BI: Digital Innovation Strengthens Sharia Economic Policy

JAKARTA - Bank Indonesia (BI) said digital innovation has strengthened the formulation of sharia economic policies to grow inclusive and sustainable.

"Bank Indonesia is committed to building a reliable research ecosystem and adopting digital advantages to encourage breakthrough innovations in Islamic economic and financial policies in the future," said BI Governor Perry Warjiyo in Jakarta, quoted from Antara, Monday, August 5.

To strengthen the digitization of the economy and finance in accordance with sharia principles, Perry emphasized three important things.

First, strengthen the entrepreneurial aspect in developing the sharia economic ecosystem, by developing the halal industry through digitizing halal certification processes and facilitating e-commerce for sales of halal products, encouraging the growth of sharia crowdfunding, and strengthening data on analytics and market research for the formulation of strategic policies.

Then, orientation for the benefit of the wider community through the development of financial inclusion through the expansion of access to Islamic financial institutions using digital platforms and strengthening digital literacy programs.

He also emphasized the need to encourage the adoption and adaptation of technology and digital innovation through the development of digital-based Islamic financial products and services by utilizing artificial intelligence (AI) and machine learning (ML).

This was conveyed by Perry at the 10th Journal of Islamic Economics and Finance and Call for Papers International Conference with the theme "Promoting Inclusive and Sustainable Growth with Sharia Economy amid the Age of Digitalization and Global Uncertainty" in Jakarta, Friday (2/8/2024).

The International Conference and Call for Papers Journal of Islamic Economics and Finance (JIMF) aim to develop a research ecosystem and encourage the exchange of scientific ideas in the formulation of Islamic economic and financial policies.

Since 2023, JIMF has won Scopus' indexed Q2 ranking and in 2024 JIMF's performance has improved, shown by the achievements of "the Top 1 Scopus journal ranking in Indonesia" and "Top 2 in the Asia-Pacific under Islamic economics and finance category".

JIMF 2024 is part of a series of Indonesian Digital and Creative Works Economic Festivals (FEKDIxKKI) which will take place on August 1-4, 2024 in Jakarta.