By: Aji Setiawan
Indonesia has great potential in developing the Islamic economy. In fact, if the Islamic economy can become a new current in the country's economic growth going forward. Moreover, Indonesia has become one of the countries with the largest population in the world. In addition, Indonesia's Muslim population is also one of the highest in the world.
There are two main keys to making Islamic economics a new potential for economic growth. The first is strong regulation and the second is Human Resources (HR). Our population potential is increasing, we also listen to 7 sectors that have potential, we will develop eco-sharia in the future. We have also heard about the IAEI chairman in the period ahead. the two keys that we see are regulation and human resorce.
Meanwhile, if we look at lessons learned from countries that have already developed Islamic economics, there are three keys to developing Islamic economics. First is the commitment from the government.
The government finally issued the 2019-2024 Indonesian Sharia Economic Master Plan. In it, it was explained how big the potential of the Islamic economy globally and nationally.
If this masterplan can be implemented seriously by all related parties, sharia economy in Indonesia will become a very important foundation in the national economy after 2024.
In the Executive Summary Masterplan explained that in the last two decades, both globally and nationally, Islamic economics and finance developed rapidly.
In The State of the Global Islamic Economy Report 2018/2019 it was reported that the amount of food expenditure and halal lifestyle of Muslims in the world reached 2.1 trillion US dollars in 2017 and is expected to continue to grow to reach 3 trillion US dollars in 2023.
The estimated growth is due to the main factor increasing the number of Muslim population in the world in 2017 to reach 1.84 billion people and is expected to continue to increase to reach 27.5 percent of the world population in 2030.
The magnitude of the potential for global economic growth of sharia should be directly proportional to Indonesia. As the largest Muslim population in the world, growth in Indonesia should be greater than in other Muslim countries.
However, according to The Global Islamic Ecoomy Index 2018/2019, Indonesia is in the 10th position as the world's halal product producer. This cannot be separated from the size of the net import of halal products and services on the export performance of Indonesian halal products and services.
In addition, there are several other things that also become obstacles to Islamic economic growth in Indonesia. First, regulations related to the halal industry are inadequate.
Secondly, literacy and public awareness of halal products are still lacking.
Third, the interlinkage of the halal industry and Islamic finance is still low. Fourth, the increase in consumption and the need for halal products in the country is not offset by the amount of production.
Fifth, the halal sector governance and risk management is still inadequate. Sixth, the use of technology has not been optimal in the halal industry. Seventh, Indonesian halal standards have not been accepted at the global level.
These obstacles become a challenge for Indonesia to immediately improve and develop the economic potential of sharia. Therefore, the government issued the 2019-2024 Indonesian Sharia Economic Master Plan, one of which is to overcome these obstacles.
With the 2019-2024 Indonesian Sharia Economics Master Plan, the government invites community participation to develop an Islamic economy to create an independent, prosperous and civil society of Indonesia by becoming the world's leading Islamic economic center.
The role and support of the community is the key to the successful implementation of the Sharia economic master plan. Because the Islamic economy is an economy with a fair, transparent, halal, and rahmatan lil alamin system.
Every level of society has participation according to their role. First, the Muslim community is the main supporter who should be able to make a very large contribution to the implementation of the Sharia economic master plan.
When understanding the enormous potential of Islamic economics, Muslim communities should fully support the implementation of Islamic economics in various aspects of economic activities such as halal food and drinks, halal tourism, and Muslim fashion.
This includes the fields of halal media and recreation, pharmaceuticals and halal cosmetics, renewable energy, Islamic banking, Islamic capital markets, social security, zakat and endowments, and other sharia economic activities.
Second, non-Muslim communities. It cannot be denied that Islamic economics is not exclusively implemented by Muslim communities. In fact, various sharia economic activities can be implemented by non-Muslims along the halal corridor according to sharia principles.
The participation of non-Muslim communities contributes greatly in implementing the master plan. This share can be seen from several countries in the world that are Muslim minorities but can outperform predominantly Muslim countries.
Islamic economics has great potential at the global level, it is estimated that the amount in 2023 will reach US $ 3 trillion, around Rp 45 thousand trillion rupiah. This is a great power that must be seen and we must start thinking about taking this huge economic cake.
The study titled The State of The Global Islamic Economies 2018-2019 reported, the total expenditure of the Muslim world community in 2017 in various halal sectors such as eating halal drinks, halal pharmaceuticals and cosmetics, halal fashion and tourism, halal entertainment media, and Islamic finance reached US $ 2.1 trillion. That figure is equivalent to 0.27 percent of the total world gross product.
This amount is expected to continue to increase in the following years to reach US $ 3 trillion in 2023, linear with the growth of the world's Muslim population. The time has come for us to awaken the potential of the Islamic economy in Indonesia and make Indonesia the leading center of Islamic economics in the world because we are indeed the country with the most Muslim population in the world.
In the Indonesian context, many contributions can be generated and given from the halal sector to the growth of the national economy, given the number of Muslim populations in Indonesia is the highest in the world. Unfortunately, the population is still a consumer. Though Indonesia can have more roles as the largest producer and exporter of halal products and services worldwide.
