The World Has The Same Problem In The Halal Industry, RI Overcomes With These Three Strategies

Minister of Finance Sri Mulyani (Photo: Capture the screen of the Ministry of Finance's Youtube)

JAKARTA Minister of Finance (Menkeu) Sri Mulyani said that the development of the halal industry in the world has relatively the same number of challenges. According to her, the first challenge is fragmentation from halal institutions.

The second challenge is the lack of halal standardization. Then another challenge is the lack of halal auditors, compliance with sharia standards, low level of halal literacy.

Then, the lack of research and halal development, absence from many international meetings, and lack of halal financing.

"These are all challenges and obstacles that must be resolved immediately so that we can develop the halal industry," he said through a virtual channel on the agenda of The 7th Annual Islamic Finance Conference, Tuesday, August 29.

According to the Minister of Finance, Indonesia itself has a strategy in anticipating this. He said, c. The first is the pillar in terms of demand for halal products.

'Demand is the key in directing halal products. Product development must be able to eliminate certain limiting problems and reduce transaction costs. We also see that the role of national institutions is very crucial, such as in managing zakat in order to encourage consumption of halal products," he said.

The second pillar is international trade. It is stated that halal economic integration needs to be done in order to continue to open a potential halal market. This also includes how we increase exposure to the trade of halal products in non-Muslim countries," he said.

Then the third pillar is investment in the halal economic sector. The Minister of Finance said that the government is committed to creating a conducive business climate through simplification of business regulations, providing incentives, and also the widest opportunity for the populist economic sector (SMEs/MSMEs).

"From these three pillars, perhaps the most crucial thing right now is how to encourage halal financing to support the sustainability of the halal industry ecosystem," he added.

Seeing this, the Indonesian government issued green sukuk and also green waqf sukuk. This is proof of financing that is in accordance with halal standards. So I can say that the government will continue to advance the halal industry by cooperating with all parties, be it consumers, investors, or the private sector," said Minister of Finance Sri Mulyani.