Sharia economy progressing well, growing promisingly: VP Amin


Indonesia’s sharia economy has progressed well and holds promise, with the country moving up in the rankings of the State of the Global Islamic Economy Report (SGIE), Vice President Ma’ruf Amin stated.

“Alhamdulillah (Praise be to God), the sharia economic sector in our country is growing promisingly,” Vice President Ma’ruf Amin remarked while attending the Muharram 1, Islamic New Year 1443 Hegira Festival of West Sumatra Province virtually.

Drawing reference to the SGIE data for 2020-2021, Amin observed that Indonesia had managed to climb up to fourth ranking, from the earlier held fifth position in 2019 and 10th place in 2018.

Amin emphasized that Indonesia, with the largest Muslim population in the world, should be able to capitalize on these opportunities to develop sharia economic systems in various regions.

“It is time we venture ahead to become the pioneer in sharia economic and financial development that not only aligns with religious rules but (the sharia system) is also fair, competitive, and profitable,” the vice president affirmed.

Amin noted that one of the major steps taken for sharia economic and financial development in Indonesia was the government establishing PT Bank Syariah Indonesia (BSI) through a merger that made it the seventh-largest bank in Indonesia.

“Public-listed PT Bank Syariah Indonesia was formed, with assets totaling around Rp240 trillion, and is currently the seventh-largest bank in Indonesia,” Amin remarked.

In addition, the vice president noted that the government had established Halal Industrial Estates (KIH) and the National Movement for Cash Waqf (GNWU) to further develop the national sharia economy and finance.— Antara News

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