Low public literacy poses challenge to Islamic economic development

Low public literacy poses challenge to Islamic economic development

Screenshot of Minister of Finance Sri Mulyani Indrawati during the launch of the National Movement for Cash Waqf and the Inauguration of the Islamic Economic Brand in Jakarta, Monday (25/1/2021). ANTARA / AstridFaidlatulHabibah

Jakarta (ANTARA) - Finance Minister Sri Mulyani Indrawati drew attention to low public literacy on sharia economics and finance as being one of the challenges in the development of Islamic economy in Indonesia.

"To this end, the National Sharia Financial Economy Committee (KNEKS) initiated the launch of the Sharia Economic Brand," Indrawati noted at the launch of the National Movement for Cash Waqf and inauguration of the Sharia Economic Brand in Jakarta, Monday.

The minister detailed that this brand was launched in a bid to unify joint movements to boost public literacy, education, and awareness about the sharia economy.

Indrawati noted that this movement will be conducted on a massive and inclusive manner, with focus on increasing knowledge, skills, and public confidence in the economy and Islamic finance.

"Islamic economics can be used by all ministries and institutions as well as stakeholders engaged in sharia economics and finance in every product, activity program, and campaign," the minister remarked.

Sri Mulyani also made assurance of the government’s unwavering commitment to encouraging the integrated Islamic economic and financial sector in Indonesia through the National Movement for Cash Waqf (GNWU).

This is being implemented to accelerate, expand, and develop the Islamic economy and finance to support national economic resilience.

According to Indrawati, the Islamic social funds sector has huge potential in aiding to overcome problems related to development and poverty as well as to boost the people's welfare.

The minister stated that waqf in Indonesia had developed quite well, albeit still in the form of property waqf, specifically land and buildings, for the benefit of the community, such as mosques, madrasas, Islamic boarding schools, and burial sites.

Hence, Indrawati noted that in the last few years, stakeholders had striven to develop cash waqf to be managed in a productive, trustworthy, accountable, and professional manner.

"This is so that cash waqf can strengthen the Islamic social net in society," the finance minister remarked.
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