Bank Indonesia Strengthens Sharia Financial Synergy Amid Global Uncertainty

REPUBLIKA.CO.ID, JAKARTA -- In the face of global economic uncertainty, Bank Indonesia continues to strengthen cooperation to develop national and global sharia financial markets. This step was seen in the organization of the 11th Indonesia Sharia Economic Festival (ISEF), which takes place from October 30 to November 3, 2024 at the Jakarta Convention Center (JCC).

ISEF 2024, with the theme “Sharia Economic and Financial Synergies Strengthening Resilience and Sustainable Economic Growth,” presents 70 activities in the format of Sharia Economic Forum and Sharia Fair, involving 22 ministries and agencies, 37 associations, 46 international partners, as well as more than 1,000 industry players.

Executive Director of the Department of Economics & Finance of Sharia Bank Indonesia, Dadang Muljawan, said that ISEF is one of Bank Indonesia's strategic initiatives to develop the sharia finance economy and industry.

“We are strengthening the regulatory framework by working together with Islamic International Liquidity Management (IILM) and Islamic Financial Services Board (IFSB) to increase market confidence and strengthen the competitiveness of the sharia industry,” Dadang explained.

Dadang added that Bank Indonesia is working with the Ministry of Finance to strengthen its liquidity system, which is expected to be able to maintain the resilience of Indonesia's sharia banking amid global economic challenges.

The CEO of International Islamic Liquidity Management (IILM), Mohamad Safri Shahul Hamid, in a separate session at ISEF 2024, revealed that IILM continues to innovate in liquidity management to support the growth of the sharia finance industry.

“We actively issue Sukuk or short-term sharia bonds every month to address the liquidity needs of the sharia financial markets, especially for sharia banks,” Mohamad Safri said.

IILM is also committed to expanding its capacity to meet the liquidity needs of sharia banking globally, while continuing to increase assets and expand services into markets that are not yet affordable. The effort aims to address gaps in sharia liquidity management and strengthen the resilience of the global sharia finance industry.

ISEF 2024 is a forum for collaboration and innovation, and demonstrates Indonesia's strong commitment to promoting sustainable sharia economic and financial growth at the national and international level.

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