Shariah Economy Holds Potential to Boost Indonesia’s Annual GDP by up to USD 5.1 Billion

Prijono, Director of Shariah Economics and Finance Department at Bank Indonesia (BI), has stated that Indonesia’s Halal economy has the opportunity to increase the national gross domestic product (GDP) by up to USD 5.1 billion, according to the Indonesia Halal Market Report 2021/2022. Prijono also noted two economic transformation approaches to realise Indonesia's aim of becoming a developed country. The first is by strengthening the most important or leading sectors, with the second being to build the Shariah economy and finance.

Why it Matters?

The rationale for this is that many countries around the world, even those where the majority of the population is not Muslim, are now making the Islamic economy and finance the backbone of their econo...