The Otoritas Jasa Keuangan (OJK) envisions the Islamic economy as a potent driver for Indonesia's future economic growth, considering the burgeoning landscape of Shariah-compliant economic activities. Friderica Widyasari Dewi, OJK's Executive Head of Supervision, emphasized the role of supporting Micro, Small, and Medium Enterprises (UMKM) in fostering inclusive and integrated Shariah financing services within the growing Shariah economic ecosystem. In a virtual launch event, Kiki highlighted the vital contributions of Islamic economics and finance to the national economic and financial system, urging proactive preparations to enhance Indonesia's global standing in Shariah economics.
As of September 2023, OJK reported that Indonesia's Shariah finance sector exhibited remarkable growth, with financial assets surpassing IDR 2.452 trillion or USD 157 billion, reflecting a substantial annual growth rate of 6.75%. This sector now commands a market share of 10.81% within the national financial landscape, signaling confidence in its ongoing expansion. Despite achievements, Kiki acknowledged challenges, including insufficient support for the halal industry, a shortage of Shariah human resources, limited research and development capabilities, and suboptimal Shariah literacy. OJK remains committed to actively shaping the Shariah financial services sector through initiatives such as strengthening financial institutions, promoting consolidation, and fostering the competitiveness of Shariah banks and the Islamic insurance industry. Additionally, encouraging Shariah People's Economy Banks (BPRS) to go public aims to create a balanced and robust Islamic financial ecosystem throughout Indonesia, transcending urban-centric reliance. Kiki emphasized the need for improved Shariah financial literacy, outlining OJK's policy directions focusing on collaborative educational programs and inclusive models, aiming to enhance the overall infrastructure for Shariah financial literacy and inclusion in Indonesia.
