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BI: Waqf assets play key role in sharia economic development

07 November 2019 16:59

JAKARTA - Waqf assets play a key role in developing Indonesia’s sharia economy, said Executive Director of Bank Indonesia’s (BI) Sharia Economy and Finance Department Suhaedi.

With the development of sharia economic activities, said Mr Suhaedi, the need for large-scale financing is increasing, which encourages the sharia financial sector and Islamic social funds, particularly waqf, with assets that need to be optimised towards productive use.

As an example, Mr Suhaedi cited waqf assets contributed by the people of Aceh to Acehnese hajj pilgrims in the Holy Land.

“Each Acehnese pilgrim gets around Rp 5 million, and it reflects the very significant role of waqf that is long term in nature,” Mr Suhaedi told IDNFinancials.com at a media briefing at the BI headquarters, Thursday (6/11).

In regards to the importance of sharia financing education and insight, Mr Suhaedi explained that the public needs to be encouraged to explore sharia economy and finance deeper. Thus, BI is determined to launch numerous efforts to raise awareness of the sharia economy in Indonesia, including through a sharia economic education curriculum and sharia economic discussion forums. (MS)

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