The development of Islamic economy and finance has increased currently, although it is not significant.
Jakarta (ANTARA) - Vice President Ma'ruf Amin has said that he expects the Islamic Economic Community (MES) to encourage collaboration among stakeholders to expedite sharia economy and finance development in Indonesia.

“A faster and more solid movement is needed from all Islamic economy and finance stakeholders, not only the central ones, but also the regional ones," he added at a virtual “MES National Gathering” on Saturday.

Collaboration has been key in the progress achieved in developing the Islamic economy sector so far, he noted.

"(For instance) the establishment of BSI (PT Bank Syariah Indonesia Tbk, which was formed through the merger of three state-run sharia banks), the conversion of Bank Riau Kepri into a sharia commercial (regional development) bank, and the establishment of a Halal Industrial Estate," he said.

MES has also initiated a number of collaborations, such as empowering and assisting halal micro, small, and medium enterprises (MSMEs); encouraging economic activity development in Islamic boarding schools; as well as increasing public literacy on sharia economy.

"The development of Islamic economy and finance has increased currently, although it is not significant. Thus, it urgently needs various acceleration attempts. As of June 2022, according to the OJK (Financial Services Authority), the Indonesian Islamic financial market share reached 10.41 percent, an increase from 10 percent the previous year," the Vice President said.

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Meanwhile, the community’s literacy rate regarding the sharia economy sector increased to 20 percent from 16.28 percent in 2019.

Hence, the establishment of the Regional Committee for Islamic Economy and Finance (KDEKS) in every province is a must to explore the potential of the economic sector in each region, Amin added.

So far, KDEKS have been formed in several provinces, including West Nusa Tenggara (NTB), West Sumatra, Riau, and South Sumatra.

In addition, the synergy of the Islamic finance industry and the halal product industry needs to be bolstered since halal product industry actors require sharia financial support.

"Campaigns (to promote) literacy (on the sharia economy) need to be carried out massively and effectively for all community. MES is expected to take part in increasing the number of expert human resources in the Islamic economics and finance sector," the Vice President said.

MES must also encourage the waqf collection movement in every province. Jakarta, West Java, East Java, and Riau are some provinces that have implemented the movement.

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Translator: Desca Natalia, Uyu Liman
Editor: Rahmad Nasution
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