A well diversified financial sector - with sound banks as well as non-bank financial institutions (NBFls)1.- is key to supporting the Indonesian Government's articulated development objectives of increased economic growth. greater job creation. and a better standard of living for Indonesians.
Banks and NBFls are both key elements of a healthy and stable financial system that complement each other and offer synergies.
However. at present. Indonesia's financial services industry continues to be dominated by banks - with nearly 80% of financial system assets (in 2005) in banks. The rest of the financial sector - including insurance. pensions. mutual funds. leasing. factoring. and venture capital companies - is still small. with less than 15 per cent of GDP in assets combined. Banks were at the heart of Indonesia's economic crisis in 199798 - with more than 50% of (2000) GDP spent to recapitalize them. Given the scale of the banking crisis. policy attention has - until recently - been focused on strengthening the banking system and its regulation and supervision. In line with the economy-wide shift towards a long term development agenda. as articulated in the various policy packages released in 2006. strengthening NBFls is now an urgent policy imperative.
A well-developed NBFI system can play a major role in achieving Indonesia's development goals and can enhance the stability of the country's financial system. NBFls have the potential to unlock long-term domestic resources for investment in sectors critical to growth. such as infrastructure. and increase access to low-cost financial services.
The primary objective of this report is to assist policy makers in developing a strategic vision for the future development of NBFls in Indonesia. It is hoped that the report will serve to create a basis for informed discussion about the role of the NBFI sector. its ability to meet Indonesia's objectives. and policy actions necessary to stimulate its sound development. This report has two key outcomes in mind: development of a diversified financial sector and improved mobilization as well as allocation of long-term domestic resources for development.

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