Islamic Economy Amidst Indonesia's Current Economic Conditions

Amidst global economic uncertainty, weakening public purchasing power, and increasing challenges for business actors, the Islamic economy is increasingly viewed as a solution capable of creating a fairer and more sustainable economic system. The main principles of the Islamic economy, such as the prohibition of usury (riba), a profit-sharing system, and fairness in transactions, are considered relevant to Indonesia’s current economic conditions.

The Indonesian economy is still showing relatively stable growth. However, the public continues to face various challenges, such as rising prices of some basic necessities, increasingly fierce business competition, and global economic pressures. On the other hand, the Islamic finance sector is actually experiencing positive development. According to data from the Financial Services Authority (OJK), sharia banking assets in Indonesia reached approximately Rp967 trillion in 2025, with a growth of around 7.8% compared to the previous year.

This shows that public trust in sharia financial services continues to increase. Nevertheless, the market share of sharia banking is still smaller compared to conventional banking. This condition indicates that the Islamic economy still has very large room to grow if supported by increased financial literacy, digital service innovation, and government support.

One concrete example is MSMEs that need business capital. In the conventional system, business actors usually obtain loans with interest. In contrast, the sharia system uses musyarakah or mudharabah contracts, which are business cooperation with a profit-sharing mechanism. For instance, a halal food trader needs Rp50 million in capital. A sharia bank provides financing through a musyarakah contract. If the business earns a profit of Rp10 million, the profit is divided according to the ratio agreed upon at the beginning. Thus, there is no fixed interest to be paid, making the system fairer for both parties.

In addition, the development of the digital economy has also made sharia services increasingly accessible. The public can now open sharia accounts, pay zakat, infaq, and alms, and even apply for business financing through digital applications.