Islamic Economics as a New Current of Economic Development - Bank Sentral Republik Indonesia
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October 02, 2020



The government is committed to providing direct leadership through joint measures to realise the Islamic economy as a new current of economic growth in Indonesia. That was the key takeaway delivered by the Vice President of the Republic of Indonesia, KH. Ma’ruf Amin, during his opening speech at the Indonesia Sharia Economic Festival (ISEF) 2019 today (13/11) in Jakarta. Echoing those sentiments, Bank Indonesia Governor Perry Warjiyo emphasised that ISEF is a joint platform underlying implementation of the Islamic economy as a new impetus towards the advancement of Indonesia, under the Indonesia Maju branding visionn. Therefore, all parties must synergise in order to utilise ISEF as a platform to develop and empower the Islamic economy, deepen the Islamic financial markets as well as strengthen research and education.

Governor Perry also took the opportunity to outline several initiatives implemented by Bank Indonesia to stimulate the Islamic economy, including development of a halal value chain ecosystem, strengthening the economic independence of Islamic boarding schools (pesantren), utilisation of zakat and waqf funds as sources of finance as well as optimisation of payments through QR Code Indonesian Standard (QRIS), while simultaneously compiling the curriculum on Islamic finance and organising the ‘halal lifestyle’ campaign.

Based on the theme "Sharia Economy for Stronger and Sustainable Growth", ISEF 2019 is running from 12-16th November 2019 at the JCC in Jakarta. Over time, ISEF has evolved from a national event to become an international platform in 2019. This year, ISEF 2019 has been part of several global events side-by-side with other international events around the globe, including the Malaysia International Halal Showcase (MIHAS), Global Islamic Economy Singapore (GIES), Halal Trade Expo Korea, London Sukuk Summit and the Washington DC Halal Expo and Summit 2019. ISEF 2019 is also playing host to several international meetings and high-level forums, including the 14th IFSB Summit, 6th OIC Forum on Islamic Social Finance, 5th IIMEFC (International Islamic Monetary Economics and Finance Conference), Journal of Islamic Monetary and Finance Call for Papers and International Hajj Conference.

ISEF 2019 consists of various international meetings and high-level forums, conferences and talkshows, investment forums, business matching, business coaching and an international exhibition. Despite the diverse international agenda, ISEF 2019 still involves Islamic MSMEs and Islamic boarding schools as a form of inclusivity concerning Islamic economic development in Indonesia in order to support the halal value chain ecosystem.

ISEF 2019 is the pinnacle of regional and national Islamic economic and financial activities, including the Sharia Economic Festivals (FESyar) held regionally in Sumatra (Palembang), Eastern Indonesia (Banjarmasin) and Java (Surabaya). Through ISEF 2019, Indonesia has the opportunity to position itself as a strategic reference for economic analysis and policy direction regarding global development of the Islamic economy and finance and realise Indonesia as a centre of reference for the global Islamic economy and finance.

Jakarta, 13th November 2019


Onny Widjanarko
Executive Director



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