Muslim fashion sector can potentially contribute to Indonesian economy

Jakarta (ANTARA) – Head of Bank Indonesia’s Sharia Finance and Economy Department, M. Anwar Bashori, believes that the Muslim fashion sector has the potential to contribute to Indonesia’s economy.

“With the halal lifestyle being followed, Indonesia makes for an excellent market, especially when continuously developed, and production is continued,” Bashori stated.

Bashori assessed that the COVID-19 pandemic, which had prompted all forms of activities to switch to the digital and virtual medium, can provide new opportunities for players in the fashion industry to penetrate a broader market by participating in various international fashion events virtually.

“Events, such as the fashion week, and other fashion events, are expected to offer opportunities for expansion, especially with virtual showcasing that can also be a medium and contribution to the Indonesian economy,” he emphasized.

Bashori is optimistic that Indonesian fashion and clothing products would be able to compete with those of other countries. He expressed belief that Indonesia’s strength lies in its local wisdom and heritage values that are emblazoned on traditional fabrics and fashion styles.

“With the idea of sustainable fashion and local wisdom, there is strength in Indonesian fashion. This applies not only in selling goods but also in terms of concepts and values,” he noted.

“This is similar to the Sharia economy, not the fatwa being sold, but the value. This potential is extraordinary. Our local heritage, MSMEs, index giving, compassion, and art, are not the same as other countries,” he pointed out.

Bank Indonesia is involved in the Indonesian Sharia Economic Festival (ISEF), the largest annual event for Islamic economics and finance in Indonesia.

The implementation of ISEF, which is entering its seventh year, is an effort to develop the national sharia economy and finance to help promote national economic recovery.

ISEF aims to encourage the development of an economic chain for the halal ecosystem, where Muslim fashion is one of the priority sectors. The market for Muslim wear is big, both outside and inside the country, and needs to be dominated by our Muslim fashion industry.

the increasing number of Muslims in the world has become one of the main triggers that have driven the growth of the Muslim fashion industry. In 2018, the total population of Muslims reached 24 percent of the total global population.

Meanwhile, the State Global Islamic Economy reports that the fashion consumption among Muslims across the world is currently US$270 billion, which is projected to continue to increase at a growth rate of 5 percent. By 2023, the consumption will be US$361 billion.

The sale of Muslim clothing in Indonesia is at US$20 billion with a growth rate of 18.2 percent per year.