Socio Today
JAKARTA – The Ikatan Sarjana Ekonomi Indonesia (ISEI) Pusat, through its Sharia Economics and Finance Forum Group (FG Ekonomi dan Keuangan Syariah), recently hosted a significant talk show and halal bihalal event titled "Developing Adaptive and Inclusive Sharia Economy: Exploring the Thoughts of Prof. Sumitro Djojohadikusumo." Held at the Grand Ballroom of BSI Tower in Jakarta, the gathering served as a strategic forum aimed at deepening the role of sharia economics within the broader framework of national economic transformation, emphasizing principles of justice, independence, and sustainability. The event, taking place in mid-April 2026, underscored the continued relevance of Islamic economic principles in shaping Indonesia’s economic future and fostering a spirit of collaboration among key stakeholders following the Eid al-Fitr festivities.
The high-profile event drew a distinguished assembly of national figures, signaling the importance attributed to sharia economics within Indonesia’s policy landscape. Among the notable attendees were Muliaman D Hadad, who serves concurrently as the Deputy Chairman of the Danantara Supervisory Board and the Deputy Chairman of the ISEI Supervisory Board, reflecting the inter-organizational synergy in economic development. Also present was Aida S Budiman, Deputy Governor of Bank Indonesia and Head of the Macroeconomic and Financial Policy Formulation Division of PP ISEI. The presence of these influential policymakers and thought leaders unequivocally highlighted the critical position of sharia economics in the architecture of national economic policy, moving beyond a niche segment to a foundational pillar of growth and equity.
The Enduring Legacy of Sumitro Djojohadikusumo in Modern Economic Discourse
A central theme of the talk show was the exploration of Prof. Sumitro Djojohadikusumo’s economic philosophies and their contemporary relevance to the development of an adaptive and inclusive sharia economy. Prof. Sumitro, widely regarded as one of Indonesia’s most influential economic thinkers and policymakers, championed ideas of national economic independence, structural transformation, and planned development during his tenure in various ministerial roles. His concept of "Sumitronomics" emphasized a structured, integrated approach to economic development that prioritized long-term national interests over short-term gains, advocating for the strengthening of domestic production and equitable distribution of wealth.
The event’s deliberate focus on Sumitro’s thinking served to bridge historical economic wisdom with modern Islamic economic principles. Speakers articulated how Sumitro’s emphasis on self-reliance and inclusive growth resonates deeply with the core objectives of sharia economics, which seek to achieve societal well-being (maslahah) through ethical, fair, and productive economic activities. By anchoring the discussion in Sumitro’s legacy, the forum aimed to demonstrate that the pursuit of an adaptive and inclusive sharia economy is not a departure from Indonesia’s foundational economic aspirations but rather an evolution that integrates ethical dimensions for more robust and equitable outcomes.
Strategic Imperatives from ISEI Leadership
In his opening remarks, Bob T Ananta, Chairman of the FG Ekonomi dan Keuangan Syariah PP-ISEI and Deputy President Director of PT Bank Syariah Indonesia (Persero) Tbk (BSI), underscored the imperative for a well-directed and integrated economic development strategy, drawing direct parallels to the tenets of Sumitronomics. Ananta stressed that the expansion of sharia economics must be strategically positioned as an integral component of the broader national development agenda. This strategy, he argued, should transcend a mere focus on the financial sector, actively promoting the strengthening of the real sector and fostering a tangible increase in community welfare.
Ananta elaborated on the pivotal role of sharia banking, exemplified by institutions like BSI, as a critical enabler within the burgeoning sharia economic ecosystem. He highlighted BSI’s multifaceted contributions, ranging from providing crucial financing for Micro, Small, and Medium Enterprises (UMKM) through various initiatives, including dedicated UMKM Centers, to actively reinforcing the comprehensive halal ecosystem. This ecosystem, he explained, extends beyond food and beverages to encompass education, halal lifestyle products and services, and the crucial Hajj and Umrah industries. He pointed out that the sharia banking sector, having experienced significant growth in recent years, is uniquely positioned to drive this expansion. For instance, Indonesia’s Islamic banking assets have consistently shown an upward trend, indicating increasing public trust and demand for sharia-compliant financial products.
