Indonesia targets global halal market through sharia economy and digital finance

Indonesia is actively strengthening its sharia economy and digital finance sectors through various regional initiatives and technological innovations. At the Java Sharia Economy Festival (FESyar) 2026 in Surabaya, Bank Indonesia Governor Destry Damayanti highlighted the nation's potential to transition from a major consumer to a global supplier in the US$2.6 trillion international halal market. Indonesia currently ranks fourth globally in sharia economic development, with strong performance in halal food, media, and pharmaceuticals.

To support this growth, the Halal Product Assurance Agency (BPJPH) is promoting halal certification as an economic instrument to increase MSME competitiveness and regional revenue. In East Java, Emil Dardak has been re-elected as the Chairman of the Sharia Economic Community (MES) for 2026–2031, with a focus on integrating the halal value chain from production to market expansion.

Simultaneously, the Indonesia Fintech Summit & Expo (IFSE) 2026 showcased advancements in digital payments, including cardless cash withdrawals and cross-border QRIS connectivity between Indonesia and nations like Hong Kong and Timor Leste. These digital innovations aim to bridge the gap between rising digital transaction volumes and the continued necessity for physical cash access.