VP encourages digitalization of Islamic economy, finance

VP encourages digitalization of Islamic economy, finance

Vice President Ma'ruf Amin delivered a speech at the International Webinar "Digitalization Leading the Islamic Economy in the New Normal" held virtually, Tuesday. (Assistant Deputy for Public Communication and Information)

Jakarta (ANTARA) - Vice President Ma'ruf Amin pressed for digitalization of Islamic economic and financial development in a bid to facilitate restoration in economic conditions following the COVID-19 pandemic.

"Digitalization will have a broad impact on the progress and sustainability of the Islamic economy and finance, both nationally and globally," Vice President Amin stated at the International Webinar Digitalization Leading the Islamic Economy in the New Normal held virtually, Tuesday.

The vice president noted that the COVID-19 pandemic had compelled people to adapt to a different lifestyle than before. With such new normal habits, Amin pressed for innovation to offer benefits, especially for the Islamic economic and financial ecosystem.

"The development of technology and digitalization had certainly ushered in several changes in the lifestyle of people in society, including social duties," he pointed out.

The vice president emphasized that the digitalization of Islamic economy and finance should be developed together with several digital applications and the growth of startups in Indonesia. This offers a huge opportunity to realize the potential of Islamic economy, both nationally and globally.

"We must use this, so that the Islamic economy and finance can offer broader benefits to the community," he remarked.

The government has also implemented digitalization in the Islamic economy and finance, through the issuance of retail sukuk (Islamic bonds) and green sukuk that can easily be traded online. This convenience is expected to pique the interest of the younger generation to invest in sharia.

"This is very attractive for the younger generation to participate in investing in Islamic financial instruments. In addition, Islamic shares can be purchased through the Shariah Online Trading System (SOTS)," he remarked.

To this end, the vice president is optimistic that stakeholders related to sharia economy and finance would collaborate with various parties to develop a sharia economic system in the country.

"Indonesia remains committed to utilizing and strengthening the digital economy as one of the strategies in developing the Islamic economy that requires cooperation and collaboration with many parties," he stated.
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