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    Syariah Financial Committee Welcomed by Parliament

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    BANDUNG-Members of the House of Representatives Commission XI Ecky Awal Mucharam welcomed and put big hopes on the establishment of Syariah Financial Committee. This committee will strengthen the syariah financial role as the axis of economic activity.

    "Currently, the Syariah financial portion only 5 percent of our total financial industry. It compared with Malaysia which has reached 21 percent. In fact, syariah financial has a large share of the real sector financial, particularly in UMKM, "said PKS Legislator of Electoral District III in West Java on Wednesday (6/1).

    Ecky explained, syariah banking has proved resilient from the shock of crisis. Therefore, syariah financial does not allow any speculative transactions in the money market. According to Ecky, all syariah financial should be based on the real sector with ethical standards overseen by the Syariah supervisory board in order to avoid cheating.

    "This makes the syariah financial sector does not participate in crisis, both in 1998 and 2008. Thus, the international community increasingly glance at syariah financial," he said.

    Therefore, Ecky hoped the syariah financial committee can carry out their duties, particularly in harmonising legislation and other relevant regulations, as well as strengthening the syariah financial literacy.

    "The big objective is to encourage the national economy can be achieved,” said Ecky.

    As well known, a limited cabinet meeting on Tuesday (5/1) decided the establishment of syariah financial committee. These committee is directly led by President Jokowi as well as the Steering Committee. This committee consists of the ministers, Bank Indonesia (BI), Financial Services Authority (OJK), as well as the Deposit Insurance Agency (LPS).

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