Indonesia-Malaysia; Two Different Questions

Talking about Islamic Banking in South East Asia, there is always comparison between Malaysia and Indonesia. Malaysia is considered to have their Islamic banking more developed and fast growing compared to Indonesia. Does it mean Malaysia is better than Indonesia?

My friend, Dr. Ugi Soeharto has different answer. In Malaysia, the question faced by Islamic bank is Can Islamic bank do what conventional banks do? while in Indonesia, the question is more specific and somewhat underestimating: What is different Islamic bank from their conventional counterpart?

It means that Malaysian Islamic banks need only to answer yes to the question and start arranging their products similar to what is in conventional banks. The only different between their products are in the label "i" (islamic).

How does National Sharia Board issue a fatwa on product?

It is quite strange that this kind of question is not categorized as FAQ (Frequently Asked Question). In fact the process of issuing a fatwa is a process that become a pillar in governance  system of an organization. For this reason, IFSB (Islamic Financial Service Board) put the question into a clause in its Sharia Governance Standard published recently.

Sukuk; Unappreciated presence

"Sleeping Giant". That is what Indonesia is called by other people. I noted Dato Razief of Bank Negara Malaysia mention this expression in one of the seminar in which he becomes keynote speaker. It is because they know the potentialities of Indonesia in the term of population, economic resources, natural resources, financial resources, market and ... you mention it. But Indonesia still keeps silent, unmove and seems uninterested. Why?