Sri Mulyani Stresses Importance of Sharia Economy in Global Economy

TEMPO.CO, Jakarta - Finance Minister Sri Mulyani Indrawati revealed the importance of the concept of the Islamic economy for global economic growth. According to her, it contributed to the economic development up to 5.2 percent per year.

“The current total Muslim population in the world reaches more than 1.8 billion. This contributes to a total expenditure of around US$ 2.2 trillion, with a substantial hike in the annual growth rate of 5.2 percent,” said Sri via her Instagram account @smindrawati on Tuesday, September 22, 2020.

She also delivered the statement at the 2020 Islamic Economic and Financial Research Forum (FREKS) held on Monday, September 21.

Sri stated that as a country with the largest Muslims population in the world, Indonesia has a great opportunity to develop a sharia economy and even become the world's sharia economic and financial hub, as well as a major player in the sector.

Thus she ensured that the government had drafted the 2019-2024 sharia economy master plan.

To achieve the target, the former World Bank managing director opined that Indonesia must work hard to build the ecosystem. For example, by formulating policies, regulations, instruments, and measures that can accommodate inclusive needs.

Sri Mulyani also highlighted the importance of exporting halal products by taking advantage of Indonesia's membership in the international Islamic Cooperation Organization (OKI).

She mentioned that in 2018, exports of halal products to OKI countries amounted to US$ 45 billion, or 12.5 percent of Indonesia's total trade valuing US$ 369 billion. “Hopefully, the growth can be maintained in the next years ahead,” Sri said.

Read also: Sri Mulyani Hopes Halal Certification Won't Be New Burden for Industry

FRANCISCA CHRISTY ROSANA | HENDARTYO HANGGI