There has been at least two recent government-led initiatives to foster the growth of Islamic fi nance in Indonesia. Firstly, the government included the deregulation of the Islamic fi nancial sector in the Economic Policy Package V issued in late October 2015. This package is part of a number of economic policy packages issued by the government to deregulate the economy starting in September 2015. Secondly, the government will establish a national committ ee to drive the development of Islamic fi nance as announced by president Joko Widodo in early January 2016.
On the fi rst initiative, as mentioned by the OJK’s chairman Mulyaman Hadad, it is related to the codifi cation of Islamic banking products and the simplifi cation of requirements to open an Islamic banking network. Regarding the codifi cation of Islamic banking products, the OJK has laid out in its regulation No. 24/POJK.03/2015 titled ‘Produk dan Aktivitas Bank Syariah dan Unit Usaha Syariah (The Product and Activity of the Islamic Bank and Islamic Window [of a conventional bank])’ issued on the 27th November 2015 and made into law on the 8th December 2015.