Collaboration between ISEF and HEI 2023 strengthens the acceleration of Indonesian halal industry in the international market
Indonesia’s halal sector is growing steadily, driven by increased demand, innovative initiatives, and strong government support. As the world’s largest Muslim-majority country, Indonesia is strategically capitalising on the economic potential of the halal industry. This expansion reflects the country’s commitment to serving its Muslim population and positions it as a critical player in the global halal market.
Staying true to its mission to become the global halal hub, the country hosted the 10th Indonesia Sharia Economic Festival (ISEF) at the Jakarta Convention Centre from October 25 to 29, 2023, with the theme “Accelerating Sharia Economy and Finance through Digitalisation for Inclusive and Sustainable Growth”.
Indonesia’s Vice President Ma’ruf Amin officiated the event, which featured 793 local exhibitors and 20 from neighbouring countries. ISEF 2023 also witnessed the launch of the Indonesian Halal Industry Master Plan (MPIHI) 2023 – 2029 and the Satu Wakaf Indonesia application.
ENHANCING SHARIAH ECONOMY LITERACY
Ma’ruf, in his remarks, commended the organisation of ISEF, an annual event aimed at boosting literacy and market presence in Indonesia’s Shariah economy and finance. He highlighted the existing deficiency in Shariah’s economy and financial literacy, currently at 23.3 per cent. This low literacy level is reflected in the modest 10.9 per cent market share of the new Shariah financial market.
Ma’ruf emphasised the potential for continuous growth and development in Indonesia’s Shariah economy and finance, envisioning a minimum literacy rate of 50 per cent. Improving literacy in this sector would undoubtedly have significant implications for its contribution to the national economy.
“The greater the literacy of Shariah financial and economy, the greater the acceptance and utilisation of Shariah economic and financial products by the community, which will lead to an increase in the contribution of this sector to the national economy,” he elaborated.
In his speech during the opening ceremony, the Governor of Bank Indonesia, Perry Warjiyo, noted the decade-long collaborative effort reflected in the ISEF event. These achievements include the establishment of an integrated and digitised ecosystem for Islamic financial economics in Indonesia, strengthening institutions and regulations for developing Shariah finance at both national and regional levels, and enhanced leadership representation in various international forums.
COLLABORATING WITH HEI
ISEF joined forces with Halal Expo Indonesia (HEI) in this collaborative event to establish itself as Indonesia’s largest Business to Business (B2B) and Business to Consumers (B2C) expo. The event featured engaging activities, including international conferences, business matchmaking, forums, and particular agendas.
Spanning an impressive 3,500 m2 in hall A, HEI showcased approximately 120 exhibition stands, featuring both local and international business players from countries such as Malaysia, Cambodia, Belarus, China, India, Egypt, Iran, Ethiopia, Saudi Arabia, Sri Lanka, the US, Jordan, Japan, Turkey, and Palestine.
The ISEF–HEI 2023 collaboration was a strategic initiative to reinforce Indonesia’s halal industry acceleration in the international market. The accompanying conferences covered pivotal topics, addressing the opportunities and challenges encountered by the industry.
At HEI, a memorandum of understanding (MoU) signing regarding product registration, import, and distribution took place between the Malaysian company PT Halagel Idaman Makmur, a halal product manufacturer producing toothpaste and halal gelatine-based soft gel supplements, and Agym Nutrition Sdn Bhd, a company specialising in energy supplements for sports and fitness enthusiasts.
This collaboration was witnessed by the Chairman of the Malaysian International Islamic Chamber of Commerce and Industry (MIICCI), Muhamad Amin Fahmi Solahuddin, and the Chairman of the Indonesian Muslim Entrepreneurs Community (KPMI), Rachmat Sutarnas Marpaung.
Halagel has been distributing its products in Indonesia through PT HIM since 2019, with activities temporarily halted during the pandemic. Currently, Halagel is in the process of reactivating its distribution in Indonesia, which is scheduled to commence in early 2024. –
