Sri Mulyani explained the growing role of the Sharia economy in Indonesia

The government will continue to develop various instruments in order to continue improving economic capacity and inclusive Islamic instruments.

Jakarta (medialnews) – Finance Minister Sri Mulyani Indrawati said that the role of the Sharia economy in Indonesia continues to increase, so there is a need to provide a platform for the impact and results can be felt by the public.

“We see the role of the sharia economy in which aspirations continue to rise, so it must be reflected in reliable and trustworthy instruments that can continue to build that trust,” said Minister of Finance Sri Mulyani at the National Seminar on Sharia Economics and Finances. in Jakarta, Wednesday.

Sri Mulyani said this was in line with the four main pillars of the Shariah economy in Indonesia, which included the development of the halal industry, the Islamic financial sector, the Islamic social finance sector and the entrepreneurship of the sharia.

He said the government has provided support in various policies for the development of the halal industry, including the construction and opening of a halal industrial center for the Special Economic Zone (KEK).

The State of the World Islamic Economy 2020-2021 report describes that Muslim consumer spending on halal food, beverages, pharmaceuticals, and tourism in 2019 reached US $ 2.02 trillion.

Sri Mulyani said that in this case, Indonesia was the largest market for halal products in the world, especially for the halal food, tourism, pharmacy and cosmetics sectors.

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“This potential should inspire economic actors who wish to work on the halal industry,” said Finance Minister Sri Mulyani.

Then, for Islamic financial services, Indonesia also showed a development, namely significant growth in the first quarter of 2020 with the share of Islamic finance of 9.89% and excluding Islamic market capitalization, of which the total assets reached 1,802.8 trillion rupees.

He said the Islamic finance sector continued to improve, especially with the merger of Islamic banks between Bank Mandiri, BIS and BNI to become Bank Syariah Indonesia (BSI), which is expected to be able to ‘reach and provide a wider range of services.

“The development of the Islamic financial industry must emphasize the elements of honesty, reliability, good governance and maintenance of trust,” said Finance Minister Sri Mulyani.

In addition, for Sharia social finance, the government continues to develop and encourage zakat, infaq, alms and waqf activities.

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He mentioned that the statistically national zakat shows that the collection in 2019 reached 10,200 billion rupees by 491 Baznas organizations and 81 organizations of amil zakat institutions.

The waqf sector of the Ministry of Religions also shows that the area of ​​waqf land reaches 53,273 hectares in 3,098,657 localities, while the Indonesian Waqf Council also said it had raised IDR 819 billion in 2020.

“The government has increased the issuance of CWLS to provide an alternative investment for waqf money managed by Nazir, the Indonesian Waqf Council. In 2018 or 2019, we will issue IDR 50 849 billion CWLS by giving return rate 6.15 percent, ”he explained.

He describes giving return rate 6.15 percent is used for the construction of various social facilities, including an eye hospital in Banten.

Not only that, Sri Mulyani said his party is currently issuing waqf sukuk or SWR002, which is an investment vehicle for waqf funds that is managed by the Indonesian Nazir Waqf Board.

“The government will continue to develop various instruments in order to continue improving economic capacity and inclusive Islamic instruments,” he said.

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Journalist: Astrid Faidlatul Habibah
Editor: Risbiani Fardaniah
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