Surabaya ( WNAM MONITORING ): Executive Director of Bank Indonesia’s Regional Department, Muhammad Firdauz Muttaqin, stated that the Islamic economy holds strong potential to become one of the key drivers of Indonesia’s future development.
Speaking at the 2025 Sharia Festival in Surabaya on Friday, Firdauz noted that the Islamic economy is experiencing rapid growth both in Indonesia and globally.
“The Islamic economy is currently expanding at a fast pace,” he said.
He attributed this growth to the rising global Muslim population, which now exceeds 2 billion people. This demographic shift, he explained, has fueled the widespread adoption of the halal lifestyle.
Firdauz highlighted that global Muslim consumption has reached US$2.43 trillion, underscoring the vast market potential.
He added that innovations in halal products and the integration of global halal certification systems have made it easier for Muslims to access Sharia-compliant goods across countries.
“This is a significant change from the past, when finding halal products abroad was quite difficult,” he remarked.
In the financial sector, the Islamic financial services industry has also seen substantial growth, reaching US$3.88 trillion in 2024.
This progress is supported by institutions such as the Islamic Development Bank, which promotes development financing governance and integrates Islamic financial markets.
Firdauz emphasized Indonesia’s strategic role in this landscape, noting that 87 percent of the population is Muslim, with 60 percent residing on Java Island.
He also pointed to Indonesia’s robust Islamic economic ecosystem, anchored by the National Committee for Islamic Economy and Finance (KNEKS).
Looking ahead, Firdauz expressed hope that Indonesia can strengthen its position as a global hub for the Islamic economy—particularly from Java—by advancing Islamic financial literacy and expanding the halal industry.
