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BI: 80 Percent of Indonesia's Economy Already in Accordance with Syariah Principles, But

The potential of the Islamic economy in Indonesia is considered to be continuously improved.
Deputy Governor of Bank Indonesia (BI), Dody Budi Waluyo when giving a speech at the Indonesia Sharia Economic Festival (ISEF) in Jakarta, Tuesday (12/11/2019). (KOMPAS.COM/MUTIA FAUZIA) - The potential of the Islamic economy in Indonesia is considered to be continuously improved.

Deputy Governor of Bank Indonesia (BI) Dody Budi Waluyo said, currently almost 80 percent of the Indonesian economy has fulfilled Islamic economic principles.

That is, from Indonesia's gross domestic product (PDB (Produk Domestik Bruto)) which is currently worth US $ 1 trillion, the figure is equivalent to Rp. 11,245 trillion (exchange rate of Rp. 14,057 per US dollar). 

"Regarding Indonesia with a PDB value of 1 trillion US dollars, the size of Indonesia's sharia economy is 80 percent," Dody said at the Indonesian Syariah Economic Festival (ISEF) in Jakarta, Tuesday (12/11/2019). 

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However, Dody said, Indonesia wasn't optimal in developing the Islamic financial industry and economy. Indonesia is still a consumer, not a producer, in the global Islamic economic industry chain. 

"Optimization is still low from zakat, donation, alms, endowments to encourage economic growth," explained Dody. 

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In addition, the role of financing, including from Islamic banking, is still low. Dody rate, both from the government and BI has encouraged the performance of Islamic finance.

From the demand side, sharia financing is also considered to be attractive to Indonesian residents.

Plus, currently the world is faced with conditions of uncertainty. So hopefully, Islamic finance and economics can become one of the new sources of economic growth.

"Finance and also Islamic economics have great potential to become an economic source and to improve the current balance sheet structure. Islamic economics can be a new economic resource, not only for the majority of the Muslim population, but also other countries with a majority of non-Muslim populations," said Dody . (*) 

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