“Adaptation is key for Islamic business players to survive the COVID-19 pandemic. Islamic business players need to adapt to the new normal era, including through the utilisation of technology for transactions, while focusing on hygiene in terms of the products produced.” That was one of the main takeaways delivered by the Vice President of the Republic of Indonesia, KH Ma’ruf Amin, at the virtual kick-off ceremony for the Indonesia Shari’a Economic Festival (ISEF) 2020, today (07/08). Departing from previous years, the 7th ISEF is the first such event to be held over a virtual platform in order to facilitate collaboration between government ministries and institutions as members of the National Islamic Economy and Finance Committee (KNEKS) and Hajj Fund Management Agency (BPKH), Halal Certification Agency (BPJPH), Assessment Institute for Food, Drugs and Cosmetics of the Indonesian Council of Ulama (LPPOM-MUI), National Sharia Board of the Indonesian Council of Ulama (DSN-MUI), Indonesian Association of Islamic Economists (IAEI), Islamic Economic Community (MES), Indonesian Mosque Counsel (DMI) and other relevant parties.

In his speech, Bank Indonesia Governor Perry Warjiyo stated that amidst current efforts to stimulate a national economic recovery, ISEF 2020 activities are expected to catalyse a positive spirit and optimism amongst business players, Islamic business players in particular. Such momentum has provided greater impetus for ISEF 2020 than in previous years. In addition, BI Governor Perry Warjiyo also reiterated that Allah taught three important lessons in the face of disaster, such as the COVID-19 pandemic. First, we must remain patient and trusting in God's plan (tawakkul) because Allah is always close by. Second, we must remain optimistic that in every difficulty there is always ease. Third, perhaps Allah is showing mankind a new paradigm (civilization), the digital era, including the digital Islamic economy and finance.

ISEF represents the tangible and consistent support of Bank Indonesia to develop and grow the national Islamic economy and finance based on three interrelated pillars, reinforced through the optimisation of digital technology. First, Islamic economic empowerment through halal value chain (HVC) ecosystem development. Second, Islamic financial market deepening. Third, strengthening research, assessments and education. Consequently, synergy is required amongst all parties in order to effectively support ongoing efforts to realise Indonesia as a global centre of the Islamic economy. In addition, steadfast and consistent (istiqomah) efforts to stimulate the Islamic economy will contribute towards the national economic recovery.

ISEF 2020 is entitled “Mutual Empowerment in Accelerating Sharia Economic Growth through Promoting Halal Industries for Global Prosperity” is being held from 7th August 2020, culminating on 27th-31st October 2020. ISEF 2020 is the first comprehensive virtual international Islamic economic event that integrates all major national and international components of the Islamic economy and finance. ISEF 2020 consists of 22 serial discussions through webinars, 500 exhibitions, 7 business matching and 8 business coaching, while facilitating a national virtual gathering as well as dialogue on economic and business empowerment in the pesantren environment, which includes sharia economic festivals (Fesyar) in three provinces, namely West Nusa Tenggara, West Sumatra and East Java as well as a national competition and 10 international showcases. In addition, various international meetings will be held, including the International Contemporary Fiqih Conference in conjunction with DSN-MUI and the Islamic Economic Community (MES) of Egypt, Islamic Digital Economy Conference with SESRIC-OIC, as well as International Halal Lifestyle Conference.

Moving forward, Islamic economic and financial development efforts by Bank Indonesia, as part of the national movement, shall remain focused on an integrated ecosystem approach to support coordinated work programs under the auspices of the National Islamic Economy and Finance Committee (KNEKS).

A complete agenda of ISEF activities is accessible through the official ISEF and Bank Indonesia websites.