The Indonesia Sharia Economic Festival (ISEF) opened today in Jakarta. A hybrid event, online and offline, the festival runs until 30 October.
In its eighth year, ISEF is the largest annual Sharia finance and economic event in the East Asian nation, aiming to accelerate the growth of the Islamic economy, from halal food to modest fashion.
In 2019, Indonesia adopted a Halal Product Law, requiring many consumer products and services to be halal certified. The law is being gradually implemented across all sectors, including food, pharmaceuticals and cosmetics.
The world’s largest Muslim majority country, Indonesia was ranked first in Muslim spending on food in DinarStandard’s State of the Global Islamic Economy Report 2020/21. Total food consumption (halal and non-halal) was estimated at $144 billion.
ISEF is connecting hundreds of sellers with thousands of types of halal products, with visitors able to directly shop for goods on isef.co.id. Modest fashion, by Indonesian designers, is also being showcased.
While last year was a difficult year for the Islamic economy in Indonesia, primarily due to the impact of the COVID-19 pandemic, dropping by -1.72%, according to Bank Indonesia’s Sharia Economic and Financial Report, the sector was not as impacted as overall economic growth, which dropped -2.07%. The sector in fact grew by 1.85% in 2020, while the halal food sector grew by 1.58%, with the agricultural sector driving such growth.
The Indonesia Halal Markets Report 2021/22 can be downloaded here, and a booklet on ISEF here.
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