Indonesia develops strategy to increase Islamic finance literacy

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JAKARTA (ANTARA) – Indonesian Vice President Ma’ruf Amin announced that the National Shariah Economic and Financial Committee (KNEKS) is working with ministries and agencies to develop a national strategy to increase Islamic financial knowledge and inclusion.

“This strategy is expected to serve as a major guide for all stakeholders in developing Islamic finance knowledge and inclusion in our country,” he said at the Nusa Tenggara Islamic Economic Forum 2024 on Tuesday.

In his speech, Amin also stressed the importance of joint efforts by central and local stakeholders to increase the contribution of Islamic economics and finance to the national economy.

He stressed that the popularity of Islamic economic practices in business activities in Indonesia is increasing.

“Amidst global uncertainty, the Islamic economy has continued to grow and contribute to the recovery of the national economy, as evidenced by the market share of Islamic financing and business approaching 50% in the fourth quarter of 2023,” he said.

He further stated that since 2020, the government has been focusing on promoting Indonesia’s Islamic economy from four aspects: the financial industry, the halal industry, the Islamic social fund, and Islamic businesses and entrepreneurs.

He said the fourth aspect is the key to developing the other three.

“The presence of entrepreneurs is crucial,” Amin added.

To support KNEKS, the government established similar committees at regional level in 31 provinces, called KDEKS.

“We only need to establish such committees in seven provinces including East Nusa Tenggara, Bali and the remaining five provinces in Papua,” he said.

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