Indonesia was ranked first in the Islamic Finance Country Index (IFCI) in the Global Islamic Finance Report 2021. This is mainly because Indonesia has the most dynamic Islamic social finance sector among all countries in the world. IFCI's proud achievements this year are expected to support the development of Indonesia's Islamic finance industry to continue to grow, as part of the global economic plan to support post-pandemic economic recovery. This was conveyed by the Deputy Governor of BI, Dody Budi Waluyo, in the international seminar on Islamic Finance Cambridge IFA with the theme "The Role of Islamic Finance in the Post-Covid World" virtually, on Friday (29/10/2021). The 8th Indonesia Sharia Economic Festival (ISEF) in 2021, the fifth day.
According to Dody, IFCI is a ranking of the conditions of Islamic banking and finance in various countries and is relatively important in national and international contexts. In this regard, Bank Indonesia strives to continuously encourage the development of the Islamic social finance industry, support the advancement of FinTech, as well as green financing which is expected to encourage the achievement of the Sustainable Development Goals. Full support from the President, elements of Government institutions, the Ministry of Finance, Bank Indonesia and the Financial Services Authority also plays an important role in promoting the Islamic capital market in Indonesia. In this regard, the National Sharia Finance Committee (KNEKS) plays an important role in encouraging Islamic banking and finance to become better known in the global Islamic financial services industry. Still in the series of activities for the 8th ISEF Summit in 2021, BI Deputy Governor Sugeng at the Waqf international seminar with the theme "Strengthening Sharia Commercial and Social Finance Synergy, Cross Borders and Digital Innovation for Better Waqf Optimization" revealed that Indonesia has waqf assets and the enormous potential of cash waqf to advance the waqf sector as the country with the largest Muslim population, amounting to Rp 2,000 trillion and Rp 180 trillion, respectively.
Through effective and innovative management, productive waqf will increase efficiency, accelerate economic development and improve people's welfare. Sugeng added that the role of waqf as part of Islamic economics and finance is very important in the new normal era, and its unique position to help restore and build trust from economic development is one of the contributions that Islamic economics and finance can plan. The highlight of the ISEF 2021 event will still take place and the closing ceremony will be held on October 30, 2021. The series of events will be held in a hybrid manner, in collaboration between Bank Indonesia and the National Sharia Financial Economics Committee (KNEKS) and a number of strategic partners in the Islamic financial economy.
