BI Governor Proposes Five Keys to Stimulate Halal Industry - Bank Sentral Republik Indonesia
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July 07, 2020

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BI Governor Perry Warjiyo has proposed five keys to stimulate the halal industry in Indonesia, namely Competitiveness, Certification, Coordination, Campaign and Cooperation. Implementation of the 5 Cs is key not only to unlocking Indonesia’s potential as a market but also as a production hub of the global halal industry. That was the key takeaway of the INHALIFE conference entitled "Creating Halal Champions, Accessing Global Halal Markets: From Potential to Reality" as part of ISEF 2019 activities today (14/11) in Jakarta.

Furthermore, Governor Perry Warjiyo explained that Competitiveness could be achieved by mapping potential sectors ripe for development, such as food and beverages, fashion, tourism and the digital economy. Meanwhile, Certification is required to expand market access. Therefore, policymakers and industry players must work together to ensure the products and services produced in Indonesia obtain halal certification.  Coordination, policy synergy and programs between the government, Bank Indonesia and other relevant authorities are required in order to ensure the Islamic economy can be realised as a new source of economic growth. Universal Campaigns are required to introduce the public to the halal lifestyle, for Muslims and non-Muslims alike. And finally, Cooperation between stakeholders in the national and international halal industries is a prerequisite to grow and develop the global halal industry.

The 5 Cs answer the challenges of global halal industry development that may be exploited by Indonesia, namely a large potential global halal market totalling 1.84 billion Muslims, accounting for 24.4% of the global population, potential sharia-compliant business sector development and adoption of the halal lifestyle by Muslims and non-Muslims. According to the Global Islamic Economy Report, by the end of 2023, the halal food industry will be worth USD1.8 trillion, with halal tourism worth USD274 billion and the halal fashion industry worth USD361 billion. Such potential must be secured through anticipatory measures in response to the various challenges, such as digitalisation, the need for international convergence, good governance in the halal industry and appropriate global regulations, including mechanisms to ensure accountability in terms of Islamic finance and producing halal goods and services.

Striving to develop the halal fashion industry, the potential of ethical and sustainable halal fashion will be discussed today to support Indonesia's role as a player in the global halal industry at the Ethical and Sustainable Fashion event organised today as part of the ISEF 2019 activities through cooperation between Bank Indonesia, the Indonesia Fashion Chamber (IFC) and Indonesia Halal Lifestyle Centre (IHLC).

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