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NEWS UPDATES Asean Affairs     14 October  2011                    

Minister welcomes sharia commodity trading

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Trade minister Mari Elka Pangestu welcomed to the newly launched sharia-based commodity trading on Thursday, saying that such kinds of trading were needed to accommodate the growing sharia-banking sector.

“At the moment sharia-based commodity trading is much needed considering the fact that sharia banking is also growing and will need shariah-based products of which they can take advantage to manage liquidity,” Mari said.

The sharia-commodity trading was established after cooperation by the National Syariah Board of the Indonesian Ulemas Council (MUI) and the Jakarta Futures Exchange (JFX), as well as support from Bank Indonesia and the Commodity Futures Trading Supervisory Board.

Mari said that Indonesia must take maximum advantage of the country’s sharia market to help it become a more competitive international player.

“Indonesia, as the country with potentially the biggest sharia market in the world and with one of the world’s largest supply of commodities, must make use of its superiority to raise competition in the global stage,” she said.

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It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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