Indonesia’s central bank

An Indonesian parliamentary working committee agreed to pass a new bill on Sharia or Islamic banking into law, a legislator said on Thursday, which would encourage growth of the country’s Islamic finance sector. Under the existing scheme, the parliament will hold a plenary hearing, which is expected to officially pass the bill agreed by parliamentary working committees.

The bill would allow foreigners to establish sharia banks in partnership with Indonesian citizens or local entities. It would also offer more flexibility to commercial banks, allowing them to convert their business into sharia-compliance banks. Read: Global Islamic Finance


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