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Despite the rapid development of Islamic financial sectors in Indonesia, development of Islamic pension fund is way behind those of the other Islamic financial sectors. This study, hence, aimed to explore opportunities and challenges faced of the Indonesia Islamic pension fund. Utilizing qualitative research methods, the study conducted FGDs with 23 large pension funds spread in five big cities of Indonesia. It is revealed that opportunities and prospects for developing the Islamic fund is relatively good. However, various internal and external challenges are found, such as lack of knowledge, weak commitment of founder, lack of quality human resources, relatively unfavorable tax treatment, limited investment instruments, competition with government pension scheme and public literacy problems.  Therefore, two broad strategies are recommended to develop the Islamic funds, namely provision of direct/indirect incentives to market players and literacy programs to targeted/priority groups. The strategies are expected to encourage and accelerate the growth of Indonesia's Islamic pension fund industry in the future.

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