Sharia Monetary Under Capability to Support Halal Industry, OJK Says
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Jakarta – Chief Executive of the Financial Services Authority (OJK) for Supervision of Financial Institution Behavior, Education, and Consumer Protection, Frederica Widyasari Dewi, revealed several concerns that the government still has in Indonesian sharia finance sector
Dewi stated that currently, the Islamic finance sector has not optimally supported Indonesian halal industry. Yet, Indonesia is the country with the largest Muslim population in the world.
"There is still under capability support from the Islamic finance sector towards the halal industry. Therefore, the realization of the multiplayer effect from the Islamic finance ecosystem is also not optimal," Dewi said on Monday.
Kepala Eksekutif Pengawas Perilaku Pelaku Usaha Jasa Keuangan, Edukasi dan Perlindungan Konsumen Otoritas Jasa Keuangan, Frederica Widyasari Dewi
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Moreover, Human Resources (HR) in Indonesia are not in line with current needs. She also highlighted the issue of limited innovation and Shariah service products.
"Sharia human resources are not in line with the needs, and there is limited capacity for research and development as well as innovation in Shariah products and services. Also, the literacy and digital service inclusion in Indonesia are still not optimal," she added.
Dewi also mentioned: "As of September 2023, financial assets in Indonesia's Islamic finance sector amounted to IDR2.452 trillion or US$157 billion,"
"This achievement is driven by an extraordinary growth rate of 6.75 percent per year. Our market share has also reached 10.81 percent of the entire financial landscape of our country," she concluded.
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