Net Asset Value (NAV) totals Rp1.8 trillion (USD163.64 million), approximately 3.5% of total NAV for mutual funds. Those promising sharia financial institutions are inextricably tied to strong political will from the stakeholders. In June 2008, the Islamic banking industry in Indonesia gained new momentum as Parliament passed a new Islamic Banking Act.
In April of the same year, Parliament also enacted a new bill concerning Islamic Bonds. The promulgation of these two laws has provided a firm legal foundation for Islamic banking in the country, thus promoting the advancement of Islamic banking and finance. In August last year the Government successfully issued state sukuk and then in February of this year retail state sukuk were issued.