Govt seeking to expand sharia economy market share

Govt seeking to expand sharia economy market share

Vice President Ma'ruf Amin with by Coordinating Minister for Economic Affairs, Airlangga Hartarto, Finance Minister Sri Mulyani Indrawati, and Governor of Bank Indonesia, Perry Warjiyo at the Vice Presidential Palace in Jakarta on Tuesday (November 30, 2021). (ANTARA/HO-Setwapres)

Jakarta (ANTARA) - Finance Minister Sri Mulyani Indrawati has said that her ministry has been expediting efforts to increase the market share and role of the sharia economy in the national economy.

"So far, the Finance Ministry has taken steps to increase the share and role of the Islamic economy in the Indonesian economy," she informed at a press conference here on Tuesday.

Indrawati said the first step taken by the Finance Ministry was to support the state Islamic securities instruments so that Indonesia became the main issuer of sharia-compliant bonds (Sukuk) in the global market.

Moreover, the development of sharia securities in retail is improving as the number of investors, most of whom are millennials, is also increasing, she noted.

In addition, the Finance Ministry has issued the Finance Ministerial Regulation Number 57 of 2021 for small and medium enterprises developing halal products so that they are not troubled with tariffs in obtaining halal certification, she added.

She also said that budget-wise, the state budget is also supporting the Halal Product Guarantee Agency in guiding MSME players with regards to halal products.

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"So, aside from setting the zero-rupiah (tariff) for small and medium businesses, we are also providing state budget support so that the certification can be provided in a consistent and credible manner," she elaborated.

The ministry has also been providing support to MSMEs through existing tools, such as ultra-micro financing, which currently has a special market share for halal products, Indrawati said.

"So that in this case, we will also include financial inclusion at the smallest level, which is, of course, the (aim of the) micro-credit program, (implemented in collaboration) with Mister Coordinating Minister, Airlangga. We will develop for the sharia share," the minister remarked. 

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