Indonesia is the most populous Muslim country in the world. Taking
into account also its endowment and potential economic resources,
the Islamic banking industry in Indonesia was expected to take on
an important role in facilitating more financial resources and to
contribute to the internationalization of the Islamic mode of
financing particularly in the Asia-Pacific region. However, the
reality is far from the expectation. This book aims to clarify the
causes and fundamental constraints leading to the extraordinarily
low level of Indonesia's Islamic financial deepening. The authors
draw on the traditions of Institutional Economics which are
concerned with the rules or mechanisms of creating the 'incentive'
and 'threat' for economic players because the rules (institutions)
would matter as the determinant for economic development and
economic efficiency. This book offers a fairly new analytical lens
by hypothesizing that Islamic banks must earn additional profit-
the authors coined as 'Islamic bank rent' - to maintain their
franchise value as prudent Shari'ah-compliant lenders when compared
to conventional banks. The authors argued that insufficient
provision of the Islamic bank rent opportunity may have caused the
Indonesia's Islamic banks the opportunity to learn and improve
their skill and capacity for the credit risk management. The book
also offers evidence in support of implementing economic and
affirmative policy necessary for incubating and developing the
Islamic banking industry in Indonesia and making Indonesia an
international Islamic financial hub in the Asia-Pacific region.
This book will be a useful resource for policy makers and
researchers interested in Islamic banking in Indonesia.
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