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The growth of Islamic fi nance in Indonesia has been recognized as one of the fastest in the world. According to Global Islamic Finance Report (GIFR) 2011, Indonesian was ranked fourth after Iran, Malaysia, and Saudi Arabia as a country that has the potential and is conducive for the development of Islamic fi nance. Taking into consideration some aspects aff ecting the GIFR index such as the number of Islamic banks, the number of non-bank Islamic fi nancial institutions, and the size of Islamic fi nance assets, Indonesia is projected to be ranked fi rst in the near future.

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