Remarks of President of the Republic of Indonesia On the 7th Indonesia Sharia Economic Festival (via video conference) Wednesday, 28 October 2020 at the Merdeka Palace, Jakarta

By Office of Assistant to Deputy Cabinet Secretary for State Documents & Translation     Date 28 Oktober 2020
Category: Speech Transcript
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Assalamu’alaikum warahmatullahi wabarakatuh,

May peace be upon us all,

Om Swastiastu,

Namo Buddhaya,

Greetings of Virtue.

Distinguished Ministers of the Indonesia Onward Cabinet,

Distinguished Governors and Board of Governors of Bank Indonesia,

Honorable Ambassadors from friendly countries and representatives from International Agencies,

Distinguished Heads of Islamic Boarding School,

Distinguished Sharia Business Players,

Distinguished Academics, Associations and Mass Organizations representatives;

Ladies and Gentlemen,

Sharia economics and finance still have enormous development potentials. It is not only in demand from countries with a Muslim majority population but also by other countries such as Japan, Thailand, the United Kingdom, and the United States of America. With the largest Muslim population in the world, Indonesia must seize the opportunity. Once again, we must seize this opportunity by taking measures to speed up economic development and national sharia finance as part of a transformation towards an Advanced Indonesia and as part of efforts to make Indonesia a center of excellence for global sharia economy.

The Government also has established the National Committee on Sharia Economics and Finance to accelerate economic growth and sharia finance with a grand strategies of strengthening halal value chain, strengthening Islamic finance, strengthening micro, small, medium enterprises and strengthening digital economy.

Ladies and Gentlemen,

The Indonesia Sharia Economic Festival event could serve as a momentum to create a clear and detailed road map and determine concrete steps that must be taken immediately in the sharia economic and financial industry development. The sharia financial industry is a sleeping giant. To date, the Government has a great concern to revive the giant, one of which is by building the largest sharia bank in Indonesia. Simply put, all state-owned sharia bank assets will be merged into one to become a giant sharia bank. The total of three state-owned sharia bank assets, namely BRI Syariah, Bank Syariah Mandiri, and BNI Syariah as of first semester of 2020 is Rp214 trillion. This is a large figure.

At the same time, the Government also continues to develop micro waqf banks in various places in collaboration with Islamic boarding schools and religious organizations. We hope sharia financial industry can become an alternative financial instrument to strengthen the grassroots economy in the future.

Ladies and Gentlemen,

The development of sharia economy which is based on the real sector, labor intensive economy, and halal industry also has a great potential to provide employment and to open up new business opportunities. Our country has a lot of excellent halal products, such as food products, cosmetics, and fashion. For fashion, we are even insipired to become the largest Muslim fashion center in the world. Unfortunately, the huge potential in the halal industry has not been tapped properly. Therefore, we need to continue to carry out an integrated and comprehensive development measure by improving sharia industry ecosystem, simplifying regulations and developing human resources.

Last but not least, I hope Indonesia as a country with the largest Muslim population in the world can become a center of excellence and the hub for sharia economic at the global level.

That concludes my remarks. By saying bismillahirrahmanirrahim, I hereby officially open the 7th Indonesia Sharia Economic Festival of 2020.

I thank you.

Wassalamu’alaikum warahmatullahi wabarakatuh



Translated by Galuh Wicaksono H
Reviewed by M. Ersan Pamungkas

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