The Indonesian Association of Islamic Economists (IAEI) in collaboration with the University of Indonesia's Middle East and Islamic Studies Program, successfully held an Indonesian Islamic Economist Workshop with the theme “Reflection on the Role of IAEI in National Economic Development”, on Thursday 15 May 2025 at Puri Agung, Grand Sahid Jaya, Jakarta. This activity is in the context of Reflection on Two Decades of the Establishment of IAEI and a series of IAEI V Congress agenda.
During three decades of Islamic economic development and two decades of IAEI's work, its contribution to the national economy can be seen in strengthening policies, education, and innovation in Islamic finance. IAEI is a bridge between academics, regulators, and industry in encouraging a fair and inclusive economic system. Therefore, this forum is an important momentum to encourage innovation based on Islamic values that can provide real solutions to socio-economic problems and increase the competitiveness of the Islamic economy at the global level.
Also attending the event was the Minister of Finance of the Republic of Indonesia and Chairperson of IAEI, Sri Mulyani Indrawati, Ph.D. In her opening speech, she emphasized that Islamic economics is not just a matter of halal and haram, but includes broader and deeper principles.
“The concept of rahmatan lil alamin is the basis for bringing real benefits to society, by encouraging the creation of good economic governance through values such as trustworthiness, integrity, and shidiq,” she said.
Sri Mulyani also highlighted the importance of synergy between the three main pillars of Islamic economics, namely practitioners, academics, and bureaucracy. The collaboration of the three is believed to be able to build an economic system that is not only in line with Islamic values, but also able to create realistic and applicable justice.
“In this case, IAEI has a strategic role as a forum for developing Islamic economics, not only from the academic side, but also in formulating policy recommendations that can support the government,” he added.
The event continued with a panel session with Coordinating Minister for Economy Airlangga Hartarto, Governor of Bank Indonesia Perry Warjiyo, Chairman of the OJK Board of Commissioners Mahendra Siregar, and Founder of the Association of Islamic Economists Mustafa Edwin Nasution, hosted by senior economist and IAEI Advisory Board Aviliani.
The Coordinating Minister for Economic Affairs emphasized that Indonesia already has great strength in the halal product sector, especially food and beverages, which have now penetrated the global market thanks to halal certification. However, other sectors such as pharmaceuticals and halal tourism still need to be improved in order to increase their contribution to the national economy.
The Governor of Bank Indonesia also conveyed three main keys in building the national Islamic economy and finance. First, by strengthening the development of the halal value chain; second, developing fiqh muamalah through social financial instruments such as zakat, infaq, sadaqah, and waqf (ZISWAF); and third, expanding da'wah and literacy about Islamic economics to various levels of society.
From the financial authority side, the Chairman of the OJK Board of Commissioners highlighted that the increasing level of Islamic financial literacy of the Indonesian people is not accompanied by access to Islamic financial services and products which are still limited. Mahendra emphasized the importance of encouraging spin offs from sharia business units, increasing financial product innovation, and strengthening sharia institutions.
In closing, the Founder of IAEI again underlined the main vision of IAEI as a scientific organization. According to him, the development of Islamic economics needs to be encouraged through the active role of academics and the preparation of alternative policies that can support and complement existing regulations. This is in line with the spirit of IAEI in making Islamic economics an important pillar of national development.
