Judul : SGIE, KNEKS and Indonesia as the World's Islamic Economic Imam
link : SGIE, KNEKS and Indonesia as the World's Islamic Economic Imam
SGIE, KNEKS and Indonesia as the World's Islamic Economic Imam
Best for you.CO.ID The newly launched 2024/25 State of the Global Islamic Economy (SGIE) report has become an important stage for Indonesia to showcase its class in the global Islamic economy. Ranking third in the Global Islamic Economy Indicator (GIEI) below Malaysia and Saudi Arabia is not just a number, but a big question: has Indonesia, within the framework of the Indonesia Golden Vision 2045, fully utilized its potential to become the leader of the global sharia economy?
Indonesia is no longer just a consumer market for global halal products, but has now become an active player. In the modest fashion sector, Indonesia ranks first in the world, surpassing Turkey and the United Arab Emirates. Local brands such as Zoya and Buttonscarves have entered the global market, supported by a rapidly developing halal lifestyle ecosystem.
Indonesia also recorded a record as the country with the largest halal investment value in 2023/24, amounting to USD 1.6 billion in 40 agreements. Amid the global trend of increasing ethical consumption, this marks the growing confidence of investors in the potential of Indonesia's halal economy. Launching super-app Halal by government shows a progressive step in the digitalization of certification services and strengthening governance.
However, this achievement is not enough. Malaysia, with its JAKIM halal certification system that has become an international reference, has remained at the top of the GIEI for 11 consecutive years. This neighboring country is not only proactive in certification but also skilled in using the halal economy as a tool for diplomacy and industrialization, supported by its Sharia financial sector, which holds more than 40% of the total national financial industry (BNM 2024). Comparing with Indonesia, which is still struggling with standard harmonization and acceleration of halal certification as well as the penetration of Sharia financial services, which still remains below 11% at the end of 2024 (OJK), especially in the halal SMEs sector.
Malaysia is not only superior in strategy, but also in the courage to innovate. The SGIE report records Malaysia's dominance in Islamic finance, halal food, and tourism. Muslim-friendly Saudi Arabia is being aggressive through Vision 2030 and its Public Investment Fund (PIF) which injects investments into various global halal sectors. Even Senegal, an African country that has long been neglected, climbed 18 ranks due to regulatory reforms and halal export clusters. Then, why is Indonesia still lagging in halal product exports?
KNEKS Strategic Architects
Behind Indonesia's achievements, the role of the National Committee of Sharia Economic and Financial (KNEKS) cannot be ignored. As policy orchestrator Under the direct control of the President, KNEKS has built a cross-sector ecosystem: from halal industry, Sharia finance, Sharia social funds (zakat, infaq, wakaf), to the real sector. However, the current challenge is to strengthen the implementation function, not just stop at formulating policy recommendations. A leap in cross-ministerial integration and service digitization is needed so that Indonesia's halal ecosystem does not get trapped in silos and sectoral egos.
With the world's largest Muslim population, over 230 million people, and being a major contributor to the projection of 540 million Muslim youths globally by 2030, Indonesia holds a strategic demographic asset. Indonesian Muslim youths are not only consumers but also innovators and content creators in halal matters. This is a social-cultural strength that can elevate Indonesia as a production center, not just a market.
However, some challenges still linger. The Indonesian halal certification through BPJPH is not yet fully integrated internationally, making exports to the Middle East and European markets difficult. In the financing sector, although global Islamic financial assets reach USD 4.93 trillion, the penetration of Islamic financing for small and medium enterprises (UMKM) in Indonesia remains low. Meanwhile, the value of Indonesia's halal product exports lags far behind Malaysia, Brazil, and India, mainly due to weak logistics, promotion, and quality standardization.
From Ambition to Action
Indonesia's position as the world's economic scholar of Islamic economics needs to address this challenge. Building an integrated Islamic economic ecosystem has become an urgent necessity: connecting the halal industry, Sharia-compliant financing, social Sharia funds, and the real sector within a mutually supportive ecosystem. KNEKS can promote data integration across sectors and support fiscal schemes conducive to halal business operators.
Indonesia can also lead in halal Diplomacy in the ASEAN region by promoting the harmonization of OIC country halal standards, while also facilitating intra-regional halal trade corridors. With innovations such as halal super app, A similar approach can be expanded to the sectors of Islamic financing, halal tourism, and education and digital media. For this, three strategic steps need to be implemented immediately:
First, Indonesia must strengthen itself as hub Halal investment in Asia, by imitating the aggressive promotion strategies employed by UAE and Saudi Arabia. Halal industrial zones based on exports and fiscal incentives have become a necessity.
Second, Islamic financing reforms are needed to reach the productive sector and SMEs more broadly. This involves synergy between Islamic financial institutions and securities, integrated into an ecosystem with digital-based social funding programs.
Third, strengthening research and innovation in the fields of cosmetics, pharmaceuticals, and halal food, alongside deepening and innovating Sharia financial products, must be a priority. Collaboration between universities, industries, and regulators needs to be intensified to boost the competitiveness of Indonesian halal products in the global market.
Indonesia has already established a solid foundation to take on a global role in the sharia economy. With the orchestration of KNEKS, which can be strengthened if necessary into the Sharia Economic Development Agency (BPES), and the spirit of integration among various actors, Indonesia is not only able to become the world's halal center, but also a leader in the global sharia economy that brings inclusive, ethical, and sustainable values into the mainstream of global development. This is the time for Indonesia not only to speak in numbers, but in value leadership.
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