OJK Reveals Sharia Financial Assets Up 11.3 Percent, Reaches IDR 3,050 Trillion

JAKARTA - The Financial Services Authority reported that Islamic financial industry assets rose 11.3 percent year on year (yoy) to around Rp3,050 trillion, with banking details of Rp975.9 trillion, capital market of Rp1,896.2 trillion, and non-bank financial industry of Rp178.7 trillion.

Chief Executive of the Behavior Supervisory of Financial, Education, and Protection Business Actors of OJK Consumers Friderica Widyasari Dewi said that Islamic finance has an important role in realizing equitable national economy.

"Sharia finance provides many benefits. First of course economic equality. This is in accordance with the message or from the vision and mission of our President how this economic equality prospers our society," he said in his statement, quoted Friday, November 7.

He added that through instruments such as zakat, infaq, and alms, the distribution of wealth can take place more fairly so that economic inequality can be reduced. In addition, Islamic finance also contributes to economic stability and increased inclusiveness.

Furthermore, Friderica highlighted four main challenges in sharia financial development, referred to as 4P, namely product development and innovation, market penetration, access equalization, and public understanding.

"We need to continue to encourage product innovation, expand service reach, and strengthen education so that people understand and believe in Islamic financial products," he said.

Previously, Coordinating Minister for Economic Affairs Airlangga Hartarto revealed that the government plans to make Islamic economics and finance one of the main drivers of accelerating Indonesia's economic growth.

With Indonesia's position now ranked third as the largest Islamic economic and financial power in the world, Airlangga is optimistic that the 8 percent economic growth target set by President Prabowo Subianto can be achieved soon.

"Mr. President targets 8 percent growth, and for that all economic potential needs to be optimized, including the sharia economy which can be one of the growth engines," he said at the opening ceremony of the Indonesia Sharia Economic Festival (ISEF) 2025, Wednesday, October 8.

According to Airlangga, Islamic economics and finance are important pillars that the government continues to develop and based on the State of the Global Islamic Economy Report, Indonesia occupies the third position in the global sharia economy.

Airlangga said that there are several potential sectors that are the focus of sharia economic development, including Muslim fashion, Muslim-friendly tourism, as well as halal cosmetics and pharmaceuticals.

He gave an example where global demand for Muslim clothing is estimated at 20 billion US dollars or around Rp. 289 trillion.

"I add it to the clothing sector, for example, the consumption of Muslim clothing needs amounting to 20 billion US dollars, which is around Rp. 289 trillion, then the Indonesian food and beverage industry is the only country that carries out full compliance sharia," he said.

According to him, unlike other countries that only use halal labels optionally, in Indonesia halal products are the obligations and economic values of the halal food and beverage sector, including the entire supply chain, estimated at 109 billion US dollars or around Rp1,000 trillion.

Airlangga emphasized that by continuing to strengthen sharia compliance, Indonesia has the potential to rise from third to first place in the world Islamic economy in the near future.

"So if we continue to encourage this, sharia compliance, soon we from number three can overtake to number one. This is our common homework. Later we will hear the Governor of Bank Indonesia next year's declaration number one," he concluded.