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Rising role of sharia economy in Indonesia

Rising role of sharia economy in Indonesia 15 hours ago 16 hours ago 4th May 2021 Muslim fashion showed in an exhibition held on the sideline of Sharia Fair in Surabaya, East Java recently. ANTARA PHOTO/Moch Asim/wsj. We can see that the role of sharia economy has continued to increase, thereby necessitating to put in place a reliable instrument, and we can develop this Indonesia is indubitably catching up with other countries in the development of the sharia economy, although the world s largest Muslim population nation was considered as being rather late in paying heed to Islamic economics. The world s fourth most populous country has realized the need to tap the potential of sharia economy, as the State of Global Islamic Economy Report 2020-2021 indicated that Muslim consumers expenditure on halal food, beverage, pharmaceuticals, and tourism had reached US$2.02 trillion in 2019.

Indonesia s halal industry gains momentum amid pandemic

Indonesia s halal industry gains momentum amid pandemic 1st May 2021 08:37 English ANTARA FOTO/FB Anggoro/nz Jakarta (ANTARA) - Indonesia, the world s most populous Muslim-majority nation, is focusing on developing its halal industry to meet domestic and global demand in light of trends that indicate sharia businesses grew amid the economic crises wrought by the pandemic. The halal industry has been able to record positive performance despite the pressure on economies around the world owing to the COVID-19 pandemic. Prior to the pandemic, in 2019, the industry had recorded a growth of 3.2 percent higher than global economic growth of 2.3 percent. Globally, spending on halal products in 2019 before COVID-19 occurred, especially on food, pharmaceuticals, cosmetics, fashion, and travel products had reached US$2.02 trillion, Finance Minister Sri Mulyani Indrawati informed on the sidelines of the online launch of a halal industry collaboration program on Ap

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