JAKARTA - Vice President Ma'ruf Amin encourages the optimization of the development of the Islamic economic and financial system, so that it can become a new engine for the Indonesian economy.
"We (must) be increasingly aware that we must optimize the Islamic economic sector as a new growth engine that supports the national economy," said Vice President Ma'ruf when delivering a key speech at the International Conference on Islamic Economics via video conference from Jakarta, Tuesday, November 9.
Quoting President Joko Widodo's statement, the Vice President agreed that the economic and financial potential of sharia in the country is a "sleeping giant" that can wake up at any time to realize Indonesia as a developed country in 2045.
"Indonesia's potential in the field of Islamic economics and finance is like a 'sleeping giant' which is the time for us to wake up to contribute, in our efforts to realize the dream of becoming a developed country by 2045," he explained as quoted by Antara.
The potential for Islamic economics and finance to develop and support the national economy can be measured by Indonesia's role as the largest Muslim market in the world.
"Indonesia's potential to become a world Islamic financial and economic power is enormous; not only as a consumer, but also as a producer," he said.
The Indonesian Muslim market will also increase because there is an opportunity for the growth of the Muslim population in the world, which currently reaches more than two billion people.
"Opportunities at the global level also support Indonesia's vision to revive the national Islamic economy and finance. The Muslim market around the world covers more than two billion people and is predicted to continue to grow," he said.
Referring to the 2020/2021 State of the Global Islamic Economy Report, the allocation of spending for the world's Muslim population increased by 3.2 percent from 2018 to 2019, which reached 2.02 trillion US dollars.
Meanwhile, in 2024, Muslim spending on halal products in the world is predicted to increase to reach US$2.4 trillion.
"Recognizing its potential, supported by data related to opportunities, the Government is committed to making Indonesia a key player in the world's Islamic economy and finance; not only as a consumer but also as a producer," said the Vice President.
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