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Pilgrim funds give Indonesia banks booster shot: Islamic finance

Posted on 03 May 2013

Indonesia’s plan to shift 11 trillion rupiah ($1.1 billion) of pilgrim’s savings into Shariah- compliant lenders is a booster-shot that will help narrow the gap with neighboring Malaysia. Deposits set aside by those planning a Hajj visit to Mecca in Saudi Arabia will be shifted by the Ministry of Religious Affairs from non-Islamic banks within a year of announcing the policy, Anggito Abimanyu, director-general of Hajj and Umrah at the ministry, said.
The funds are equivalent to 7.3 percent of the 150.8 trillion rupiah in savings at Islamic lenders, less than a sixth of Malaysia’s 310 billion ringgit ($102 billion), central bank data show………………………………………..Full Article: Source

 
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