BI Collaborates with MUI to Strengthen Digitalization of Sharia Financial Economy

Illustration (Photo: Doc. ANTARA)

JAKARTA - Bank Indonesia (BI) and the Indonesian Ulema Council (MUI) are committed to supporting and creating a conducive climate for the development of the sharia economic and financial ecosystem (eksyar) in Indonesia.

Director of the Communications Department, Fadjar Majardi, said that this was realized in a Memorandum of Understanding (NK) strengthening cooperation between the two institutions regarding the development of sharia commercial and social financial instruments, development of sharia financial markets.

The next aspects are the development of sharia monetary instruments, development of sharia MSMEs, strengthening the public economy, and strengthening the implementation of halal product guarantees, as well as digitizing sharia financial management.

"Apart from that, cooperation also includes support for the determination of fatwas and consultations on the fulfillment of sharia principles on BI policy instruments and proposals related to sharia finance," he explained in his statement, Wednesday, May 8.

Fadjar said that the NK BI and MUI which will take place for the 2024-2028 period are part of sharpening the role of Bank Indonesia in accordance with the mandate contained in the Financial Sector Development and Strengthening Law (P2SK).

Going forward, Fadjar said that Bank Indonesia is committed to continuing to strengthen strategic cooperation between related institutions to support sustainable economic growth through achieving Indonesia as the center of the world's halal industry.

"Through this collaboration, it is hoped that we can increase the active contribution of BI representative offices at home and abroad in accelerating the development of foreign exchange in Indonesia," he said.

On the same occasion, the Vice President of the Republic of Indonesia and Chairman of the MUI Advisory Council, Ma'aruf Amin, expressed his appreciation and support for the cooperation between BI and MUI in overseeing the accelerated development of foreign exchange in Indonesia.

Ma'aruf Amin emphasized the importance of consistently building close communication and cooperation for the benefit of the people, as well as continuing to contribute to advancing the development of exyar in Indonesia.

"It is hoped that broader sharia economic and financial empowerment will support inclusive and sustainable national economic growth," he said.