Gov’t optimizes potentials for sharia social financial sector

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Vice President Ma’ruf Amin has stressed that the government will continue to take optimum advantage of the potentials of the sharia social financial sector to create sustainable social safety net.

“The model of sustainable social safety net is realized by improving the role of inclusive sharia economy and finance and optimizing the sharia social financial sector,” he said at an event “Economic Challenges, Special Ramadhan” broadcast by a private television station on Saturday.

The potentials for the sharia social financial sector include zakat (tithes) , infak (disbursements), sedekah (simple alms), and waqaf (awqaf).

He said only Rp71 trillion out of the potentials for zakat estimated at Rp327 trillion per year has been collected.

During the COVID-19 pandemic, the government has encouraged the use of zakat for social assistance for the poor and small entrepreneurs, he said.

“By doing so, the low income people can continue economic activities,” he said.

He estimated potentials for asset awqaf at Rp414 trillion per year, and potential for money awqaf at 181 trillion per year.

“That is what we are developing and encouraging through sharia bond awqaf while the outcome is distributed to the public in the form of social assistance. The capital has been developed and (the program) has been launched as a national movement,” said.

Source: Antara News