Indonesia Financial
Services Authority, Surabaya, November 3rd 2014: On November
3rd 4th, 2014, Indonesia Financial Services
Authority (OJK) organizes the Indonesia International Conference on
Islamic Finance 2014 held at the J.W. Marriot HOTEL
Surabaya.
The conferences back ground is to elaborate alternatives and solutions on relating matters to the implementation of Islamic finance facing recent development, also in supporting the development of Islamic finance as well as promoting the development of Indonesias Islamic finance. The conferences objectives also to discuss the direction of Islamic finance development from perspectives of Islamic finances stakeholders such as authorities, international organizations, business and Islamic finance industry itself.
Some of the main issues discussed in this seminar are:
(1) Financial Conglomeration and Integrated Supervision; Lesson learnt for Islamic Finance,
(2) New Path in Creating Growth of Islamic Finance : Lesson Learnt and Direction Ahead ,
(3) Revealing the Development of Indonesian Islamic Non Bank Industry and Its Support to Provide a better financial access to Middle-Low Income Households,
(4) Business Opportunities in Assets Securitization to support Islamic Capital Market Development and
(5) Opportunities of Islamic Finance for More Ethical and Sustainable Business in Supporting the Sustainable Economic Development.
The topics discussed in this conference
is related to the latest developments in Islamic finance both
Indonesia and globally.
The development of the Worlds Islamic finance has grown rapidly, as seen from the total assets of US $ 137 billion in 1996, and is estimated to have reached US $ 1.8 trillion in 2013, or about 13-fold within a period of 17 years. However, according to the McKinsey Global Institute, the total global financial assets reach US $ 225 billion in 2012 and assuming growth of 5%, then the total global financial assets in 2013 reach US $ 236 billion, bringing the total assets of global Islamic financial asset reaching only 0.8%, eventhough in some countries Islamic finances market share has reached above 20% of the total financial system.
While the total Indonesias Islamic financial assets reached Rp.476 trillion or about US $ 41.4 billion with composition of 52% of Islamic banking, 35% of sovereign sukuk (SBSN) and 8.8% of Islamic non-bank financial industry, with Indonesias Islamic finance market share still below 10% (December 2013).
In addition, according to a report related to the development of global Islamic finance, Indonesia with Malaysia, Saudi Arabia and the UAE, are among few countries which will become the driving factors behind the next big wave in Islamic finance in the world as well as in the position to offer lessons to other nations seeking to build their own Islamic Finance capacity (Source: E & Y, the World Islamic Banking Competitiveness Report, 2013 - 2014, GIFR report 2013).
The conference also attended by participants and speakers from over 10 countries such as Malaysia, Pakistan, Bahrain, Yemen, Maldives, Mauritania, United States, Indonesia, Kazakhstan and Saudi Arabia, with speakers such as : VP Global Partnership IFC, the World Bank, Ms Karin Finkelston; IRTI- IDB Director General, Prof. Dr Azmi Omar; Director, Supervision, Dubai Financial Services Authority, UAE, Mr. Prasanna Seshachellam; CEO of Cagamas Bhd, Malaysia, Mr. Chung Chee Leong; Garuda Indonesia CEO, Mr. Emirsyah Satar and the Deputy Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain, Mr. Khairul Nizam.
The development of the Worlds Islamic finance has grown rapidly, as seen from the total assets of US $ 137 billion in 1996, and is estimated to have reached US $ 1.8 trillion in 2013, or about 13-fold within a period of 17 years. However, according to the McKinsey Global Institute, the total global financial assets reach US $ 225 billion in 2012 and assuming growth of 5%, then the total global financial assets in 2013 reach US $ 236 billion, bringing the total assets of global Islamic financial asset reaching only 0.8%, eventhough in some countries Islamic finances market share has reached above 20% of the total financial system.
While the total Indonesias Islamic financial assets reached Rp.476 trillion or about US $ 41.4 billion with composition of 52% of Islamic banking, 35% of sovereign sukuk (SBSN) and 8.8% of Islamic non-bank financial industry, with Indonesias Islamic finance market share still below 10% (December 2013).
In addition, according to a report related to the development of global Islamic finance, Indonesia with Malaysia, Saudi Arabia and the UAE, are among few countries which will become the driving factors behind the next big wave in Islamic finance in the world as well as in the position to offer lessons to other nations seeking to build their own Islamic Finance capacity (Source: E & Y, the World Islamic Banking Competitiveness Report, 2013 - 2014, GIFR report 2013).
The conference also attended by participants and speakers from over 10 countries such as Malaysia, Pakistan, Bahrain, Yemen, Maldives, Mauritania, United States, Indonesia, Kazakhstan and Saudi Arabia, with speakers such as : VP Global Partnership IFC, the World Bank, Ms Karin Finkelston; IRTI- IDB Director General, Prof. Dr Azmi Omar; Director, Supervision, Dubai Financial Services Authority, UAE, Mr. Prasanna Seshachellam; CEO of Cagamas Bhd, Malaysia, Mr. Chung Chee Leong; Garuda Indonesia CEO, Mr. Emirsyah Satar and the Deputy Secretary General of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain, Mr. Khairul Nizam.
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