Gov’t to Boost Sharia Economy Potential

President Jokowi accompanied by the Officials at the launch of the Indonesia Sharia Economic Masterplan 2019-2024 in Jakarta, Tuesday (14/5). (Photo by: Oji/PR).

The National Development Planning Agency (Bappenas) has reported that sharia economy has a huge potential at the global level. By 2023, it is predicted to reach US$3 trillion or approximately Rp45,000 trillion.

“I can’t imagine such a huge amount” President Joko ‘Jokowi’ Widodo said when delivering his remarks at the launch of the Indonesia Sharia Economic Masterplan 2019-2024 in Jakarta, Tuesday (14/5).

Unfortunately, according to the Global Islamic Economy indicator, in 2018 Indonesia still ranked tenth—behind Malaysia, the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Jordan, Qatar, Pakistan, and Kuwait—of countries that run sharia economy, President Jokowi added.

The President stressed that it is time for Indonesia – the world’s largest Muslim population – to develop the great potential of sharia economy in the country.

For this reason, the President continued, at the beginning of this year the Government had formed the National Committee for Sharia Finance (KNKS) which would oversee the implementation of the sharia masterplan in order to strengthen the sharia economic ecosystem in the country.

“This masterplan will guide us all to carry out, supervise, and act as indicators of their achievements,” he said.

In order to strengthen the sharia economic ecosystem in Indonesia, the Government will also continue to strengthen the halal value chain with a focus on the food and beverage, fashion, tourism, media, recreation and pharmaceuticals as well as cosmetics sectors. “So that our country will not only become the largest consumer country of global halal products but also the largest producer of halal products that will enter overseas markets,” President Jokowi said.

He cited an example that currently many designers have focused on Muslim fashion and he stated that the design is classy and the price is also very competitive.

“I think we should give more room (to the products) so that we can showcase them in the country’s marketplaces and then put them into the global marketplaces,” the President added.

President Jokowi expressed belief that sharia economy is consistent with the country’s sustainable development goals, among others, to help alleviate poverty, improve people’s welfare, encourage social justice and preserve the environment.

The President also expressed confidence that if the people are all committed to running the masterplan, Indonesia will soon become the center of the world’s leading sharia economy. (FID/HIM/OJI/ES)

Translated by: Galuh Wicaksono
Edited by: Muhardi/Mia Medyana