The National Committee for Islamic Economy and Finance (KNEKS) revealed recently that a digital business ecosystem map of the Islamic economic and financial data flow is in the works. IFN Fintech speaks to Dr Sutan Emir Hidayat, the director of the Islamic Economy Supporting Ecosystem at KNEKS, to find out the Indonesian government’s plan for the country’s Islamic economy.
In May 2019, President Joko Widodo launched the Islamic Economic Masterplan 2019–24, which was subsequently published by KNEKS, aimed at strengthening the country’s digital economy, one of the main strategies in achieving Indonesia’s vision of the Islamic economy.
Leveraging on Indonesia’s aim to strengthen the country’s digital economy, a dedicated roadmap for the digital ecosystem is currently being developed since the beginning of April 2021. The digital ecosystem map aims to develop financial inclusion, improve competitiveness and increase efficiency.
The map offers comprehensive figures that will be included in the ecosystem of the digital economy in Indonesia, and is expected to accelerate and expand the development of technology start-ups, making it easier to build connectivity between technology business players.
“For example, the ecosystem map will map the integrated financing needs or financing ecosystem to ensure the sustainability of financings from the recipients of Zakat to commercial ventures.
“The master plan was formulated as the master guidance in developing [the] Islamic economy and finance in Indonesia. In order to unlock the potential of Indonesia in accelerating [the] Islamic economy and finance, it is important to create a strong digital ecosystem within [the] Islamic economy,” Dr Sutan tells IFN.
In order to support the master plan, the digital ecosystem roadmap has several key features, namely digital provider, social media, training, government data, Halal certification, Sukuk, financing, social fund, consumer, regulator, payment system and database.
The new ecosystem map is also expected to include frameworks, key targets and baseline and implementation plans which are being identified and prepared as part of the master plan.
The master plan was initiated by the Ministry of National Development Planning and KNEKS has formulated the initiatives of the master plan by collaborating with more than 100 stakeholders of the Islamic economy in Indonesia comprising relevant stakeholders, ministries, authorities and associations, among others.