REPUBLIKA.CO.ID, JAKARTA -- Sharia economics and finance play a strategic role in driving sustainable economic growth amid increasingly complex global challenges, according to Coordinating Minister for Economic Affairs Airlangga Hartarto.

With Muslims comprising 87 percent of its population, Indonesia holds immense potential for developing its sharia economics and finance.

Indonesia's sharia economy is ranked third globally after Malaysia and Saudi Arabia, based on the State of the Global Islamic Economy (SGIE) 2023 report.

Thus, Bank Indonesia will again hold the Indonesia Sharia Economic Festival (ISEF), themed "Synergy of Sharia Economy and Finance in Strengthening Resilience and Sustainable Economic Growth," from October 30 to November 3, 2024, at the Jakarta Convention Center.

"The theme of ISEF is very relevant, where we are trying to accelerate the economy amid increasingly complex global challenges, and sharia economics and finance have a strategic role in driving sustainable growth," Airlangga stated at the festival's opening on Wednesday.

He further remarked that President Prabowo Subianto encouraged more sharia financial investment, halal food and beverages, fashion, pharmaceuticals, cosmetics, and tourism to be Muslim-friendly.

In addition, he highlighted that sharia economics contributed 48.71 percent to the GDP and also supported the empowerment of MSMEs.

In the 2025-2045 National Long-Term Development Plan (RPJPN), the government set the Golden Indonesia Vision, with a strong foundation for economic growth.

In realizing such a vision, Airlangga underscored the need to develop productive sectors, including sharia economics and halal products.

"The government in the current Red and White Cabinet is determined to encourage national independence, including the advancement of the sharia economy," he remarked.

In order to support the development of a broader sharia economy and finance, sharia-based People Business Credit also continues to be improved, and more inclusive synergy and ecosystems are additionally required.

"I hope that the success of ISEF will produce innovative and productive work so that the sharia economy and finance system will continue to develop," he stated.

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