The Islamic economy and finance play a strategic role in achieving Indonesia's growth targets, supporting economic resilience, and fostering sustainable development. As the country with the largest Muslim population in the world, comprising 87% of its citizens, Indonesia holds significant potential in developing its Islamic economy and finance sectors. According to the State Global Islamic Index, Indonesia ranks third in the Global Islamic Economy Indicator, behind Malaysia and the United Arab Emirates. This achievement reflects the growth of Indonesia's Islamic economic ecosystem, particularly in Islamic financial investments, halal food and beverages, modest fashion, pharmaceuticals, cosmetics, and Muslim-friendly tourism.
During the opening of the 11th Indonesia Sharia Economic Festival (ISEF) at the Jakarta Convention Center, Coordinating Minister for Economic Affairs Airlangga Hartarto, representing President Prabowo Subianto, emphasized that to reach the 8% economic growth target by 2029, the government must learn from past policies and adapt to the current global economic conditions. He noted that developing the Islamic economy, including the halal industry and Islamic finance, along with synergy between the Islamic financial sector, the halal real sector, and Islamic social institutions, will strengthen and drive inclusive and sustainable economic growth. This aligns with the Medium-Term Development Plan 2024-2029, which aims to promote national self-reliance and advance the Islamic economy.
