VP urges Ulama, intellectuals to innovate in Islamic economics and finance

JAKARTA (ANTARA) – Vice President Maruf Amin encouraged intellectuals and ulama to formulate strategies to develop the national Islamic economy and finance, including creating innovation and improving technology.

„Consistency of economic and financial activities with Islamic law is often determined Ijtihad (Necessity) of the Ulema,” he pointed out, adding that the Ulema should also have the ability to innovate.

Amin made the statement when he launched the Indonesia Sharia Economic Perspective, which was followed online in Jakarta on Tuesday, at the University of Indonesia in Tebok, West Java.

The Vice President then noted that technological disruption has changed people’s views on various issues including Islamic economics and finance.

„It cannot be denied that our future will be significantly shaped by the application of innovation and advanced technology in every aspect of life,” noted Amin.

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Amin believes that innovation and technology will determine success in developing capabilities that will drive the growth of the halal economy and investment while helping meet the demand for halal goods and services, which is expected to reach USD 3 trillion by 2028.

Amin praised the University of Indonesia as one of the best universities in Indonesia for generating ideas, innovations and great talent, saying the university should keep up with global trends influencing models of Islamic businesses and finance. .

„That way, we can anticipate changes, take chances and win the competition,” he added.

The Vice President emphasized that by collaborating, intellectuals and ulama can emerge as pioneers of innovation that will support the development of Islamic economy and finance at the national and global levels.

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