Deputy Minister of State-Owned Enterprises (BUMN) Kartika Wirjoatmodjo emphasised the potential of the sharia economy as a catalyst for future growth, with projections indicating an 8% growth in the economy by 2029. The strategy to utilise the sharia economy in the next five years will be focused on developing the halal tourism sector. Furthermore, there is a need to accelerate the production of halal industrial products, including food and beverages, pharmaceuticals and cosmetics. In addition, the Islamic social finance sector, such as zakat, infaq, sadaqah and waqf, must be expanded to overcome poverty. It is anticipated that the growth of the halal industry and the Islamic financial sector will generate new opportunities for optimising tax revenues and increasing the flow of zakat and waqf. These opportunities are expected to strengthen the national financial ecosystem and support long-term economic sustainability.
By 2025, the global halal industry is expected to reach USD 2.8 billion, with the largest contribution coming from food, beverages, pharmaceuticals and cosmetics. Indonesia has six halal industrial estates, including Modern Cikande Industrial Estate in Serang, Banten, and Safe n Lock Halal Industrial Park in Sidoarjo Regency, East Java. The Ministry of BUMN encourages industry players to operate in the industrial estates. BUMN in the food, tourism and pharmaceutical investment sectors are expected to support the national halal industry. Accelerating halal certification and developing halal commodity banking are crucial to realise the potential of Islamic finance in supporting real sector development.
