OJK: Islamic Banking Assets Grow by Double Digits, Reaching IDR 1,061 Trillion

The Indonesian Financial Services Authority (OJK) stated that the national Islamic banking industry continues to demonstrate solid, resilient, and sustainable performance. This positive growth is driven by increased intermediation and high public trust in Islamic financial services in the country.

The Head of Banking Supervision at OJK, Dian Ediana Rae, revealed that as of March 2024, the Islamic banking industry recorded double-digit asset growth of 10.49% year-on-year. The total value of these assets now reaches IDR 1,061.61 trillion.

“This growth momentum is an important milestone in the efforts to transform and strengthen the national Islamic banking industry, in line with the Roadmap for the Development and Strengthening of the Indonesian Islamic Banking Industry (RP3SI) 2023-2027,” said Dian in an official statement on Saturday (May 16).

In line with the increase in assets, the distribution of Islamic banking financing also grew significantly by 9.82% year-on-year to IDR 716.40 trillion. This growth rate is higher than the average growth of national banking. This achievement was supported by an increase in third-party funds (DPK) by 11.14% year-on-year to IDR 811.76 trillion.

In terms of liquidity ratio, the Financing to Deposit Ratio (FDR) shows an increasing trend, reaching 87.65%. This indicates that the contribution of Islamic banking to the real sector is getting stronger.

Even though financing expansion continues, OJK ensures that asset quality remains maintained. This is reflected in the ratio of non-performing financing (NPF), which is at a safe level, namely a gross NPF of 2.28% and a net NPF of 0.87%.

Dian added that the implementation of RP3SI 2023-2027 has a real impact on strengthening the industry’s competitiveness. Currently, there are three large-scale Islamic banks that are included in the Banking Group Based on Core Capital (KBMI) 2 and 3.

OJK also projects that the strengthening of the structure will continue this year. “This year, it is also expected that one new Islamic Commercial Bank (BUS) will be formed as a result of the spin-off process, which will strengthen the industry structure in KBMI Group 2,” he explained.

In addition to commercial banks, consolidation also targets the Islamic Rural Banking (BPRS) sector. Currently, a merger process is underway for 21 BPR/BPRS, which is expected to produce 9 new BPRS that are stronger, more efficient, and more competitive.

These strategic steps are a manifestation of the first pillar of RP3SI, namely Strengthening the Structure and Resilience of the Islamic Banking Industry, in order to ensure that this industry can face future global economic challenges. (I-2)

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