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Summary

Indonesia is emerging as a key player in the global Islamic economy, ranking third after Malaysia and Saudi Arabia. With the Muslim population set to make up over 25% of the global population by 2030, demand for halal products and sharia-compliant financial services is growing rapidly. Indonesia, with its large Muslim population, is strategically positioned to lead in this sector. Key efforts by Bank Indonesia focus on strengthening the halal ecosystem, supporting SMEs, increasing financial inclusivity, and promoting sustainable financing. Indonesia aims to be the global hub for Islamic finance, with initiatives like the Syariah Economic Festival driving awareness and education.

Takeaways

• 😀 Indonesia ranks as the third-largest player in the global halal industry, behind Malaysia and Saudi Arabia, according to the 2023 State of Global Islamic Economy report.
• 😀 The global Muslim population is projected to exceed 25% of the global population by 2030, driving increased demand for halal products and Sharia-compliant financial services.
• 😀 Islamic finance is no longer exclusive to Muslim-majority countries and is becoming an attractive option for global consumers who prioritize sustainability, fairness, and balance.
• 😀 Indonesia’s halal value chain (HVC) contributed 23% of the national economy in 2023, showing the growing importance of the halal sector in the country’s economy.
• 😀 Bank Indonesia is leading efforts to make Indonesia a global center for Islamic finance by supporting Sharia-compliant businesses and expanding access to Islamic financial services.
• 😀 There is a growing focus on integrating sustainable finance into the Sharia-compliant financial ecosystem, including the development of green financing solutions.
• 😀 The digitalization of financial products and services is a key initiative to make Sharia-compliant financial services more accessible to a broader population.
• 😀 Financial literacy and inclusion are critical for the success of Indonesia’s vision as the global hub for Islamic finance, with efforts to promote a 'halal lifestyle' among the population.
• 😀 Collaboration among the government, industry, and society is essential to creating a strong and sustainable Islamic finance ecosystem in Indonesia.
• 😀 Major international events, such as the Syariah Economic Festival (FESYAR) and the Indonesia Syariah Economic Festival (ISF), are central to promoting economic literacy and educating the public about Islamic finance.
• 😀 Bank Indonesia’s initiatives aim to improve financial inclusion, promote sustainable economic practices, and provide Sharia-compliant financial services to underserved communities.

Q & A

What is the current global position of Indonesia in the halal industry?

Indonesia is currently the third-largest player in the global halal industry, after Malaysia and Saudi Arabia, according to the 2023 State of Global Islamic Economy report.

Why has Islamic finance and the halal economy gained global relevance in recent years?

Islamic finance and the halal economy have gained global relevance due to the growing Muslim population, increasing demand for halal products and sharia-compliant financial services, and their alignment with values such as fairness, sustainability, and economic justice.

What is the projected Muslim population by 2030, and how does this impact the halal economy?

The Muslim population is projected to reach over 25% of the global population by 2030, which will significantly increase demand for halal products and Islamic financial services, expanding the market beyond Muslim-majority countries.

What role does Bank Indonesia play in enhancing the Islamic economy and finance sector?

Bank Indonesia focuses on strengthening the halal economy by supporting sectors such as halal food, modest fashion, and Muslim-friendly tourism. It also helps SMEs with sharia-based financing and promotes financial inclusion through Islamic finance products and services.

How does Indonesia’s contribution to the global halal economy reflect its growing influence?

Indonesia contributed 23% of its national economy to the halal value chain in 2023, and its Islamic financial sector reached assets worth 2,756.45 trillion IDR by mid-2024. This growth indicates Indonesia's increasing influence as a global halal hub.

What are the three main pillars of Bank Indonesia’s strategy to promote the halal economy?

The three main pillars of Bank Indonesia’s strategy are: (1) expanding the distribution of halal products, (2) enhancing access to sharia-compliant financing, and (3) improving literacy and inclusion in Islamic economics.

What specific initiatives have been implemented to boost financial literacy and inclusion in Islamic finance?

Bank Indonesia promotes programs like the Syariah Economic Festival (Fesyar) and Indonesia Syariah Economic Festival (ISF), which are aimed at raising awareness, educating the public, and increasing access to Islamic financial services.

How does the halal lifestyle contribute to the broader goal of promoting Islamic finance?

The halal lifestyle is an essential component of promoting Islamic finance as it extends beyond financial products to include ethical consumption, sustainability, and values-driven decision-making, making it attractive to a wider audience beyond just Muslims.

What is the significance of green financing in Indonesia’s Islamic finance strategy?

Green financing, which supports sustainability, is a key part of Indonesia’s Islamic finance strategy. It aligns with sharia principles while contributing to environmental goals, attracting investors who prioritize both economic and ecological responsibility.

How does Indonesia aim to position itself as the global center for Islamic finance by 2030?

Indonesia aims to become the global center for Islamic finance by leveraging its large Muslim population, expanding the halal value chain, strengthening the financial ecosystem, and continuing efforts to increase literacy and global collaborations in Islamic finance.