JAKARTA - The government is committed to developing Indonesia's sharia financial sector by establishing the National Committee for Sharia Economics and Finance (KNEKS), said Finance Minister Sri Mulyani Indrawati.

This was conveyed by Ms Indrawati at the signing of a memorandum of understanding (MoU) related to the development of the sharia economic and financial sector by KNEKS and the Indonesian Ulemma Council (MUI).

"Indonesia's great potential to be a leader in the global halal product industry, God willing, can be manifested through coordination, support, and concrete strategic measures from all parties," said the former World Bank Managing Director as quoted from the Ministry of Finance's website, Monday (26/10).

"Going forward, KNEKS's initiative in pioneering breakthroughs and innovations in the development of the sharia economic and financial sector is very eagerly awaited by the ummat and all Indonesians."

According to Ms Indrawati, the role of contribution of the sharia financial sector to the national economy is still subpar despite Indonesia having the world's largest Muslim population. The sharia economy, she added, can provide a new source of growth and answer various economic challenges. (MS)