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Indonesia cuts taxes after trailing Malaysia: Islamic finance

Posted on 06 January 2011

Mulya SiregarFrom Boomberg: Indonesia’s plan to offer tax incentives for Islamic finance may spur sukuk issuance, which was 32 percent that of Malaysia last year. Sales of Shariah-compliant debt rose 56 percent to 26.2 trillion rupiah ($2.9 billion) in Indonesia in 2010, compared with an 11 percent drop to 28.5 billion ringgit ($9.3 billion) in Malaysia, data compiled by Bloomberg show.
The central bank plans to submit proposals, including tax cuts for mudarabah investment accounts, Mulya Siregar, director of Islamic banking at Bank Indonesia, said in a Dec. 30 interview in Jakarta, without saying when. A mudarabah is a partnership in profit, in which each party provides either capital or labor…………………………………….Full Article: Source

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