Kebijakan Terkait Ekonomi Syariah

Accelerating Sharia Finance Development
in Indonesia
HARYADI
The 6th Meeting of the COMCEC Financial Cooperation Working Group
17-18 March, 2016
Ankara - Turkey
Ministry of Finance, Republic of Indonesia
1
Outline
Sharia Finance Opportunities in Indonesia
Regulation Support
Sharia Finance Assets
Islamic financial development: Key statistics
Challenges
Acceleration Strategies
2
Sharia Finance Opportunities in Indonesia
World Moslem Population in 2012
Morocco
•
Indonesia is the biggest muslim
population country
•
Biggest GDP among OIC member
countries
•
Relatively Stabile political situation
•
Market-driven sharia market
development
•
Government and financial regulators
commitment in developing Islamic
finance
31.940.000
Algeria
34.730.000
Turkey
71.330.000
Iran
73.570.000
Egypt
76.990.000
Nigeria
77.300.000
Bangladesh
133.540.000
Pakistan
167.410.000
India
176.190.000
Indonesia
209.120.000
Billions US$
Gross Domestic Product
1000
900
800
700
600
500
400
300
200
100
0
1990
Source: World Bank
2000
2006
2007
2008
2009
2010
2011
2012
Indonesia
Iran, Islamic Rep.
Malaysia
Oman
Pakistan
Qatar
Saudi Arabia
Turkey
United Arab Emirates
2013
2014
3
Regulation Support *
Act No. 21/2008:
Sharia Banking
Act No. 19/2008:
Sovereign Sukuk
Act No. 34/2014:
Management of
Hajj Funds
Act No. 41/2004:
Waqaf
Act No. 8/1995:
Capital Market
Act No. 23/2011:
Management of
Zakah
Development of
Economic and
Shariah Finance
Sectors
* In addition to implementing rules and regulations
Act No. 40/2014:
Insurance
4
•Per December 2015
• Total Asset Rp64,8
trillion^
• 22 Islamic Non
Banking
• 88 Unit of Non
Islamic Banking
Sectors
Capital Market
• Total Asset Rp296
trillion^
• 12 Islamic Bank
• 22 Islamic Banking
Unit
• 163 Islamic Rural
Bank
Non Islamic Banking Sectors
Islamic Banking
Sharia Finance Assets (1)
• SBSN (govt.
sukuk) issued:
Rp288 trillion^
• Corporate Sukuk
issued: Rp14,48
trillion^
• NAV of Sharia
mutual funds
Rp10 trillion^
• 331 Islamic
securities listing
•Per December 2015
•per September 2015
5
^ 1 USD= Rp 13,000
Sharia Finance Assets (2)
(trillion Rp^)
Type
Sharia Banking
2012
2013
2014
Dec 2015
MARKET
SHARE Sep
2015
Per Industry
174,09
233,13
272,34
296 4,83%*
Sharia Insurance
13,1
15,38
22,36
23,89* 5,10%*
Sharia Financing
22,66
28,74
23,77
22,35* 5,54%*
8,05
9,43
11,49
10,11
4,00%
134,15
176,84
222,72
288,20
13%
NAV Sharia Mutual
Funds
Outstanding of
Sovereign Sukuk
Capitalization of
Sharia Stocks
2.451,33 2.557,85 3.060,28
2449,10 55,98%
*Per November 2015
Source: Financial Services Authority, Ministry of Finance
6
^ 1 USD= Rp 13,000
Key statistics: Sharia Banking
Islamic Bank and Islamic
Banking Units
Trillion(Rp)
350
Billion(Rp)
Banking Performance
%
%
6
3.200
300
120
5
100
250
2.400
200
1.600
150
800
100
50
2010
2011
Profit
(RHS)
Laba
(RHS)
2012
Financing
2013
2014
4
80
3
60
40
2
20
1
0
0
2015
2011
Third Party Funds
Asset
FDR
2012
LDR
OER-S
2013
OER
2014
ROA-S(RHS)
Dec 2015
ROA(RHS)
Billion Rp
Saving account and Financing account
24
20
16
12
8
4
0
2009
2010
2011
2012
Saving
Financing
2013
2014
Dec 2015
7
Source: Financial Services Authority
Key statistics: Sharia Insurance
No
Companies
2010
2011
2012
2013
2014
2015
1
Sharia Life Insurance
3
3
3
3
3
3
2
Sharia Life Insurance Unit
17
17
17
17
17
19
3
Sharia General Insurance
2
2
2
2
2
3
4
Sharia General Insurance Unit
20
18
20
24
23
23
5
Sharia Reinsurance Unit
3
3
3
3
3
3
45
43
45
49
48
51
No
1
Indicators
2010
2011
2012
2013
Sharia General Insurance
5.632
7.275
10.016
12.792
1.342
1.927
3.223
3.869
Sharia Reinsurance Unit
Total
18.052
21.614
3.310
3.786
1.003
1.119
6.974
9.202
13.239
16.661
22.364
26.519
4.903
6.418
9.087
11.537
16.352
19.576
895
1.338
2.241
2.758
2.258
2.539
847
955
19.457
23.070
Total Investment
Sharia Life Insurance
Sharia General Insurance
Sharia Reinsurance Unit
Total
Source: Financial Services Authority
* 1 USD= Rp 13,000
2015
Total Asset
Sharia Life Insurance
2
2014
5.798
7.756
11.328
14.295
Billion Rupiahs*
8
Key statistics: Sharia Capital Market
Corporate Sukuk Issued and Its Market Share
Sharia Mutual Funds Development
90
12,00
4,50%
10,11
80
10,00
60,00
Trillions
8,00
Triliun Rp
Volume
60
50
85
40
6,00
30