He further emphasized that the robust advancement of sharia economics necessitates a close synergy between policy formulation and industry implementation. Such concerted efforts are vital to generate a broader and more equitable impact across society. Ananta asserted that a greater contribution from the sharia banking industry would directly translate into more profound benefits for the community at large, fostering economic resilience and inclusive growth.
Keynote Insights: Blending Faith and Economics
The keynote speech delivered by economist Anggito Abimanyu provided a comprehensive exposition on the distinct characteristics of sharia economics. Abimanyu articulated that sharia economics represents a unique synthesis of conventional economic science and the guiding principles of Islamic law, with its overarching objective being the attainment of societal welfare (maslahah). He elucidated that the dimension of religious compliance forms the fundamental bedrock of sharia economics, setting it apart from conventional economic systems. This adherence ensures that economic activities are conducted ethically, justly, and in accordance with divine guidance, prohibiting practices such as usury (riba), excessive speculation (gharar), and gambling (maysir).
Abimanyu meticulously linked the principles of sharia economics to the profound ideas of Prof. Sumitro Djojohadikusumo, particularly emphasizing Sumitro’s advocacy for national economic independence and inclusive development. He explained that transactional principles in sharia economics must embody a delicate balance among three critical aspects: being lawful (halal), good and wholesome (thayib), and providing tangible benefit (maslahat). These intertwined principles, he asserted, collectively serve to bolster overall community welfare, echoing Sumitro’s vision for an economy that serves the broader public good.
However, Abimanyu also candidly addressed a fundamental challenge confronting the future development of sharia economics: the persistent gap between the levels of sharia financial literacy and inclusion. Despite significant strides in promoting Islamic finance, a substantial portion of the population remains inadequately informed about sharia-compliant products and services, leading to underutilization. He therefore called for more systematic and sustained efforts to strengthen public understanding and encourage the widespread adoption of sharia financial services. Such concerted actions, he concluded, are indispensable for sharia economics to contribute optimally to national economic development, leveraging Indonesia’s position as the world’s largest Muslim-majority nation.
Navigating Challenges: Literacy, Inclusion, and Real Sector Impact
The panel discussion formed the core of the forum, offering a platform for diverse strategic perspectives on advancing sharia economics. Economist Murniati Mukhlisin underscored the critical importance of reinforcing sharia financial literacy and inclusion through an innovative, ecosystem-based collaborative approach. She introduced the "ABG-MAC" model, an acronym representing Academics, Business, Government, Media, Aggregator, and Community. This comprehensive model advocates for the integrated involvement of all these stakeholders in constructing an inclusive and robust sharia economic ecosystem. Academics would provide research and education, businesses would develop innovative products, government would formulate supportive policies, media would raise awareness, aggregators would connect stakeholders, and communities would drive demand and participation. This multi-pronged strategy is designed to address the literacy and inclusion gap identified by Anggito Abimanyu, creating a virtuous cycle of knowledge, demand, and supply.
Sutan Emir Hidayat from the National Committee for Sharia Economics and Finance (KNEKS) further elaborated on the necessity of an integrated approach to sharia economic development. He outlined that this approach must encompass the strengthening of the halal industry, boosting exports of halal products, expanding sharia finance, and fostering other essential supporting ecosystems. Hidayat emphasized that sharia economics has been firmly integrated into the national strategic agenda, as reflected in both the National Long-Term Development Plan (RPJPN) and the National Medium-Term Development Plan (RPJMN). He highlighted specific targets for increasing sharia economics’ contribution to national economic growth, demonstrating the government’s strong commitment to this sector. KNEKS plays a crucial role in coordinating these efforts, aiming to position Indonesia as a leading global player in the sharia economy.
