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Jakarta, 5 October 2023 - Sharia financing in Indonesia continues to show a positive trend. Bank Indonesia data shows that sharia financing growth in August 2023 reached 14.5% (yoy), higher than the average credit growth rate of 9.06%. This shows that Indonesian people are increasingly interested in using sharia financial products and services.
Rusdi Dahardin, Head of the Sharia Business Unit of the Indonesian Export Financing Institute (LPEI)/Indonesia Eximbank, explained that Indonesia Eximbank continues to play an active role in supporting the development of sharia economics and finance in Indonesia. One strategy is to develop export trade financing and insurance based on sharia principles which can also be collaborated with banks in Indonesia.
Various sharia-based business unit developments aim to encourage the growth of Indonesian exports, especially in the export-oriented halal industry. In addition, collaboration with banks is expected to encourage increased sharia financial literacy and inclusion which will encourage the growth of sharia financing.
"LPEI will continue to align with the banking industry, both conventional and sharia, with the aim of marketing National Export Financing (PEN) with a sharia scheme in accordance with the mandate given. With this strategy, people will be more interested in using sharia products. "As a result, LPEI has distributed sharia financing of up to IDR 5.7 trillion until June 2023," he said.
Meanwhile, for sharia export insurance products, LPEI has two products, namely Trade Credit Insurance (TCI) and Marine Cargo Insurance (MCI). TCI provides protection to exporters from trade debt risks/risk of default, to political risk, while MCI provides protection from loss and damage that occurs during the cargo delivery process.
LPEI as a Special Mission Vehicle under the auspices of the Indonesian Ministry of Finance supports the 2023 Sharia Financing Month (BPS) organized by Bank Indonesia (BI), the Financial Services Authority (OJK), the National Committee for Sharia Economics and Finance (KNEKS), and the Indonesian Waqf Board ( BWI) from 1-31 October 2023. This support is in line with LPEI's commitment to strengthening the sharia economic ecosystem in Indonesia.
As a concrete form of LPEI's support for the sharia economy, LPEI will launch a new insurance product in the fourth quarter of this year. With the presence of LPEI sharia export insurance products, it further strengthens LPEI's commitment to providing sharia-based financing support to export-oriented business actors. "We hope
"Sharia-based export insurance products from LPEI can contribute to strengthening the sharia economic and financial ecosystem in Indonesia," he said.
Contact Person
Chesna F. Anwar
Corporate Secretary – Lembaga Pembiayaan Ekspor Indonesia Ph. : (021) 39503600
Email : corpsec@indonesiaeximbank.go.
Web : http://www.indonesiaeximbank.
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