Indonesia Launches Islamic Finance Center to Enhance Halal Industries

According to Arab News, President Joko Widodo inaugurated the Indonesia Islamic Financial Center (IIFC) on September 17, aimed at bolstering the nation’s Shariah economy and local halal industries.

As the world’s largest Muslim-majority country, Indonesia seeks to become a global halal hub, leveraging its 236 million Muslim population. The IIFC will house Indonesia’s largest Islamic bank, Bank Syariah Indonesia, and serve as a platform for sectors like Muslim fashion, halal tourism, and food.

Widodo emphasized the need for modern management in Shariah banking to remain competitive. Indonesia ranks third in the 2023 Global Islamic Economy Indicator, trailing only Saudi Arabia and Malaysia.

State-Owned Enterprises Minister Erick Thohir highlighted the center’s role in strengthening the Shariah economy and accelerating national economic growth through the halal sector.