Indonesian Vice President Urges Shariah Economic Players to Adapt to Digital Technology

The development of Indonesia’s Shariah-compliant economy and finance requires advancements in digital technology, according to Ma’ruf Amin, Indonesian Vice President. Speaking at the Indonesia Shariah Economic Festival (ISEF) launch held virtually on the 7th of August 2020, Ma’ruf emphasized the need for Shariah economic players to adjust to the accelerated shift towards all-digital platforms and services in the wake of the COVID-19 pandemic, adding that digital technology and online payment facilities were ‘absolutely necessary’.

According to the Global Islamic Economy Report, the Indonesian Shariah financial sector is expected to be valued at around USD 3.8 billion in 2023. However, only...