The vice president made the statement at the plenary meeting of the National Committee for Islamic Economy and Finance (KNEKS) in Jakarta on Friday.
He emphasized that such progress was achieved through strong commitment, dedication, and hard and smart work of all parties.
"Going forward, the Islamic economy and finance must continue to increase their contribution to the national economy, adapt faster, and be able to respond to opportunities amid global economic dynamics that are getting more complex," he remarked.
In the last five years, various programs for the development of the Islamic economy have shown significant results both at the national and global levels.
At the national level, the Islamic Economy and Finance Study (KEKSI) of Bank Indonesia showed that the share of Islamic business activities in the national GDP in the second quarter of 2023 reached 46.71 percent, or Rp9,826.8 trillion (around US$631.47 billion).
Apart from that, the contribution of Islamic financing to micro, small, and medium enterprises (MSMEs) until March 2024 was recorded at Rp161.03 trillion (around US$10.34 billion).
This figure is 81.66 percent of the target of the National Medium-Term Development Plan (RPJMN) and 59.88 percent of the target of the Indonesian Islamic Economy and Finance Masterplan (MEKSI) for 2019-2024.
The growth of the Islamic economy has also been supported by the performance of the halal value chain (HVC) sector, which grew by 3.93 percent in 2023.
Meanwhile, at the global level, based on the State of Global Islamic Economy Report (SGIE Report) 2023, Indonesia is ranked third in the Global Islamic Economic Indicator (GIEI), right behind Malaysia and Saudi Arabia.
The rank showed a significant rise as compared to 2018 during which Indonesia was ranked 10th.
Related news: Indonesia Islamic Financial Center for integrated sharia economy: Govt
Related news: Indonesia should harness its vast halal industry market: Jokowi
Related news: Sharia economy to drive transformation in Indonesia, world: BI
Translator: Benardy Ferdiansyah, Raka Adji
Editor: Azis Kurmala
Copyright © ANTARA 2024
