By Farouk Abdullah Alwyni
In order to support further the growth of the Islamic banking industry in the country, Bank Indonesia (BI), the country’s central bank, recently issued a regulation No. 16/12/PBI/2014 related to Shariah monetary operations in foreign currency, i.e. US dollars. The monetary operation for these US dollar-based term deposits will be done through an auction process by the central bank, through which the interested Islamic banks will need to place their bids.
Deepening the Shariah money market in Indonesia
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