Indonesia set to launch five years' Sharia Economy Masterplan on May 14

The Indonesian government will be launching the 2019-2024 Sharia Economy Masterplan on May 14. This road map for the development of the sharia economy will support the national economic development in the country.

The masterplan draft highlights four main strategic recommendations to develop the sharia economy in the country - strengthening halal products, sharia finance and micro, small and medium enterprises (MSMEs) as well as optimizing the digital economy. The draft highlights the importance of optimizing the use of the digital economy in the form of e-commerce, marketplaces and financial technology. In terms of sharia finance, the Sharia Economy Masterplan is an improvement of the existing Indonesia Sharia Finance Architecture Masterplan (MAKSI). The National Development Planning Minister Bambang Brodjonegoro said Indonesia as a country with the largest Muslim population should not only be a market for halal products. "We need to develop the sharia economy through the halal industry. We need to optimize the local wisdom to benefit the global opportunity."