% ( yoy ) in the reporting period. such developments demonstrate ongoing gains in the real and corporate sectors, micro, small and medium enterprises ( msmes ) in particular. bank indonesia will maintain an accommodative macro prudential policy stance as well as policy synergy with the government and other financial sector authorities to revive bank lending. therefore, credit and deposit growth in 2021 is predicted to be in the range of 4. 0 - 6. 0 % and 8. 0 - 10. 0 %, respectively, and increases to be in the range of 6. 0 - 8. 0 % and 7. 0 - 9. 0 % by 2022. bank indonesia continues to accelerate payment system digitalization and expedite the national digital economy and finance. various payment system digitalization programs, such as expansion of qris ( quick response code indonesian standard ), the national open api payment standard ( snap - standar nasional open api pembayaran ) and regulatory reforms, as well as the bi - fast implementation plan, remain an ongoing priority. digital economic and financial transactions continue to proliferate given greater public acceptance and growing public preference towards online retail as well as the expansion of digital payments and digital banking. the value of e - money transactions increased 55. 54 % ( yoy ) to rp29. 23 trillion in october 2021. similarly, the value of digital banking transactions increased 63. 31 % ( yoy ) to rp3, 910. 25 trillion in the same period and the value of payment transactions using atm cards, debit cards and credit cards grew 6. 37 % ( yoy ) to rp664. 26 trillion ( graphs 32 and 33 ). such achievements were reinforced by expansion of the qris ecosystem, with qris now accepted by over 12 million merchants, thus exceeding the target for 2021. this achievement graph 32. growth of atm, credit cards grafik 32. pertumbuhan and electronic money atm, kk, dan ue % ( yoy ) - 10 - 20 - 30 - 40 - 50 - 60 % ( yoy ) 6. 37 55. 54 0 - 50 24. 50 2 4 6 81012 2 4 6 81012 2 4 6 81012 2 4 6 81012 2 4 6 81012 2 4 6 8 10 atm - debit card credit card total electronic money ( rhs ) source : bank indonesia source : bank indonesia is the result of

arrangement through variety of vehicles such as optimization of awqaf funds, innovative zakat disbursement program that is contributive to the job creation initiatives and poverty alleviation program. 11. conceptually, the practice of islamic finance signifies its favor to financial stability and quality economic development which is characterized by the use of risk - sharing concept, discouragement to excessive debt, the emphasis on ethical investment activities, and other sharia specific preferences. the emphasis on equity based investment underlines the importance of reinforcing the basic relationship between financial sector and real economy. 12. the development of islamic financial sector could reduce over - reliance to the debt funding and excessive speculation. having observed from the past economic crises, it has been evidence that excessive debt funding and speculation significantly contributed to the financial system fragility. in relation to the formulation of public preference, the principle to the prohibition of excessive debt taking could serve as a medium of public education that could create positive effect on the moderation of the aggregate demand ; and thus more stable macroeconomic condition. 13. the application of risk - sharing principle could give more gravity to partnership in the society rather than creating lender - debtor relationship. despite the requirement to have a favorable environment that promotes more symmetric market, the application of sharing concept could offer the potential to reinforce the link between financial sector and the real economy which base the financial contracts on value creation and viability of the enterprises. once the transparency and governance are in place to allow better partnership, over - creation of financial engineering can be minimized since the financial activities will be focused on the intrinsic value added offered in the financial contracts. bis central bankers ’ speeches 14. from the governance perspective, the risk sharing concept strengthens the incentive to the financial institutions to exercise appropriate due diligence to the financial transactions assuring that the expected profits commensurate their risk taking. supported by sound information and reporting system, the risk - sharing contract opens up opportunities for the entrepreneur and the financier to monitor and calculate the intrinsic values of the financial transaction that is reflected by its expected profit, cash - flow, risks involved and other influencing factors to the projects. this concept promotes greater discipline and responsibility to all contracting parties to assure its success. the combination of good governance, greater transparency and well - designed risk management would shape trust - based relationship that is essential to make the intermediation process efficient. 15. the attention of the ifsb towards enhancing the role of microfin