Antara News·Indonesia·Saturday, September 26, 2026 at 05:02 PM

Indonesia eyes bigger share of US$2.6 billion global halal market

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Astrid Faidlatul Habibah, Yashinta Difa

Surabaya, E. Java (ANTARA) - Indonesia possesses the potential to transform from a major consumer into a global supplier for the international sharia economy, backed by a growing US$2.6 trillion global halal market and widespread international acceptance of Islamic commercial products, according to Bank Indonesia (BI).

BI Governor Destry Damayanti highlighted the strategic opportunities presented by a global Muslim population of roughly two billion, as well as rising demand among non-Muslim consumers.

"The potential is indeed immense. Furthermore, these products are also popular among non-Muslims when viewed from a universal perspective,” Destry said at the opening of the Java Sharia Economy Festival 2026 in Surabaya on Saturday.

Destry pointed out that Indonesian exports in key segments—such as modest fashion and halal food—have already established a strong foothold in non-Muslim-majority markets, including Japan, South Korea, and Australia.

Indonesia currently ranks fourth globally in overall sharia economic and financial development.

According to recent international standings, the nation ranks third in halal food, third in Islamic-themed media and recreation, fourth in halal pharmaceuticals and cosmetics, sixth in Muslim-friendly travel, and seventh in Islamic finance.

Despite these strong individual sector performances, Destry cautioned that Indonesia must expand its integration across all verticals—particularly in Muslim-friendly tourism and sharia financial services—to secure higher economic returns.

The call to bolster domestic capacity comes as neighboring ASEAN nations with non-Muslim majorities, such as Thailand and the Philippines, move aggressively to establish themselves as regional sharia financial hubs.

Destry emphasized that strengthening the financial sector is crucial to supporting the expansion of Indonesian businesses and the halal industry, noting that solid financial backing will ensure local production capacity and market access keep pace with surging global demand.

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