Kamis , 30 April 2015, 19:34 WIB

Indonesia's sharia economy lags behind Malaysia

Rep: C37/ Red: Julkifli Marbun
Republika/ Wihdan
Jusuf Kalla
Jusuf Kalla

REPUBLIKA.CO.ID, JAKARTA -- As the largest Muslim country, Indonesia was just too late to apply sharia system. Vice President Jusuf Kalla (JK) said the role of local sharia economy has not been as good as conventional economics.

"Indonesia has been late for branding sharia economics compared to Malaysia. Malaysia has built institutions, although they not call it as sharia but the implementation is sharia," said JK in the Congress  III of the Association of Indonesian Islamic Economics (IAEI) and the Seminar on Islamic Economy at the Ministry of Finance (MOF) on Thursday (30/4).

JK mentioned that Indonesia sharia economic institutions in third position on the world. But in assets, Indonesian sharia economy is in 9th position.

"The institution in number three but the asset is number nine. This means institutional role is still small," he said.

In a phase of sharia economic development, the Minister of Finance (Menkeu) Bambang Brodjonegoro said Indonesia started sharia economy in 1991. It marked with the establishment of the first sharia bank, Bank Mualamat. While in Malaysia, sharia economy began in 1963.

In assets, the minister said Indonesia assets fund amounting to 35 billion US dollars with world market share is 21 percent. Meanwhile, Malaysian assets and funds are 115 billion dollars.