Indonesia Set to Become the Largest Global Islamic Economy: Bank Indonesia

Deputy Governor of Bank Indonesia (BI), Sugeng, has stated that Indonesia has the potential to become the centre of the global Islamic finance economy, as it has both demand and supply-side dynamics in its favour. He made this comment whilst speaking at the ISEF 2020 High Level Seminar on Halal Lifestyle: "New Strategy and Business Model of Halal. Business" in Jakarta, Indonesia, held on the 2nd of October 2020.

According to Sugeng, on the demand side, Indonesia has a population of over 260 million (majority Muslim) and 28,000 Islamic boarding schools. 59.7% of the population comprises millennials, whilst the rate of mobile ownership is 133%. On the supply-side, the country has 14 commercial Islamic banks, 20 Shariah-co...