ISEF 2017 Echoes Development of Sharia Economy and Finance in Indonesia - Bank Sentral Republik Indonesia
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September 20, 2020

No.19/84/DKom ​

Indonesia Shari’a Economic Festival (ISEF) 2017 echoes development of sharia economy and finance in Indonesia. In addition to telling the success stories of different implemented programs, ISEF also functions as a forum to design various programs on sharia economy and finance ahead. Considering the important role of sharia economy in promoting inclusive and quality economic growth, the development must be seriously taken by different parties. The government's commitment is shown, among others, by the presence of the Vice President of RI, Jusuf Kalla, today (09/11) in Surabaya. In addition, the heads of relevant institutions are also present, such as the ministries, legislators, Financial Services Authority (OJK), and different national and international institutions.

ISEF is also one of the biggest sharia economy and finance activities in Indonesia integrating development of financial sector and economy of real sector. Held for the fourth time, ISEF 2017 coincides with the first anniversary of the National Committee of Sharia Finance (KNKS). ISEF 2017 also has three pillars of sharia economic development in Indonesia as specified by the President of RI, namely empowerment of sharia economy, increase in sharia financial efficiency to support sharia business development, and strengthening of research and education, including dissemination and communication. T

o contribute to development of the three sharia economic pillars, ISEF 2017 consists of Sharia Forum and Sharia Fair. With renowned national and international speakers in sharia finance, the forum discusses various latest researches and best practise in sharia finance. Meanwhile, Sharia Fair has development of sharia-based entrepreneurship and MSME with a focus on four main sectors, namely integrated agriculture, halal culinary and apparel, renewable energy, and halal tourism.

In his speech, the Vice President of RI, Jusuf Kalla, emphasizes on the importance of starting a business optimally because most income sources come from trade. Therefore, economic activities in Islamic boarding schools, including teaching their students to trade, are very important. Various businesses in agriculture or any other fields are halal provided that they do not breach the religious teachings. Certainly, for smooth implementation of sharia financial system, all parties must play their roles honestly.

Meanwhile, the Governor of Bank Indonesia, Agus D.W. Martowardojo said that halal industry is one of the rapidly developing industries in the world. As a country with the biggest Muslim population in the world, Indonesia is one of the biggest markets for halal industry. However, a substantial portion to fulfill such needs, such as halal food, cosmetics, and fashion, comes from imports. In order for Indonesia to suffice its own halal products, development of commercial and social schemes of domestic sharia finance must be optimized. In this matter, sharia economy optimization may also support the economy and reduce pressure on Indonesia's current transaction balance.

With such tremendous potential of Indonesia in development of sharia economy and finance, collaboration and coordination constitute an integral aspect. In relation to such integration, ISEF 2017 becomes a forum of collaboration for Bank Indonesia and KNKS with other relevant institutions, such as Waqaf Agency of Indonesia, National Zakat Agency of Indonesia, Association of Islam Economists, International Islamic Financial Market, Islamic Research and Training Institute-International Development Bank, and Kuwait Awqaf Foundation. The activity also involves 26 Islamic boarding schools in Indonesia because the schools have been proven to be able to reach the wide community.

It is expected that with the synergy between all parties and full support of the relevant authority, sharia economy and finance may develop and support economic growth reaching all people.

Surabaya, 9 November 2017
Communication Department

Executive Director



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