Predictions for the Future of Islamic Economics in Indonesia

Today, Islamic economics which is also known as sharia economics continues to experience rapid development in Indonesia.There are two main views regarding the prospects for the Islamic economy in this country with the largest Muslim population.

First, the optimistic view is based not only on demographic facts, but also on the emergence of various Islamic economic institutions in various forms. In fact, Islamic economics has the potential to become an example for economic practices that have been dominated by conventional economic approaches in Indonesia. The commitment to develop the Islamic economy is currently progressing significantly. One of the steps is:

1. Merger of the largest Sharia banks into Bank Syariah Indonesia (BSI).

2. Apart from that, support for the 2019-2024 Indonesian Sharia Economic Masterplan is a strategic basis for developing the Sharia economy.

3. Then, the presence of Sharia Fintech services is an innovation in Sharia-based financial services that utilizes technology. This service facilitates the transaction process between the giver and recipient of funds using technology/internet, without having to meet physically.

4. The formation of the National Sharia Economic and Financial Committee (KNEKS) is also concrete evidence of the government's seriousness in developing the Islamic economy in Indonesia in the future.

Second, the pessimistic view is based on the fact that the literacy level of the Indonesian Muslim community regarding Islamic economics is still low. There is concern that funds owned by the public tend to be deposited in conventional banks rather than Sharia banks, for various reasons including a high tendency towards worldly profits. Apart from that, the curriculum regarding Islamic economics is still widely taught in religious educational institutions such as Islamic Colleges, Islamic Institutes, and State Islamic Universities, both public and private. This shows that efforts to increase understanding and implementation of Islamic economics in educational institutions are still limited.

Even so, Indonesia has the potential to become the center of the world Islamic economy. There is a lot of support that shows Indonesia's commitment to developing the Islamic economy. This can be seen from the role played by the government, Sharia institutions, the active role of Islamic economic activists and practitioners, and also supported by the academic sector which is expected to improve the country's economic conditions. Therefore, if all these parties can collaborate well, then the Islamic economy in Indonesia in the future can become an example and become part of state policy. This will help realize the goal of Islamic economics itself, namely achieving Maqashid Syariah.

Islamic economic practices have the opportunity to develop in a better direction, but also face several challenges. The existence of Islamic economic institutions shows strong growth in an economic system based on Sharia principles. This economic system does not solely focus on profit, but rather on achieving the benefit of the people in their economic activities. As a country with the largest number of Muslims and dominant support from this community, Indonesia has important potential in encouraging economic practices based on Islamic values. Islamic values are the basis for economic practices aimed at achieving the common good.

Islamic economic practices can be an alternative for Muslims in driving their economy. The presence of Islamic economic institutions will facilitate economic practices that are different from conventional ones. This is supported by the development of Sharia-based economic institutions such as halal tourism, Muslim fashion, and the social security sector which has spread to various regions in Indonesia. In this context, the introduction of Islamic economic practices can take place comprehensively because various channels have been used. As a result, progress in Islamic economic practices can be achieved so that the economic goals in Maqashid Syariah can be enjoyed by everyone. In this context, Islamic economics provides benefits for all levels of society with an economic basis based on Sharia principles.