“I would like to congratulate Indonesia for maintaining the third position,” a partner at DinarStandard, Reem El Shafaki, said at the global launch of the SGIE Report 2024–2025 here on Tuesday.
The SGIE 2024–2025 highlights seven key sectors of the global Islamic economy, namely halal food, Islamic finance, Muslim-friendly tourism, modest fashion, halal cosmetics, pharmaceuticals, as well as media and recreation.
In the first five years after the indicator was introduced in the 2014–2015 SGIE Report, Indonesia had ranked 10th and 11th.
The country rose to fifth place in 2019–2020, then remained in fourth place for two consecutive report periods from 2020–2022.
In the 2023–2024 report and the latest 2024–2025 report, Indonesia placed third.
“In addition (to the third place), Indonesia has occupied the first position in the modest fashion indicator, second place in Muslim-friendly tourism, and second place in pharmaceuticals and cosmetics,” El Shafaki said.
Indonesia also ranked fourth in halal food, sixth in Islamic finance, and seventh in media and recreation.
In terms of investment, Indonesia has surpassed all other member countries of the Organisation of Islamic Cooperation (OIC) in the number of deals.
In 2023, Indonesia completed 40 transactions valued at US$1.6 billion, establishing itself as a leading hub of halal economy investment.
Large-scale investment in the Islamic economy sector by the Indonesian government has boosted local halal food production, reduced reliance on imports, and strengthened the supply chain.
“Such a great achievement, and I congratulate you (the Indonesian government) on all the efforts made through the institutions, policies, strong (economic) ecosystem, and strong start-up ecosystem, as evident from the results,” El Shafaki added.
Indonesia’s 13th vice president, Ma’ruf Amin, who also attended the event, said that the significant progress over the last decade has fuelled hopes of Indonesia reaching the top spot by 2028 or 2029.
“I think it is not something difficult (to achieve),” he remarked.
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Reporter: M Baqir Alatas, Uyu Liman
Editor: Azis Kurmala
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