Bank Indonesia has introduced the Sharia Economic and Financial Blueprint for the 2025–2029 period to strengthen the national halal ecosystem. This blueprint serves as a strategic roadmap integrating the strengthening of the halal value chain, Islamic finance, as well as research and education to build an inclusive and competitive Islamic economy.
Entering the 2025–2029 period, Bank Indonesia (BI) reaffirmed its commitment to strengthening the national Islamic economy and finance through a strategic roadmap outlined in the Sharia Economic and Financial Blueprint. The document marks a new direction for Indonesia’s Islamic economic development that is more structured and measurable.
This document is not merely an administrative policy, but a major foundation for strengthening a sustainable national halal ecosystem. Within it, the strengthening of the halal value chain becomes the primary focus, alongside the deepening of Islamic finance and the strengthening of research and education.
After completing the first phase of the blueprint for the 2017–2024 period, BI is now entering a new phase for 2025–2029 with a more mature vision. Three main pillars form the foundation of this policy. First, Islamic economic empowerment, which includes strengthening the real sector and the halal value chain. Second, the deepening of the Islamic financial market. Third, strengthening research, assessment, and education. These three pillars are designed to be interconnected and mutually reinforcing in building the competitiveness of the national halal industry.
Dr. Rifki Ismal, Ph.D., Director of the Islamic Economics and Finance Department at Bank Indonesia, emphasized that BI’s main focus in this period is to build a truly competitive halal value chain. Bank Indonesia aims to strengthen a halal value chain that is genuinely competitive, therefore Islamic finance must be optimized.
In the first blueprint period, BI sought to strengthen the role of Islamic finance, both commercial and social, by deepening, synergizing, and expanding the ecosystem—from financing markets to zakat, waqf, and infaq. All of these are viewed from a macroeconomic perspective: whether they contribute to economic growth, equitable welfare distribution, and poverty alleviation. So far, the direction of development has been considered positive.
This strengthening effort does not only target the industrial sector but also the community as users of the halal ecosystem. Literacy and inclusion will become major agendas for the next five years. In the previous blueprint period (2017–2024), BI focused on literacy, while the next five years (2025–2029) will focus on both literacy and inclusion.
“BI surveys show that the literacy level of Islamic economics has reached 42.8 percent, while surveys by the Financial Services Authority (OJK) record Islamic financial inclusion at only 13 percent. This means many people understand the concept of Islamic economics but do not necessarily use Islamic financial services or consciously consume halal products. Therefore, increasing inclusion will be a major priority going forward,” explained Dr. Rifki.
In practice, the three pillars do not operate independently. However, in the early stage of this period, the real sector becomes the primary focus. The three pillars—Islamic economic empowerment, financial market deepening, and research, assessment, and education—must run simultaneously.
However, this year the first pillar becomes the main priority, namely the real sector in the halal industry. The sectors prioritized this year include halal food and beverages, Muslim-friendly tourism, and modest fashion. The second pillar supports these efforts through Islamic finance, while the third pillar represents the outcomes resulting from the strengthening of the first two pillars.
Strengthening the halal value chain is also realized through concrete programs. One of them is IKRA (Industri Kreatif Syariah) Indonesia. Rifki explained:
“Through the IKRA (Industri Kreatif Syariah) Indonesia program, BI has supported more than 1,076 Islamic enterprises, consisting of 530 halal food businesses and more than 500 modest fashion businesses. The selection process is rigorous, and those who pass receive intensive development support as leading enterprises.”
From the financing perspective, the second pillar acts as the backbone of the real sector. This pillar is directly related to the Islamic financial sector—from banking institutions, non-bank institutions, and financial markets to social finance, which serves as a major support for the growth of the halal industry and Islamic economic activities as a whole.
One of the strategic programs promoted jointly with KNEKS (National Committee for Islamic Economy and Finance), the Ministry of Religious Affairs, and the Ministry of Finance is the initiation of the SEDF (Sharia Economic Development Fund) to strengthen Islamic social financial institutions at the national scale. It is expected that this program will generate significant and sustainable impact for strengthening the Islamic ecosystem in the future.
According to Rifki, the greatest challenge in developing the Islamic economy lies in collaboration. The development of Islamic economics falls into the realm of amal jama’i, meaning collaborative efforts involving multiple institutions. Halal certification falls under the authority of MUI (Indonesian Council of Ulama) and BPJPH (Halal Product Assurance Agency), while zakat and waqf are under the authority of BAZNAS (National Zakat Agency) and BWI (Indonesian Waqf Board).
“BI does not have direct authority, but it continues to encourage integration because halal businesses cannot be separated from the role of social finance. In practice, many small businesses can start from waqf or charity funds, and when facing business difficulties they can be supported through infaq funds,” said Dr. Rifki.
From the perspective of public literacy, BI survey results reveal particular challenges. In a literacy survey conducted among 6,000 respondents across 33 provinces, housewives showed the lowest literacy levels, while professionals, civil servants, and lecturers showed the highest. This finding highlights the need to strengthen Islamic economic education among families and communities, particularly through women’s organizations and SME communities.
The achievements of the first blueprint period are also considered positive. Overall, the achievements of the first period are regarded as good. Islamic economic literacy increased from 22 percent to 42.8 percent. Another achievement can be seen in the Indonesia Sharia Economic Festival (ISEF), which recorded real transactions amounting to IDR 3.1 trillion this year. These figures demonstrate that the Islamic economy is making tangible contributions and continues to grow at the national level.
Going forward, BI is preparing further strategic steps. Strategic programs include increasing the number of IKRA enterprises capable of entering global markets, expanding the involvement of ministries and institutions, promoting stronger growth in Islamic finance, and strengthening social finance through the SEDF institution to be managed by KNEKS.
Ultimately, this blueprint is not only about economic policy, but also about lifestyle transformation. Rifki emphasized:
“As Muslims, people should have strong concern for the halal industry. A kaffah lifestyle needs to be implemented, covering Islamic financial transactions, Islamic fashion, Islamic entertainment, and Islamic education. Although not everything can be applied at once, people should gradually move toward a halal lifestyle in accordance with religious guidance.”
According to him, the Islamic lifestyle can also be adopted by non-Muslims. For example, they may engage in Islamic financial transactions or consume halal products, since Sharia principles are rahmatan lil ‘alamin (a mercy to all creation). Therefore, the participation of non-Muslims is not only permitted but can also strengthen the national halal ecosystem.
With the 2025–2029 blueprint, Bank Indonesia is not only building a system but also shaping the future of Indonesia’s halal economy so that it grows as an inclusive national strength, globally competitive, and firmly rooted in Sharia values. (YN)
Source:
Jurnal Halal 177 https://halalmui.org/jurnal-halal/177/
