Opportunity
in the Global Financial Crisis
US financial crisis and its contagion to Europe and the rest
of the world could also create new opportunity for Indonesia in term of foreign
direc investment and the development of basic infrastructure.
As the US, financial crisis has now spread to Europe, the
oilrich countries such as Saudi Arabia, Kuwait and Arab Emirate which have
accumulated hundreds of billion of Dollars in their foreign reserve, are now
reviewing their holding or investment vehicle. They are looking for more
diversified investment outside the US and Europe.
Because of unfavorable political developments in Thailand
and Malaysia over the past few months, Indonesia which has largely Muslim
population could become one of these oil-rich countries' favorite place for
foreign direct investment. That wil be true if the conditions, legal and market
infrastructures are conducive for Islamic financial instruments.
The government had improved the legal framework with the
recent actment of laws on sharia banking and bonds. The long term nature of
Islamic bonds could make them the most suitable investment instrument for
Indonesia, as these bonds grant an investor a share in an asset along with the
cash flows and risks commensurate with such ownership.
The financial crisis that has gripped the globe and
weakening economic growth in the rest of the world will serve to the government
to accelerate the investment reform measures in order to grab the hidden
opportunity in the global crisis.
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