According to Hartarto, this economic potential can be tapped by the country if transactions are carried out using the QRIS system, which links Bank Indonesia (BI) and the Saudi Arabian monetary authority.
"This US$8 billion transaction can benefit Indonesia if the transaction is carried out through QRIS," he said at the Indonesian Islamic Economists Discussion, according to a statement issued on Friday.
This step is part of a strategy to strengthen the national sharia economy, particularly through the development of the halal industry and the integration of digital financial systems across countries, he added.
Currently, the halal sector is the main pillar of national economic development, and it continues to be inclusive, he added.
He noted that Indonesia's halal product regulations are among the most comprehensive in the world, with halal certifications regulated by law.
"Indonesia is trusted as a halal trading partner by countries such as Brunei Darussalam, Japan, and South Korea," he said.
He informed that the halal food and beverage sector accounts for nearly 40 percent of the total national economic activity.
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The government is also continuing to encourage the efforts to expand the role of MSMEs in the halal ecosystem by supporting the certification process, including through the free self-declaration scheme, he added.
He then highlighted Indonesia's potential to become the center of the world's sharia economy.
With a Muslim population of almost 246 million and the contribution of the sharia economy to the gross domestic product (GDP) reaching 46.71 percent, this potential is considered highly promising.
During the discussion on Friday, Minister Hartarto also took note of innovations such as the establishment of a sharia-based gold bank or bullion bank as a safe storage instrument amid global uncertainty.
According to the minister, gold has proved to be a stable asset in every crisis, and is the main choice for people to store value.
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Translator: Bayu Saputra, Resinta Sulistiyandari
Editor: Rahmad Nasution
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