Indonesia: Boosting Sharia Economy to Increase National Economic Resilience

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The development of Sharia Economic is inseparable beetwen government, industry, and consumen. With population of 88% Muslim, Indonesia is one of the countries with the largest Muslim population in the world. This is a great opportunity in the development of Islamic Economics. Moreover, Jakarta was proclaimed as the Center for World Islamic Economics and Finance.
This means that Islamic economics in Indonesia has a magnet that is very large in the eyes of the world. This certainly will have a positive impact for the national economy.
National Economy and sharia financial development is expected to increase economic resilience both for internal and external disturbance. Sharia Economic also can increase the stability and efficiency of the Islamic financial sector.
Perry Warjiyo, the Deputy Governor of BI explain that market share of Islamic Banking in Indonesia is still far behind when compared to countries that are predominantly Muslim. For example, Malaysia has a sharia banking market share of 23,8 percent. Then Saudi has 51,1 percent, and USA has 19,6 percent.
Currently the market share of Islamic Banking has only reached 5,3 percent of all assets of the national banking industry. “Sharia economic development will encourage the acceleration of the Islamic finance industry, including banking”, he said.
Chairperson of the Daily Executive Board of the Sharia Economic Community (MES) Muliana Hadad explain, the sharia economic system in Indonesia can be a complementary to conventional economic systems, one of which is microfinance.
He added, currently the middle class community has begun to be aware of the Islamic capital market. In fact, the trend is that middle class people are starting to use Islamic financial products, such as Islamic insurance, Islamic investment and Islamic finance.