Bank Indonesia targets 15% sharia financial market share by 2028

Bank Indonesia (BI) aims to increase the national sharia financial market share to between 12% and 15% by 2028. Yono Haryono, Deputy Director of the BI East Java Representative Office, noted that while the sharia industry showed positive trends in 2024—with sharia financing growing by 12–14%—further acceleration is required.

To achieve these targets, BI is implementing several strategic initiatives to strengthen the Halal Value Chain (HVC) ecosystem and promote sharia economy as a new driver of national growth. Key focus areas include strengthening the integrated HVC, formulating sharia macroprudential policies in accordance with the P2SK Law, and enhancing the social sharia finance ecosystem.

BI also projects that by 2028, sharia financial literacy will rise above 50%, halal certification will cover 7 million products, and sharia financial inclusion will reach 15–18%. These efforts aim to capitalize on Indonesia's position in the global Islamic economy, where the country currently ranks fourth, supported by strong sectors such as modest fashion and halal food.