COMPARATIVE ANALYSIS OF THE INTEGRATION OF ISLAMIC FINANCIAL GROWTH IN INDONESIA AND MALAYSIA
DOI:
https://doi.org/10.56406/sahidbankingjournal.v4i2.261Keywords:
Growth of Islamic Finance, Islamic Financial Assets in Indonesia and Malaysia, Islamic Finance Development Indicator (IFDI) ReportAbstract
The growth of Islamic finance in developing countries is relatively diverse. For example, in Southeast Asia, the growth of Islamic Finance is fast and stable. Of course, countries in ASEAN show diverse variations in the development of Islamic finance. Malaysia, as one of the countries in ASEAN, is a leader in the development of Islamic finance with the fastest growth. On the other hand, Indonesia is also trying hard to develop Islamic finance, although development is slower than Malaysia. This research aims to analyze and compare the growth of Islamic finance in Indonesia and Malaysia. This comparative study examines the differences in Islamic financial assets consisting of Sharia Banking assets, Sharia Capital Market assets, and Takaful (Sharia Insurance) assets, in the two countries. The research method used is descriptive qualitative with data collection through literature studies such as books, journals, articles, reports and other documents. The research results show that there are significant differences in the growth of Islamic financial assets in Indonesia and Malaysia. This difference is supported by international reports such as the Islamic Finance Development Indicator (IFDI) report. The 2022 IFDI report shows that Indonesia is able to occupy the 7th position in the Top Countries in Islamic Finance Assets category or the 7th country with the highest acquisition of assets in ASEAN with assets of US$ 139 billion. Meanwhile, Malaysia is in 3rd position in the same category, namely Top Countries in Islamic Finance or the country with the most assets acquired in ASEAN by acquiring assets of US$650 billion. In fact, in the IFDI Report for the last five year period, namely from 2018 to 2022, the positions of Indonesia and Malaysia are both consistently in 7th and 3rd positions. This proves that Islamic financial assets in Indonesia for five consecutive years have not been able to beat Islamic financial assets in Malaysia.
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