ZICO Shariah lays groundwork to transform Indonesia into an Islamic economics hub

| 16 July, 2019

JAKARTA/KUALA LUMPUR, 16 July 2019 – Singapore Exchange Catalist-listed ZICO Holdings Inc. announced today that its Shariah advisory services provider, ZICO Shariah, has been selected by Indonesia’s Ministry of National Development Planning (“Bappenas”) and the National Islamic Finance Committee (“KNKS”) to assist in planning and drafting the Islamic Economic Masterplan for 2019-2024 for the world’s largest Muslim country.

ZICO Shariah, represented by PT Zahir Shariah Indonesia and ZICO Shariah Malaysia, will assist in developing the masterplan that will guide the development of the Islamic economy in Indonesia and outline the vision, mission, strategies, and programmes to be carried out over the next 25 years.

Indonesia, with a total population of nearly 270 million people, has an estimated 225 million Muslims. Ranked 10th in the Global Islamic Economy Index 2018/2019 amongst producers of halal products, the country imports more halal products and services than its exports.

Responding to this, the Indonesian Government sought to formulate the “Indonesia Islamic Economics Masterplan” with the aim of increasing the Islamic economy of scale and financial business, accelerate the rank in the Global Islamic Economy Index, enhance economic independence, and improve the Indonesian welfare index.

Led by a team of renowned Islamic Finance and economics experts from leading international institutions, the project included 50 Indonesian and Malaysian consultants. It focused on 14 areas of interest or clusters including halal food, tourism, and fashion, Islamic banking and capital markets, small and medium enterprises, digital economy, and social finance.

In addition to literature and academic research, the team collected data and information through focus group discussions in Indonesian cities including Aceh, Padang, Yogyakarta, Surabaya, Mataram, Makassar and Banjarmasin.

Input and responses were gathered from government agencies, financial institutions, regulators, associations and entrepreneurs by conducting in-depth interviews, discussion forums, public consultations, and courtesy visits to identify opportunities, challenges and potential growth sectors for development in each region.

The formal launching of the final masterplan took place at a significant Islamic economy event in Bandung on 26 April 2019 and in Jakarta on 14 May 2019

About ZICO Shariah
ZICO Shariah is a leading Shariah advisory service provider under ZICO Holdings Inc. that offers a full suite of Shariah services ranging from Islamic finance to Shariah audit and compliance. It provides Shariah advice that is enhanced by extensive experience and legal insights in both local and crossborder Islamic finance transactions.

Its team possess Shariah, finance, business and legal qualifications with over a decade of experience in structuring, drafting, advisory, and consultation work in relation to Islamic finance. For more information, please visit http://zico.group/expertise/shariah/

About ZICO Holdings Inc.
ZICO, an integrated provider of multidisciplinary professional services focused on the ASEAN region, provides advisory and transactional services, management and support and licensing services.

Through its multidisciplinary services, regional capabilities and local insights, ZICO enables its clients to capitalise on opportunities across Southeast Asia.

The Group currently operates two key business segments: (i) Advisory and Transactional Services (“ATS”); and (ii) management support services business & licensing services (“MSSL”).

Within the ATS, ZICO provides legal services, Shariah advisory, trust advisory, corporate services, consulting services, investor services, wealth management services, corporate finance advisory services and immigration services. ZICO provides legal services only to the extent permitted in the relevant jurisdictions. In other jurisdictions, ZICO cooperates with and supports independent and autonomous law firms who are members of the ZICOlaw Network, in compliance with local professional regulations.

Presently, ZICO provides legal services in Myanmar, Lao PDR and Thailand. For the MSSL segment, the Group provides regional management services and business support services to members of the ZICO Law Network and certain entities within the Group.

ZICO also engages in the licensing of the “ZICO”, "ZICOlaw" and "ZICOlaw Trusted Business Advisor" trademarks to members of the ZICOlaw Network and certain entities within the Group.

ZICO has business operations in Indonesia, Lao PDR, Malaysia (including Labuan), Myanmar, Singapore and Thailand. The Group augments its existing regional presence with that of the ZICO Law network to extend its reach to 10 out of 10 countries in Southeast Asia.

For more information, please visit http://www.zicoholdings.com.
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Ryan Del Agua