Indonesia has the largest Muslim population in the world, with more than 85% of the country’s 270 million people identifying as Muslim. At the same time, its middle class has ballooned to 20% of the population over the past 15 years, according to the World Bank. With a gross domestic product (GDP) of more than $1tn, Indonesia is one of three Muslim countries in the G20, along with Saudi Arabia and Turkey.
Despite this, Islamic finance made up just 7% of Indonesia’s banking industry last year.