Digitalization big opportunity for sharia economy: Amin

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The phenomenon of digitalization, as part of the current development of digital technology, is a great opportunity for accelerating the growth of sharia economics and finance in Indonesia, Vice President Ma’ruf Amin has said.

“It (digitalization) is a great opportunity for accelerating sharia economic growth in Indonesia, and it can accelerate the market inflow of sharia financial institutions and businesses,” he noted at the opening of the 2021 virtual annual meeting of the Indonesian Sharia Supervisory Board (DPS) on Thursday.

The digitalization process, which is now growing quite rapidly, will enter the economic and Islamic finance ecosystem in Indonesia, he said.

Therefore, Amin urged the DPS and all stakeholders in the Islamic economy and finance sector to prepare the infrastructure to encourage progress in the sector.

“It is important for all stakeholders to prepare the infrastructure and its superstructure more thoroughly,” he added.

He also appealed to all members and leaders of DPS to build their literacy in digital and information technology to carry out supervision related to sharia compliance in every sharia financial institution and business.

“As a party directly involved in supervising sharia compliance in every sharia financial and business institution, DPS must be well-informed regarding economic digitalization,” Amin, who also serves as the chairman of the Advisory Council of the Indonesian Ulema Council (MUI), remarked.

The MUI National Sharia Council (DSN) is also expected to prepare a fatwa (decree) as a tool to help DPS in conducting the economic supervision of sharia financial institutions and businesses, he informed.

Meanwhile, deputy chairperson of the MUI, Anwar Abbas, asked all parties to commit to realizing universal values in various Islamic economic and financial activities.

“Members of the Sharia Supervisory Board (DPS) attend this meeting in order to gain knowledge to carry out their duties,” Abbas said.

The annual meeting of the DPS is being held for two days—Thursday and Friday—to increase the capacity, insight, and knowledge of DPS members in the sharia financial industry sector, he added.

All DPS members in Indonesia, MUI board members, heads of Islamic financial institutions, sharia activists, and representatives from related ministries and non-ministerial government institutions (K/L) are attending the meeting.—Antara News

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