We (must) increasingly realize that we must optimize the sharia economic sector as a new growth engine to support the national economyJakarta (ANTARA) - Vice President Ma’ruf Amin has encouraged optimum development of the sharia economic and financial system to be able to serve as a novel engine of the Indonesian economy.
“We (must) increasingly realize that we must optimize the sharia economic sector as a new growth engine to support the national economy,” Amin noted in his keynote address to the International Conference on Islamic Economics through video conferencing from Jakarta on Tuesday.
Quoting President Joko Widodo’s statement, Amin described the domestic sharia economic and financial potentials as “a sleeping giant” that can be developed anytime to transform Indonesia into an advanced nation by 2045.
"Indonesia’s potential in the sharia economic and financial sectors is like “a sleeping giant” and that it is time for us develop it to contribute to achieving the ideal of an advanced state in 2045,” he noted.
The potentials in the sharia economic and financial sector can be measured from the role of Indonesia as the world’s largest Muslim market, he affirmed.
“Indonesia holds huge potential to become the world’s sharia economic and financial power not only as a consumer but also as a producer,” he affirmed.
The Indonesian Muslim market will also expand due to the global growth of the Muslim population that currently reaches more than two billion, he noted.
“The potentials at the global level will also contribute to Indonesia’s vision to boost the national sharia economic and financial sectors,” he affirmed.
Quoting the State of the Global Islamic Economy Report 2020/2021, he said the global Muslims’ spending rose by 3.2 percent to reach US$2.02 trillion in 2019 as compared to 2018.
Meanwhile, the global Muslims’ spending on halal products is forecast to increase to US$2.4 trillion in 2024.
“Realizing the potentials, coupled with data related to opportunities, the government is committed to turning Indonesia into a key player in the global sharia economy and finance, not only as a consumer but also as a producer,” he stated.
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Translator: Fransiska Ninditya, Suharto
Editor: Sri Haryati
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