The development of sharia economics is not only financial development, but also involves various other sectors as an integration of sharia-based economic systems. It is very important to consider that growth in the Islamic financial sector has a direct and significant impact on growth in the real sector, the main focus in the development of the Islamic economy.
The challenge of the Sharia economy in Indonesia is that weak regulations and facilities have hampered the development of the sharia economy in the country. It even tends to overlap. In addition, the community's low understanding of halal products and services, the low connectivity of the Islamic financial sector as a potential fuel from the halal industry, the inability of the production level to meet the increase in domestic consumption of halal products, poor governance, inadequate utilization of technology, and Halal standards that have not been able to adjust the needs at both national and global levels.
Lack of literacy and public awareness, is also a proponent of the halal industry. Mainly related to halal lifestyle, including the consumption of halal food and drinks, especially those that are halal certified. In addition, the scale of business of the Islamic economy in Indonesia, especially the halal industry and Islamic finance, is still relatively small. Islamic banking, for example, only about 5 percent of market share.
There are five strategies that can be taken to develop Indonesia's sharia economy.
First, the development of Islamic economics requires government support. Indonesia's central bank believes President Joko Widodo provides full support.
Second, the development of Islamic economics must be declared as a national program. Third, the formation of a special body that coordinates the Islamic economy.
Fourth, focus on sectors that bring competitive benefits, such as halal food or Muslim clothing and halal as well as pharmacy and Islamic finance. If developed, these sectors can be a source of financial income.
Fifth, a national Islamic financial strategy is needed. All plans for each Ministry / Institution (K / L), Bank Indonesia (BI), Financial Services Authority (OJK), and the National Sharia Finance Committee (KNKS) and other bodies must be put together.
Referring to the 2017/2018 Global Islamic Economy (GIE) Report data, the expenditure of the global Muslim community on Muslim clothing reached US $ 254 billion in 2016, equivalent to Rp3,537.7 trillion. The value is projected to increase to US $ 373 billion in 2022, around Rp5,195.13 trillion.
Meanwhile, the value of the global halal food and beverage industry in 2016 is around US $ 1,245 billion and is estimated to grow to US $ 1,930 billion in 2022.
The halal cosmetics industry is around US $ 57 billion in 2016 and is predicted to rise to US $ 82 billion in 2022. The value of the halal pharmaceutical industry is US $ 83 billion in 2016 and is projected to increase to US $ 132 billion in 2022. (***)
Kamis, 12 September 2019
The New Indonesian Economy Flow
By: Aji Setiawan
Indonesia has great potential in developing the Islamic economy. In fact, if the Islamic economy can become a new current in the country's economic growth going forward. Moreover, Indonesia has become one of the countries with the largest population in the world. In addition, Indonesia's Muslim population is also one of the highest in the world.
There are two main keys to making Islamic economics a new potential for economic growth. The first is strong regulation and the second is Human Resources (HR). Our population potential is increasing, we also listen to 7 sectors that have potential, we will develop eco-sharia in the future. We have also heard about the IAEI chairman in the period ahead. the two keys that we see are regulation and human resorce.
Meanwhile, if we look at lessons learned from countries that have already developed Islamic economics, there are three keys to developing Islamic economics. First is the commitment from the government.
The government finally issued the 2019-2024 Indonesian Sharia Economic Master Plan. In it, it was explained how big the potential of the Islamic economy globally and nationally.
If this masterplan can be implemented seriously by all related parties, sharia economy in Indonesia will become a very important foundation in the national economy after 2024.
In the Executive Summary Masterplan explained that in the last two decades, both globally and nationally, Islamic economics and finance developed rapidly.
In The State of the Global Islamic Economy Report 2018/2019 it was reported that the amount of food expenditure and halal lifestyle of Muslims in the world reached 2.1 trillion US dollars in 2017 and is expected to continue to grow to reach 3 trillion US dollars in 2023.
The estimated growth is due to the main factor increasing the number of Muslim population in the world in 2017 to reach 1.84 billion people and is expected to continue to increase to reach 27.5 percent of the world population in 2030.
The magnitude of the potential for global economic growth of sharia should be directly proportional to Indonesia. As the largest Muslim population in the world, growth in Indonesia should be greater than in other Muslim countries.
However, according to The Global Islamic Ecoomy Index 2018/2019, Indonesia is in the 10th position as the world's halal product producer. This cannot be separated from the size of the net import of halal products and services on the export performance of Indonesian halal products and services.
In addition, there are several other things that also become obstacles to Islamic economic growth in Indonesia. First, regulations related to the halal industry are inadequate.
Secondly, literacy and public awareness of halal products are still lacking.
Third, the interlinkage of the halal industry and Islamic finance is still low. Fourth, the increase in consumption and the need for halal products in the country is not offset by the amount of production.
Fifth, the halal sector governance and risk management is still inadequate. Sixth, the use of technology has not been optimal in the halal industry. Seventh, Indonesian halal standards have not been accepted at the global level.
