Not much is heard outside of Jakarta's media about the development and growth of Islamic finance in Indonesia but this conceals a picture of a rapidly emerging industry. Panin Bank Syariah pitches itself at both Muslims and non-Muslims alike and is the Shari'ah compliant division of Bank Pan Indonesia . As 2014 opens the bank is hoping grow its financing by almost half following on from its recent IPO. Deny Hendrawati, president director of Panin Bank Syariah, told the media that Panin Bank Syariah will increase financing by almost 50 per cent this year to $277m and hoped to focus on microfinance for small businesses and start-ups. Hendrawati stressed that this was a neglected sector in the Indonesian economy and one that help much promise for the bank. The Indonesian banking space is sorely over-banked with over 120 lenders, 11 of them in the Islamic financing space. The Muslim population is estimated to be over 200 million. Gulf based Islamic banks have eyed the Indonesian market for some years with the hope of moving in to see if synergies can be forged. Malaysia's CIMB has been active in the Indonesian space through its CIMB Niaga brand for over half a century.
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