The Indonesia Sharia Economic Festival (ISEF) reveals that the assets of the Sharia financial industry have grown by 11.3% in the past six years, in line with the market share of Sharia finance, which has increased from 8.5% to 11% in the same period. The Director of the Sharia Economic and Financial Department of the Bank of Indonesia (BI), disclosed that the growth of the Sharia financial industry is attributed to the establishment of three Halal Industrial Zones (Kawasan Industri Halal or KIH) in the provinces of Banten, East Java, and the Riau Islands. According to him, these three zones could serve as a crucial foundation in positioning Indonesia as a Global Halal Hub and in advancing the Sharia financial industry in the country. In 2022, the total exports of halal products reached US$ 15.87 billion, according to data from the Ministry of Trade," he stated in Jakarta on Tuesday (26/9).
He ensured that Bank Indonesia would consistently support the development of the Sharia economic and financial sector in Indonesia. One of the efforts that Bank Indonesia will undertake is expanding its network with various stakeholders to strengthen the halal value chain ecosystem. One of these efforts includes collaborating with PT Halal Expo Indonesia [HEI], which is a strategic partner of the Indonesian Muslim Entrepreneurs Community [KPMI] and will facilitate business matching programs during the ISEF event. In this regard, the Indonesia Sharia Economic Festival (ISEF) will be held once again from October 25-29, 2023, at the Jakarta Convention Center (JCC) Jakarta. The 10th ISEF event, in collaboration with Halal Expo Indonesia (HEI) 2023, carries the theme "Accelerating Sharia Economy and Finance Through Digitalization for Inclusive and Sustainable Growth." Based on the Global Islamic Economy Indicator 2022, Indonesia ranks fourth among the largest Sharia economies, following Malaysia, Saudi Arabia, and the United Arab Emirates (UAE). Indonesia also ranks second in halal food, third in Muslim fashion, sixth in Sharia finance, and ninth in halal pharmaceuticals and cosmetics. Referring to the Islamic Finance Development Indicator (IFDI), Wahyu stated that Indonesia has risen in the rankings over the past five years, from the 10th position in 2018 to third in 2023. This event will be the largest business-to-business and business-to-consumer exhibition in Indonesia.
