Bank Indonesia is committed to strengthening synergy and solidarity with various community groups to accelerate the sharia economy and finance and revive the national economy, including community organisations.  To that end, Bank Indonesia and the Muhammadiyah Society signed a Memorandum of Understanding (MoU) at a virtual ceremony held today (17/09) to strengthen existing cooperation moving forward.  In his speech, BI Governor, Perry Warjiyo, conveyed appreciation that during the Covid-19 pandemic we still receive His guidance and optimism to strengthen synergy and solidarity in the face of onerous challenges. The MoU reinforces existing cooperation with several Islamic community organisations and associations, while striving to develop further cooperation with other groups.

Governor Perry also outlined three critical aspects of BI cooperation with the Muhammadiyah Society.  First, development of the sharia economy through community-based economic empowerment, including clustering, capacity building, technical assistance, access to finance and digitalisation.  Second, philanthropic engagement in education. In practice, Bank Indonesia runs various development programs targeting the sharia economy and finance, such as training as well as sharia economic and financial empowerment, including productive waqf management.  Third, maintaining friendships and mutual cooperation towards greater benevolence.

Muhammadiyah Chairman, Haedar Nashir, took the opportunity to describe his hopes and aspirations concerning sharia economic development.  First, improve the quality and level up the local economy. Second, for the sharia economy and finance to provide a tangible contribution towards advancing MSMEs, alleviating poverty and social inequality as well as overcoming the economic problems associated with the current pandemic.

Cooperation between Bank Indonesia and Muhammadiyah is expected to help revive the local economy and contribute to the national economic recovery.

Sources: https://www.bi.go.id/en/publikasi/ruang-media/news-release/Pages/sp_2324021.aspx