Jury out on whether Jokowi committee can revive Islamic finance market

Jakarta

THE jury is out on whether a group helmed by President Joko Widodo can revive stalled growth in Indonesia's Islamic finance industry.

The head of the world's biggest Muslim population is chairing a new committee tasked with bringing fragmented regulations under one roof and taking action to spur the market, according to the Cabinet Secretariat. Shariah-compliant banking assets increased less than 1 per cent in the first 10 months of 2015, compared with 6.8 per cent overall.