Sharia Banks Flourishing In N. Sumatra

Medan, N Sumatra, April 25 (Antara)- The number of sharia bank offices in North Sumatra has continued to increase from year to year reaching 115 units in January 2013. "The number surged from 97 units in 2011 and 112 units in 2012," head of the Bank Indonesia representative office for North Sumatra and Aceh Hari Utomo said. Most or 84 units of the offices of the Islamic banks are located in this North Sumatra capital city, Hari said here on Thursday. He said the number is expected to grow further in the coming years . The rapid growth was attributable not only to the fact that Muslims make up the majority of the population in Medan, but non Muslim population have also shown confidence in sharia banks. The assets of sharia banks have increased with the growing number of banks, he said at Vaganza Islamic Bank exhibition here to last from April 22 to 28. In January 2013, the third party fund held by sharia banks in Medan reached Rp5.35 trillion or 16.56 percent of third party funds held by conventional banks. Assets and financing by sharia banks grew strongly by 37.29 percent and 48.64 percent respectively on-year. The assets of sharia banks already reached Rp9.91 trillion and financing Rp7.09 trillion. The prospects of sharia banks in North Sumatra are encouraging and the opportunity is wide open for expansion, Hari said.