Despite being the largest economy in Southeast Asia and having the largest Muslim population in the world, Islamic finance is currently underutilised in Indonesia. However, its growth and potential is showing a rapid increase: Islamic banking assets in Indonesia rose from USD8 billion in 2010 to USD22 billion in 2014 to outpace conventional banking. Likewise, the Indonesian government has aimed to triple the market share of Islamic banks by 2023.

With the above in mind, we are pleased to announce the strategic establishment of ZICO Shariah in Indonesia effectively as of 3 January 2017 under the leadership of Dr Akhmad Affandi Mahfudz, CPIF.

Dr Affandi is a Shariah advisor for ZICO Shariah Advisory Services. Previously, he was a researcher at the International Shariah Research Academy for Islamic Finance (ISRA) Malaysia, a visiting scholar at the Islamic Business School, University Utara Malaysia and the deputy chairman of Takzia University College of Islamic Economics Indonesia. He had spent two years as the assistant vice president of Namirah Capital Pte Ltd in Singapore. Dr Affandi has published high impact journals and books for many international events. He is also on the editorial advisory board of several international journals.

Leoni Silitonga, managing partner of Roosdiono & Partners (a member of ZICO Law) believes that “ZICO Shariah will be an integral and exciting addition to our expertise in Indonesia and ZICO’s ever-growing multidisciplinary platform of services.

Dr Affandi added “it is an honour to join a regionally established solutions provider such as ZICO and I look forward to aiding to the development of Shariah throughout the ASEAN region.”

ZICO Shariah is a leading Shariah advisory services provider in the ASEAN region and beyond. We advise our clients globally on Shariah compliance, structuring of Islamic financial instruments and Shariah audit services. Our team members possess Shariah, accounting, business and legal qualifications with over a decade’s worth of experience in structuring, drafting, advisory and consultation work in relation to Islamic finance.