58
48
46
20
4
11
23
17
65,66 2,78%
30,00
2,50%
55,29
1,89%
47,82
50,86
65
4,00
0,22%
50
0,00
2,00
26
2,00%
1,50%
0,10
2011
0,50%
2,20
2013
1,88
2012
0,92
2014
1,57
2015*)
0,00%
*)s.d. September 2015
0
-
Sukuk Koorporasi (dalam triliun rupiah)
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Sept
Jumlah Reksa Dana Syariah
Obligasi Koorporasi (dalam triliun rupiah)
Market Share
NAB Reksa Dana Syariah
Trillions
Capitalization of Stocks
6.000
5.000
4.000
3.000
2.000
1.000
2000
2001
2002
Jakarta Islamic Index
Source: Financial Services Authority
%
1,00%
15,00
36
10
45,00
2,99% 3,50%
3,00%
45,64
74
4,00%
3,83%
70
2003
2004
2005
2006
2007
Indeks Saham Syariah Indonesia
2008
2009
2010
2011
2012
Indeks Harga Saham Gabungan
2013
2014
2015
Sept
Indeks LQ45
9
Key statistics: Sovereign Sukuk
Sovereign
Government Bonds and Sovereign
Sukuk;
per September 2015
Rp[VALUE]
T;
[PERCENTA
GE]
Sukuk
Sovereign Sukuk in terms of Currency
per September 2015
USD
36%
Gov Bonds;
Rp[VALUE]
T;
[PERCENTA
GE]
IDR
64%
[CATEGORY
Sovereign
Sukuk in terms of Type per September 2015
NAME];
Rp[VALUE]T;
[PERCENTAGE]
[CATEGORY
NAME];
Rp[VALUE]T;
[PERCENTAGE]
[CATEGORY
NAME];
Rp[VALUE]T;
[PERCENTAGE]
[CATEGORY
NAME];
Rp[VALUE]T;
[PERCENTAGE] [CATEGORY
NAME];
Rp[VALUE]T;
[PERCENTAGE]
[CATEGORY
NAME];
Rp[VALUE]T;
[PERCENTAGE]
Sovereign
[CATEGORY
NAME];
Rp[VALUE]T;
[PERCENTAG
E]
Sukuk In terms of Tradability
[CATEGORY
NAME];
Rp253,01 T;
[PERCENTAG
E]
10
Source: Ministry of Finance
Challenges (1)
Services to
productive SME
Quality service
and sharia
infrastructure
enhancement
Competent
Human
Resources
Innovation of
product
supported by
sharia financial
insight and
knowledge
Market research
based conducive
regulation to
support product
innovation
Increase
community
understanding
of sharia
financial
products
11
Challenges (2)
Services to
productive SME
Quality service
and sharia
infrastructure
enhancement
Competent
Human
Resources
Innovation of
product
supported by
sharia financial
insight and
knowledge
Market research
based conducive
regulation to
support product
innovation
Increase
community
understanding
of sharia
financial
products
12
Development Strategies: Strategic
level
 MASTERPLAN OF ISLAMIC FINANCE ARCHITECTURE (2014)
 A result of study by National Development Planning Agency
and IDB
 To synergize Islamic finance development strategies prepared
by stakeholders, such as Bank of Indonesia, FSA, and MoF.
 Declaration of President Joko Widodo to accelerate the
development of Islamic finance in Indonesia (January 2016)
 Establishment of National Committee on Islamic Finance
o Chair: President
o Vice chair: Vice President
o Committee members: Governor of BI, Commissioner of FSA,
Commissioner of IDIC, Minister of Finance, Coordinating Minister of
Economic Affairs, Minister of Cooperatives and SMEs, Minister of
Religious Affairs, Minister of SOEs, Chairman of Indonesian Ulama
13
Council.
Development Strategies: Operational
level
Creating equal level of playing field between sharia and conventional
industry
- Review/amendment on several tax rules and regulation
Issuing regulations to support sharia financial development
- Codification of regulations in Islamic financial products
- More opportunity for Sharia banks as salary payment banks for govt.
employees, soldiers, and police forces.
Issuing sukuk instruments to add portfolio options of investment
Harmonizing fiscal policy to sharia financial services to create the
environment for the economy while keeping financial system and fiscal
stability
14
Other information
 Host of the Islamic Development Bank, 41st Annual Meeting, from
15-19May 2016.
• Governors meetings
• Exhibitions
• Seminars
• Social programs
 1ST ANNUAL ISLAMIC FINANCE CONFERENCE: Islamic Infrastructure
Financing and Financial Inclusion Strategy
• Jakarta, 17 May 2016
• IDB, IRTI, Ministry of Finance, Bank of Indonesia, Financial
Services Authority, Indonesian Deposit Insurance Corporation,
and Indonesian Association of Islamic Economics Experts.
• Local and international speakers
• regulators, policy makers, industry, academics.
15
Contact Details:
HARYADI
Ministry of Finance, Republic of Indonesia
Email: haryadi@fiskal.depkeu.go.id
16