Macroeconomic Frameworks and Policy Implementation
From a macroeconomic policy standpoint, Ali Sakti of Bank Indonesia emphasized that strengthening the sharia economy necessitates robust support from macroeconomic and monetary policy instruments. These instruments, he argued, must not only serve to maintain economic stability but also possess the capacity to drive fundamental economic transformation. Sakti highlighted the significance of a "value-based policy" approach, crucial for ensuring that the sharia economy genuinely contributes to strengthening the real sector, promoting equitable welfare distribution, and fostering a more inclusive and sustainable economic structure. This vision, he noted, aligns seamlessly with the progressive thinking of Prof. Sumitro, who advocated for economic policies that address societal needs and long-term national resilience. Bank Indonesia, through various initiatives, aims to integrate sharia principles into its broader monetary policy framework, for instance, by promoting sharia-compliant liquidity management instruments.
In terms of industrial implementation, economist Banjaran Surya Indrastomo offered an assessment that the trajectory of sharia economic policy in Indonesia has become increasingly progressive and well-integrated with the national development agenda. However, he identified a primary challenge: the effectiveness of policy transmission to the real sector. Indrastomo stressed the ongoing need to reinforce productive financing, particularly for small and medium-sized enterprises (SMEs), to ensure that it genuinely generates greater economic value added. He suggested that while policies are in place, the mechanisms for channeling funds and support to the grassroots level require further refinement and innovation to maximize their impact. This involves addressing issues such as access to finance, capacity building for entrepreneurs, and the development of robust supply chains within the halal ecosystem.
The discussions collectively underscored that the future advancement of the sharia economy hinges not solely on enhancing literacy and inclusion, but critically on the ability to construct an integrated ecosystem that actively stimulates productive economic activities. This holistic approach is deemed essential for the sharia economy to make a tangible contribution to the national economic transformation, moving beyond theoretical discussions to practical, impactful implementation.
Indonesia’s Ascent as a Global Islamic Economic Hub
Indonesia’s aspiration to become a leading global hub for the Islamic economy is supported by several factors. As the world’s most populous Muslim-majority nation, it possesses an immense domestic market for halal products and services. Government support, exemplified by the establishment of KNEKS and the integration of sharia economic goals into national development plans, provides a strong policy foundation. Initiatives like the Halal Product Assurance Agency (BPJPH) further streamline the certification process, enhancing consumer trust and market access for halal goods.
Despite these strengths, challenges remain. These include the need for greater innovation in sharia financial products, improved digital infrastructure for sharia businesses, and a continuous effort to enhance human capital development in the Islamic economic sector. Competition from other countries also necessitates a proactive and adaptive strategy. However, the discussions at the ISEI event demonstrated a clear roadmap for addressing these challenges through multi-stakeholder collaboration and a focus on both financial and real sector development.
Conclusion: Forging a Sustainable and Inclusive Future
The talk show and halal bihalal concluded with a session marked by warmth and camaraderie, effectively strengthening the synergy among all participating stakeholders. Through this pivotal forum, ISEI unequivocally reaffirmed its steadfast commitment to continuously championing sharia economics and finance as vital pillars of national development—a development that is inherently inclusive, equitable, and sustainable.
Looking ahead, the anticipation is for an even closer collaboration among regulators, industry players, academics, and the wider community. Such intensified partnerships are expected to accelerate the fortification of the sharia economic ecosystem, simultaneously propelling Indonesia towards a strategic global position as a preeminent center for sharia economics. This collective endeavor is not merely about economic growth; it is about building an economy that reflects ethical values, ensures equitable opportunities, and fosters long-term prosperity for all segments of society, embodying the very essence of adaptive and inclusive development envisioned by both the principles of sharia and the enduring legacy of Prof. Sumitro Djojohadikusumo. The event served as a powerful testament to Indonesia’s dedication to harnessing the potential of its sharia economy to achieve national aspirations and contribute to global sustainable development goals.
