Ma'ruf Amin on 8% Growth of Indonesia Sharia Economy: Not Optimal Yet

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Laila Afifa

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  • TEMPO.CO, JakartaVice President Ma'ruf Amin stated that Indonesia’s sharia economy has just developed by 7 to 8 percent from its existing potential thus far, while the growth rate of sharia finance is only 6.7 percent.

    “It grows well but not yet optimal,” said Ma'ruf in a discussion with Jakarta-based data and research firm Katadata here on Thursday, March 4, 2021.

    For the past few years, the government has  been striving to boost the development of the Islamic economy and finance in a bid to be the center of sharia economy and finance in the world.

    To speed up the sharia economic growth, Ma'ruf added, President Joko Widodo or Jokowi issued a Presidential Regulation (Perpres) No. 28 of 2020. With this policy, the government established the National Committee of Sharia Finance (KNKS).

    The committee is tasked to focus on four issues, namely the halal industry, the financial industry, community social funds, and sharia business ventures. Ma’ruf asserted that one of the aspects that needed to be developed is the halal industry.

    To date, Indonesia is still only the biggest consumer of halal products in the world despite being a Muslim-majority country. “Not the largest producer yet,” he said.

    Two of the largest producers of halal products remain the Catholic-majority countries, Brazil and Australia, Ma'ruf Amin mentioned. “That said, we must develop our potential of halal products,” the VP concluded.

    Read: Ma'ruf Amin Laments Rampant Imports on Halal Foods

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