The Governor of Bank Indonesia, Perry Warjiyo, hailed sharia economy as the solution for Indonesia's economic growth. (Image via Ekonomi Kompas)

Indonesia “could” rely on sharia economy: BI

Alfonsus Adi Putra
Politics & Economic
Economic
Nov 15, 2019
2479
On Wednesday, the Governor of Indonesia’s central bank, Bank Indonesia, Perry Warjiyo, stated his belief that sharia economy is more likely to support the national economy amid the volatility of the global economy. Especially, looking at the fact that Indonesia is one of the countries with the biggest Muslim population in the world.

For the last five years, Indonesia’s economic growth has been stagnant at 5 percent. For Q3 2019, Indonesia’s economy only grew to 5.02 percent, smaller than the same period in 2018 at 5.17 percent.

Speaking in the 2019 Indonesia Sharia Economic Festival (ISEF) at JCC, Jakarta, Perry said that sharia economy opens many opportunities for Indonesia’s economic growth through sharia bank, financial services, and even insurances.

Sharia economy also offers a real economy that directly interacts with the Indonesian people such as halal product industry, halal tourism, small and medium-sized enterprises (UMKM) and many more.

Perry stated that the potency of sharia economy in Indonesia is tremendous, yet not all Indonesian people could taste it yet. Indonesia’s financial inclusion only covered 60 percent of the total population. How about the remaining 40 percent?

They have not enjoyed the financial product because they don’t actually rely on halal products for their daily life. The Governor of BI pointed out that it is the chance for UMKM to produce more halal products for the Muslim people in Indonesia.

Lastly, Perry stated that the sharia economy hails a new wave in the Indonesian economy. However, to do that, Indonesia needs to implement sharia economy almost in every aspect of its society, from financial to educational.

Source: https://bit.ly/32QAQs5

Economy , Politics , ASEAN , Indonesia , Religion , Islam , Sharia-Economy