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New Policies in Indonesia starting to Bear Fruit, A long way for Turkey to get back on track

It's an exciting time for Indonesia insofar as changes are being made in attempts to move the economy forward. Most significantly, for the second time since becoming president in 2014, President Joko Widodo yesterday announced a new cabinet line-up that names Sri Mulyani Indrawati, the World Bank's current managing director, as finance minister replacing Bambang Soemantri Brodjonegoro who now heads the National Development Planning Agency. Brodjonegoro had been overseeing the government's tax amnesty program that started on July 18 and will run for nine months.

Southeast Asia's largest economy has also been putting in place new policies and guidelines especially to bolster and deepen its Islamic finance industry and this past week we've seen some of those new policies come to life.

Firstly, the change in policy allowing Islamic mutual funds 100 pct placements in foreign assets has resulted in the launch, by a subsidiary of the country's largest banking group, of a new mutual fund to invest in U.S. stocks, and secondly, we also saw this week the signing of the country's first Islamic-conventional bank pair-up on a Shariah-compliant repo deal after the guidelines were released last year in April.

Source; Salaam Gateway

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