These obstacles become a challenge for Indonesia to immediately improve and develop the economic potential of sharia. Therefore, the government issued the 2019-2024 Indonesian Sharia Economic Master Plan, one of which is to overcome these obstacles.
With the 2019-2024 Indonesian Sharia Economics Master Plan, the government invites community participation to develop an Islamic economy to create an independent, prosperous and civil society of Indonesia by becoming the world's leading Islamic economic center.
The role and support of the community is the key to the successful implementation of the Sharia economic master plan. Because the Islamic economy is an economy with a fair, transparent, halal, and rahmatan lil alamin system.
Every level of society has participation according to their role. First, the Muslim community is the main supporter who should be able to make a very large contribution to the implementation of the Sharia economic master plan.
When understanding the enormous potential of Islamic economics, Muslim communities should fully support the implementation of Islamic economics in various aspects of economic activities such as halal food and drinks, halal tourism, and Muslim fashion.
This includes the fields of halal media and recreation, pharmaceuticals and halal cosmetics, renewable energy, Islamic banking, Islamic capital markets, social security, zakat and endowments, and other sharia economic activities.
Second, non-Muslim communities. It cannot be denied that Islamic economics is not exclusively implemented by Muslim communities. In fact, various sharia economic activities can be implemented by non-Muslims along the halal corridor according to sharia principles.
The participation of non-Muslim communities contributes greatly in implementing the master plan. This share can be seen from several countries in the world that are Muslim minorities but can outperform predominantly Muslim countries.
Islamic economics has great potential at the global level, it is estimated that the amount in 2023 will reach US $ 3 trillion, around Rp 45 thousand trillion rupiah. This is a great power that must be seen and we must start thinking about taking this huge economic cake.
The study titled The State of The Global Islamic Economies 2018-2019 reported, the total expenditure of the Muslim world community in 2017 in various halal sectors such as eating halal drinks, halal pharmaceuticals and cosmetics, halal fashion and tourism, halal entertainment media, and Islamic finance reached US $ 2.1 trillion. That figure is equivalent to 0.27 percent of the total world gross product.
This amount is expected to continue to increase in the following years to reach US $ 3 trillion in 2023, linear with the growth of the world's Muslim population. The time has come for us to awaken the potential of the Islamic economy in Indonesia and make Indonesia the leading center of Islamic economics in the world because we are indeed the country with the most Muslim population in the world.
In the Indonesian context, many contributions can be generated and given from the halal sector to the growth of the national economy, given the number of Muslim populations in Indonesia is the highest in the world. Unfortunately, the population is still a consumer. Though Indonesia can have more roles as the largest producer and exporter of halal products and services worldwide.
The development of sharia economics is not only financial development, but also involves various other sectors as an integration of sharia-based economic systems. It is very important to consider that growth in the Islamic financial sector has a direct and significant impact on growth in the real sector, the main focus in the development of the Islamic economy.
The challenge of the Sharia economy in Indonesia is that weak regulations and facilities have hampered the development of the sharia economy in the country. It even tends to overlap. In addition, the community's low understanding of halal products and services, the low connectivity of the Islamic financial sector as a potential fuel from the halal industry, the inability of the production level to meet the increase in domestic consumption of halal products, poor governance, inadequate utilization of technology, and Halal standards that have not been able to adjust the needs at both national and global levels.
Lack of literacy and public awareness, is also a proponent of the halal industry. Mainly related to halal lifestyle, including the consumption of halal food and drinks, especially those that are halal certified. In addition, the scale of business of the Islamic economy in Indonesia, especially the halal industry and Islamic finance, is still relatively small. Islamic banking, for example, only about 5 percent of market share.
There are five strategies that can be taken to develop Indonesia's sharia economy.
First, the development of Islamic economics requires government support. Indonesia's central bank believes President Joko Widodo provides full support.
Second, the development of Islamic economics must be declared as a national program. Third, the formation of a special body that coordinates the Islamic economy.
Fourth, focus on sectors that bring competitive benefits, such as halal food or Muslim clothing and halal as well as pharmacy and Islamic finance. If developed, these sectors can be a source of financial income.
Fifth, a national Islamic financial strategy is needed. All plans for each Ministry / Institution (K / L), Bank Indonesia (BI), Financial Services Authority (OJK), and the National Sharia Finance Committee (KNKS) and other bodies must be put together.
Referring to the 2017/2018 Global Islamic Economy (GIE) Report data, the expenditure of the global Muslim community on Muslim clothing reached US $ 254 billion in 2016, equivalent to Rp3,537.7 trillion. The value is projected to increase to US $ 373 billion in 2022, around Rp5,195.13 trillion.
Meanwhile, the value of the global halal food and beverage industry in 2016 is around US $ 1,245 billion and is estimated to grow to US $ 1,930 billion in 2022.
The halal cosmetics industry is around US $ 57 billion in 2016 and is predicted to rise to US $ 82 billion in 2022. The value of the halal pharmaceutical industry is US $ 83 billion in 2016 and is projected to increase to US $ 132 billion in 2022. (***)
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