Challenges in Enhancing Inclusion in the Sharia Economic System

In recent weeks, the world has been shocked by a series of events that seem to indicate ominous signs for the global economy in the coming years. The Russia-Ukraine conflict in Europe remains unresolved, as does the impact of the nearly two-year Gaza war between Hamas and Israel. Now, a new conflict involves Iran and its proxies in the Middle East against the United States and Israel. The conflict in Lebanon has even affected Indonesia, with three TNI soldiers serving in UNIFIL killed due to an irresponsible attack by combatants in Lebanon. Investigations confirmed the attack came from the Israeli side. This has undoubtedly made the geopolitical situation even more uncertain. Additionally, the potential conflict in the Strait of Hormuz paints a rather unpromising picture for the future economy. As a result of the political crisis in the Gulf region, there are predictions that this crisis will lead to a high-cost economy. Among other things, this will cause volatility or instability in the energy supply chain, as well as the potential fragmentation of the global supply chain, which will result in rising interest rates in various countries. In such a situation, it is crucial to seek a better economic model that relies on the real sector to absorb potential economic shocks. Thus, the Sharia economic concept becomes very important in the context of the current unpromising global economic situation. The Sharia economic concept, also known as the Islamic economic system, is fundamentally a comprehensive concept, one aspect of which is the prohibition of riba or usury on money. Riba is prohibited in Islam because it is destructive, and one of its negative impacts is the exploitation in economic practices by those in a strong economic position against those in a weaker one. Thus, it is hoped that justice in economic activities can be realised. The problem is that the market share development in the implementation of the Islamic economic or Sharia economic concept in Indonesia is progressing quite slowly, even though the development and products from Sharia financial products have grown significantly. In general, the Sharia financial literacy rate in Indonesia has reached 40%. However, the inclusion rate in the Sharia economic system among Indonesian society is only around 12% to 13%. This indicates that many Indonesians still do not understand the Sharia economic concept or have not utilised it in practice. Yet, this is an economic concept that prioritises justice, and in the Sharia economic concept, there is certainly no practice of riba or usury on money, as it is forbidden in the Islamic economic system. As stated by Dr Erwandi Tarmizi in one of his books, riba is a practice far from justice and leads to damage in human-to-human relations, as well as a factor contributing to inflation. Therefore, it is the primary task for Sharia economic actors to further embed this economic concept and system among all levels of society. This step can begin by making the mosque the primary and preferred place to increase inclusion in the Sharia economic system among the community. Why the mosque? Because that is where Muslims usually gather for congregational prayers and to listen to religious lectures and studies. In addition, another step needed is to increase the inclusion of the Sharia economic concept among millennials and the young hijrah generation, who are now proliferating in major cities across the country. This is because they are essentially a group that is very up-to-date with technological and informational developments. Not only that, but they also strive to live their lives in accordance with Islamic sharia.