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The development of Islamic banking and finance experienced its dawn in the 1980’s, where it emerged only as a minor industry but with potential for growth.  From a fringe industry it has evolved over time into a growing business encompassing banking, insurance and capital markets.  More recently, this industry is progressing rapidly worldwide and offering an extensive range of financial products and services with approximately $1.3 trillion in designated assets.  More than 625 Islamic Financial Institutions operating in over 75 countries have been established.

Indonesia, as the nation with the largest Moslem population in the world, exhibited similar growth in the industry with more than 35% annual growth over the past 5 years.  Various acceleration development programs of Islamic banks have been implemented to stimulate growth.  In 2002, Bank Indonesia published the “Blueprint of Islamic Banking Development in Indonesia.”  To facilitate a sustainable high growth regime, the current blueprint for 2011-2015 is presently being revised.  Equally as important, the passing of the Islamic Banking Act of 2008, the Sovereign Sharia Securities Law of 2008, and the Value-Added Tax Act of 2009 will accelerate growth and increase competitiveness.

To anticipate national and global expansion of Islamic banking and finance, the Indonesian Banking Development Institute (IBDI or LPPI) established a Directorate of Sharia in 2004 which officially became the International Center for Development in Islamic Finance (ICDIF) in 2008.  ICDIF possesses a vital role in upgrading the quality of human capital in Islamic banking and finance in Indonesia as well as in the neighboring countries.  Together with the Central Bank, the Government, practitioners and stakeholders of Islamic banking and finance, ICDIF-LPPI has applied maximum efforts to maintain the growth and quality of human capital in the industry.  A significant increase in the number of Islamic banks and financial institutions eventually will increase the need for capable and qualified human capital.

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