Coordinating Minister for Economic Affairs Airlangga Hartarto stated, the Islamic economy tends to have a good performance in the midst of the Covid-19 pandemic. Compared to the national economy, the contraction in the financial sector and the Islamic economy tends to be lower.

To that end, the government also plans to realize Indonesia’s vision as the world’s halal center while at the same time encouraging the recovery of the national economy.

“Sharia economy and finance have an important role where the sector contraction in 2020 is lower than the national economy, so the contraction is only -1.75 percent compared to the national economic growth of -2.07 percent,” said Airlangga as quoted from the statement. he wrote, Tuesday (30/11/2021). Based on data in the State of the Global Islamic Economy Report 2020-2021, in general, Indonesia’s Islamic economy is in fourth position, which is up 1 rank from the 2019/2020 report. With total Islamic financial assets in Indonesia reaching 99 billion US dollars, Indonesia is the 7th country with the largest total Islamic financial assets in the world. Also read: Target Zero Emissions by 2060, Coordinating Minister Airlangga: The key is to maximize green technology.

Meanwhile, data in the Islamic Finance Development Report 2020, in general, the value of the Islamic Finance Development Indicator Indonesia is in the second position.

Then the ranking for the Indonesian halal food category is at position 4, fashion is in position 3, media and recreation is in position 5, Muslim friendly travel is in position 6, cosmetics and pharmacy is in position 6, and Islamic Finance is also in position 6. Islamic banking to national banking, it can be said that it is still relatively low.

In July 2021, the share of Islamic banking assets to total banking assets is only 4.41 percent, the share of third party funds is 4.89 percent, and financing is 4.54 percent. In order to realize Indonesia’s vision as the world’s halal center while at the same time encouraging the recovery of the national economy, the government has prepared several strategies for strengthening the sharia economy and finance, including strengthening the sharia economy and finance through product innovation, market deepening and infrastructure development, strengthening the halal value chain, strengthening micro-enterprises.

Small and medium enterprises, strengthening fatwas, regulation and governance, strengthening the digital economy, and strengthening human resource literacy, research and development. The government has also pushed for several policies to accelerate the development of the sharia economy.