Indonesia lures Mideast Shariah lenders

Indonesia’s Islamic finance industry is attracting investment from Middle Eastern and European banks as regulator is searching to double Shariah-compliant assets to 10% of the total this decade.
According to Mudassir Amray, the head of wholesale banking in Kuala Lumpur, Al Rajhi Bank is pursueing investment banking business in Indonesia and may open branches when the right time comes.
Moreoever, Bank Indonesia is proposing tax breaks to raise the industry, which has grown an average 38% annually over the past five years.