Indef Predicts Sharia Banking Assets Can Reach IDR 1,000 Trillion

JAKARTA - The Institute for Development of Economics and Finance (Indef) estimates that Islamic banking assets can reach IDR 1,000 trillion by maximizing the economic potential of sharia such as halal tourism and halal products.

Senior Economist of Indef Didik J Rachbini said that Indonesia's Islamic banking assets are currently in the range of IDR 845 trillion and have great potential to reach IDR 1,000 trillion in the near future by optimizing the economic potential of sharia.

"I read the latest data on the sharia economy, the assets from its banks are approximately IDR 845 trillion. In the near future it can be IDR 1,000 trillion, actually IDR 1,000 trillion can develop and I think it is quite large," said Didik at the online launch of the Center for Sharia Economic Development (CSED), Tuesday, September 3.

To continue to develop the Islamic banking industry, Didik said it was important not only to pay attention to aspects of technical instruments, business and halal tourism management in Indonesia, but also still needs to be improved.

According to Didik, there is great potential from halal tourism and halal products in Indonesia, but the promotions carried out are still not optimal.

Didik said that Islamic banking is one of the things that encourages sharia economic growth in Indonesia.

So that the growth of assets achieved by Islamic banking will boost sharia economic growth in Indonesia.

"To be able to do something. Well, the most important instruments in the sharia economy, banking, maybe tourism, halal products, and so on," he explained.

On the same occasion, Vice President Ma'ruf Amin said that the government has ensured a strong foundation in the development of Islamic economics and finance for future governments.

In the last five years, Ma'ruf conveyed that Indonesia's Islamic economic and financial rankings at the global level occupy the 3rd position.

Meanwhile, the halal food sector occupies the 2nd position and the Muslim fashion sector is in 3rd position.

"Even in 2024, Indonesia won first place in the global Muslim travel in Indonesia," he said.

Ma'ruf also claimed that the growth of the leading sector in the chain, namely agriculture, halal food and beverages, Muslim fashion, and Muslim-friendly tourism grew 3.93 percent and supported about 23 percent of the national economy.

Meanwhile, Ma'ruf said that the Indonesian Islamic financial sector continues to grow, marked by the increasing assets and diversification of Islamic financial institutions.

"The set of Islamic capital markets also reaches almost 20 percent of the total national capital market assets," he explained.

For information, citing Sharia Banking Statistics in June 2024 issued by the Financial Services Authority (OJK) assets of Islamic commercial banks and sharia business units as of June 2024 were recorded at IDR874.09 trillion.

Meanwhile, as of January 2024, the assets of Islamic commercial banks and sharia business units were recorded at IDR 845.6 trillion.