Bank Indonesia And IFSB Encourage The Global Sharia Financial Industry

JAKARTA - In the midst of the current high uncertainty, the global Islamic financial industry continues to grow to support the world's economic recovery.

Assistant Governor of the Communication Department of Bank Indonesia (BI) Erwin Haryono said that in order to strengthen the inclusive and sustainable global sharia financial growth, Bank Indonesia (BI) collaborated with the Islamic Financial Service Board (IFSB) to fill in the preparation of the Strategic Performance Plan (SPP) 2025 2027.

"Bank Indonesia (BI) collaborates with the Islamic Financial Service Board (IFSB) to fill the preparation of the Strategic Performance Plan (SPP) 2025 2027 which contains a plan to develop the global Islamic finance industry for the next 3 years," he explained in his statement, quoted on Tuesday, April 30.

Erwin said this was the result of a meeting between BI Governor Perry Warjiyo and IFSB Secretary General (SG), Dr. Ghiath Shabsigh on the sidelines of a series of IsDB Annual Meeting 2024 activities in Riyadh, Saudi Arabia.

Erwin conveyed that the formulation of the 2025-2027 SPP needs to be supported on a strategic basis that considers aspects of people, processes, and technology in the development of innovation in the global Islamic finance industry.

By observing this aspect, BI Governor Perry Warjiyo conveyed that IFSB could draw up the SPP strategic plan based on 3 main pillars, namely Pillar I - Standard Formulation, Pillar II - Standard Implementation, and Pillar III Organizational Transformation (including human resources).

To support this, especially in terms of standard formulation, Perry expressed his full willingness to use the practice of Indonesian sharia monetary operations as a reference in the preparation of IFSB standards.

"This is considered to be able to increase the role of IFSB, especially in the provision of Islamic financial standards for member countries," he said.

In addition to increasing the role of IFSB, Perry assessed that standard uniformity among member countries can strengthen competitive advantages in the Islamic financial system so that it can attract more perpetrators to enter it.

Meanwhile, SG IFSB appreciates and will adopt the initiation of the 3 pillars in completing the IFSB development plan that has been prepared since its appointment on April 1, 2024.

Perry menyampaikan IFSB juga berkomitmen untuk secara aktif berkoordinasi dengan Bank Indonesia memastikan rencana pengembangan industri keuangan syariah global telah sesuai dengan inovasi terbaru di bidang keuangan.