Becoming the Catalyst of the Economic Recovery

The Islamic financial industry faced challenges in 2020. This year, the industry, together with conventional financial services, is expected to become a catalyst for economic recovery.

Kompas/Priyombodo

Invited guests see the products offered by Islamic boarding schools in the 2019 Indonesia Sharia Economic Festival (ISEF) activities at the Jakarta Convention Center, Central Jakarta, Wednesday (11/13/2019). ISEF is a platform for developing sharia economic empowerment, deepening the Islamic financial market, and strengthening sharia research and education.

JAKARTA, KOMPAS - The sharia financial industry has the potency to become a catalyst for economic recovery after the Covid-19 pandemic. However, relevant parties and policymakers should cooperate and issue innovative policies to maximize potential.

The chairman of the Financial Services Authority (OJK), Wimboh Santoso ,said the strength of the sharia economy as an engine of economic growth can be seen from the resilience of the Islamic financial industry throughout the pandemic in 2020. "The Islamic financial industry was able to grow and surpass the achievement of conventional financial services although the pandemic has resulted in the stagnation of economic activities, which caused monetary difficulties over the past year, "he said in a webinar titled “Outlook for Indonesia\'s Sharia Economy 2021" held in Jakarta on Tuesday (19/1/2021).