epajak.or.id – BPS 2023: Spur Sharia Financing to Support National Economic Recovery , Islamic economics and finance have contributed to accelerating the momentum of national economic recovery. For this reason, support for Islamic financing, which includes Islamic banking and non-banking financing, needs to continue to be encouraged on a larger scale, especially for business actors. As a form of this commitment, Bank Indonesia together with the Financial Services Authority (OJK), the National Committee for Sharia Economics and Finance (KNEKS), and the Indonesian Waqf Board (BWI) again organized the Sharia Financing Month (BPS) 2023 to spur an increase in sharia commercial and social financing in Indonesia.
Deputy Governor of Bank Indonesia (BI) Juda Agung revealed that the role of Islamic financing is increasingly important to support economic growth and stability amid increasing global uncertainty. Seeing this, there are 3 strengthening focuses that need to be developed to increase the share of Islamic finance.
First, innovation, especially regarding policy innovation, as well as funding instruments, and Islamic financing.
“In terms of policies that touch real sector-based financing, BI encourages policy innovation in the Macroprudential Inclusive Financing Ratio (RPIM) and Macroprudential Liquidity Policy (KLM), both for conventional and Islamic banking,” he said when opening the 2023 Islamic Financing Month (BPS) in Jakarta, quoted on Tuesday (03/10).
Second, digitalization. Currently, BI together with the Ministry of Religion, KNEKS, BAZNAS and BWI are initiating an integrated ZISWAF management digital platform, thereby improving service quality and accessibility for the community, increasing ZISWAF collection, and ultimately promoting prosperity.
Third, the synergy of Islamic economic development with the authorities, KNEKS, and cross-stakeholders.
“Among them is through the Sharia Economic and Financial Regional Committee (KDEKS) program,” added Juda.
Meanwhile, Chief Executive of the Financial Services Business Conduct Supervisor, Education and Consumer Protection of the Financial Services Authority (OJK) Friderica Widyasari Dewi said that Indonesia has enormous potential in the development of Islamic finance. The momentum of strengthening Islamic financial literacy and inclusion must be a joint agenda of all parties by prioritizing the principle of collaboration.
“This is the key to the development of sharia economy and finance in Indonesia and also in the global arena,” she said.
Furthermore, he said that Islamic banking has experienced consistent growth so that the market share trend in the total national banking industry continues to increase above the 7 percent range. However, customer interest in Islamic banking productive financing including digital literacy still needs to be improved to realize the digital transformation of Islamic financial inclusion.
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“Several strategic programs carried out by OJK include strengthening the infrastructure of Islamic financial literacy and inclusion, accelerating and collaborating with Islamic financial education programs, strategic alliances for Islamic financial literacy with ministries / institutions, and strategic alliances for Islamic financial literacy with ministries / institutions,” he said.
For information, BPS 2023 is a forum for synergy and collaboration to strengthen Islamic financing on the supply and demand side, especially in economic sectors that can encourage economic leverage. This year, the BPS series of activities is synergized with OJK’s Financial Inclusion Month (BIK) agenda. The synergy is realized, among others, in the form of joint campaigns by Islamic financial institutions in the BPS series which are harmonized with the BIK campaign coordinated by OJK. This is expected to encourage the achievement of the target of increasing national Islamic financial literacy and inclusion.