119
To further align the government’s Islamic finance agenda and boost the development of Islamic
finance, the OJK launched a 5-year roadmap, i.e. the Indonesian Financial Services Sector
Master Plan (2015-2019), which aims to provide an umbrella for the development of
roadmaps in each respective sector of the financial services industry, including the Shariah
Capital Market Roadmap (2015-2019)―as highlighted in Box 4.9.
Box 4.9: Indonesian Shariah Capital Market Roadmap (2015-2019)
This roadmap is a subset of the Indonesian
Financial Services Sector Master Plan (2015-
2019), with a specific focus on the development of
the country’s ICM.
Objectives:
1. To promote the ICM as a source of funds for
the public and private sectors, as well as
investment choices for the public.
2. To promote an ICM that is growing, stable,
sustainable and accountable.
3. To create qualified and trustworthy human
resources in the ICM.
Target 1: Strengthening regulation
 Regulations on the issuance of Islamic
securities - Islamic REITs, mutual funds
based on a portfolio of foreign Islamic
securities.
 Incentives for ICM products – discount on
OJK levies, relaxation of Islamic mutual fund
portfolio.
 Regulation to support institutions and
professions – regulation of Islamic experts
and Islamic investment management.
 Regulating Islamic securities trading –
research on Islamic margin trading and
Islamic repos.
Target 2: Promoting supply and demand
 Product development – municipal sukuk,
sukuk rating methodology.
 Encouraging the issuance of Islamic
securities – increasing sukuk issuance by
financial institutions.
 Broadening the investor base – matching
potential local investors, facilitating
investment access.
 Developing a supporting infrastructure –
enhancing the liquidity of the sukuk market,
encouraging Shariah-compliant online
trading system and Islamic index.
Target 3: Developing human resources and
information technology (IT)
 Improving the quality and quantity of ICM
human resources – educating market players,
facilitating the certification of Islamic experts.
 Developing IT infrastructure – designing the
application of Islamic stock screening, building
risk-based supervision of the ICM.
Target 4: Promotion and education
 Promoting the ICM – create branding via logos
and taglines.
 Socialisation and education – mass socialisation
for the public and education institutions.
 Cooperating with higher-education institutions –
including ICM materials in the higher-education
curriculum, training of trainers for lecturers.
 Promoting the Indonesian ICM to the
international market – promoting cooperation
with overseas regulators, participating in
international events.
Target 5: Coordinating with key market
stakeholders
 Coordinating with government and regulators –
taxation policies, the liquidity of sukuk market.
 Coordinating with Islamic banks and Islamic
NBFIs.
Source: OJK (2015, November)