In Indonesian banking, rise in religious conservatism ripples across sector

A rise in religious conservatism in Indonesia is drawing talent away from what some view as un-Islamic jobs in banking, industry professionals say, creating hiring woes for conventional banks but a boon for the country's fledgling sharia finance sector.

Since 2018, hiring for banks and fintech companies in peer-to-peer lending, payments and investment platforms has been more challenging, said Rini Kusumawardhani, a finance sector recruiter at Robert Walters Indonesia. Islamic banking accounts for just over 6per cent of the roughly US$634 billion assets in Indonesia's banking industry - but has seen tremendous growth in recent years. Savings in Islamic banks jumped 80per cent from end-2018 to March 2021, outstripping the 18per cent growth in conventional counterparts, while financing also grew faster than conventional loan growth.Exactly how many have left Indonesia's conventional banking sector is unclear.

Its chairman, El Chandra, said in an email the community was founded in 2017 to support those facing challenges quitting a financially supportive, but un-Islamic job. However, he views the hijrah trend as an opportunity for sharia finance, explaining how it determined a decision to merge the Islamic banking units of BRI and two other state-controlled lenders in February to form the country's biggest Islamic lender, Bank Syariah Indonesia .

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