Expert: Sharia economic development must be oriented towards value creation

Jakarta (ANTARA) - Nur Hidayah, head of the Center for Sharia Economic Development (CSED) at INDEF, has stated that the development of the sharia economy in Indonesia needs to be oriented towards the creation of added value so that it can be globally competitive.

“The potential of Indonesia’s sharia economy is enormous, but it has not been maximised,” said Nur Hidayah in Jakarta on Tuesday, during a national seminar entitled “Mid-Year Notes on Indonesia’s Sharia Economy 2026”.

According to her, studies conducted by INDEF have found that the potential of the sharia economy in Indonesia is very large, especially as Indonesia is the country with the largest Muslim population in the world.

Therefore, she said, existing research indicates that sharia economic development must shift its orientation from mere growth towards the creation of added value.

Moreover, Nur Hidayah noted, the domestic halal market is vast, sharia financial assets continue to show growth, and there is strong regulatory support from the government.

“All of this potential must be harnessed to the fullest so that it can be converted into global competitiveness,” she said.

Nur Hidayah added that a “value-based economy” approach and the practice of “value-based intermediation” affirm that the success of the sharia economy is measured by its contribution to societal welfare, environmental sustainability, and the development of the real sector — not merely the size of assets or profits.

As such, coordination among stakeholders, the deepening of the halal industry downstream, and the optimisation of digital technology and Islamic social finance instruments can accelerate the sharia economy as a driver of national development.