia revises Islamic banking rules as industry growth slides

REPUBLIKA.CO.ID, SYDNEY/JAKARTA -- Indonesia's regulator has issued revised Islamic banking rules covering asset quality and capital adequacy to help clarify market practices, while industry growth has now dropped to single-digits. Authorities want to encourage a wider product range to help Islamic banks grab a bigger share of the Indonesian market, a sector which remains behind more mature markets in Malaysia...

An islamic bank's counter in Jakarta (illustration)

Islamic bank to tackle hajj's funds in 2014

REPUBLIKA.CO.ID, JAKARTA - Haj's funds should be transferred from commercial banks to islamic banks. Director General of Hajj and Umrah at Ministry of Religious Affairs, Anggito Abimanyu said the policies should be implemented this year or at least in May 2014. "Haj's funds reached 53 trillion IDR this year which 11 trillion of them were at by commercial banks," Abimanyu...