Minister of Religious Affairs: Sharia Economic Ecosystem Must Be Built on Compliance
Religious Affairs Minister Nasaruddin Umar has stressed that strengthening Indonesia’s sharia economy must be built through an integrated ecosystem based on sharia compliance and capable of maintaining public trust in the Islamic finance industry.
“If this ecosystem is managed cleanly, the benefits for the community will be enormous,” the minister said after attending Shariah-Intelligence: Navigating the Future of Islamic Finance through AI and Digital Innovation at Menara Syariah, Jakarta, on Wednesday.
Nasaruddin Umar said the economic potential of the Muslim community has long been substantial, but has not yet been fully connected within a mutually reinforcing ecosystem.
For this reason, collaboration between various organisations, business actors and sharia-based startups is an important step towards expanding the impact of the sharia economy on society.
He explained that the various economic potentials of the community must not operate in isolation. All instruments owned by the public need to be synergised so that they can become a real force in improving welfare.
“Our potential is large, but so far it remains scattered. Now is the time to unite it into a shared strength and strategy. If all the economic potential of the community is optimally empowered, I am confident it will become a major force for improving public welfare,” he said.
According to the minister, the paradigm of sharia economic development also needs to shift. Success should no longer be measured solely by the size of profits or the value of assets accumulated, but also by the benefits felt by society and the environment.
For this reason, the sharia economy needs to prioritise the Quadruple Bottom Line concept, namely a balance between profit, people, planet and the spiritual or prophetic dimension.
“If there are still shortcomings, let us improve them together. The most important thing is to ensure that all economic practices truly meet the principles of sharia compliance,” he said.
According to the minister, strengthening sharia compliance cannot be done alone, but requires collaboration among all institutions with authority and competence in the field of Islamic economics, such as the Indonesian Ulema Council (MUI), the Indonesian Waqf Board (BWI), Nahdlatul Ulama, Muhammadiyah and various other religious organisations.
He also invited all religious communities to optimise the charitable instruments of their respective faiths as part of efforts to empower the community economically.
“I believe that if the economic empowerment of the community through instruments such as zakat, infaq and religious philanthropy can be properly synergised, then poverty alleviation will become stronger,” he said.