Special Address by H.E. Bambang Permadi Soemantri Brodjonegoro, Minister of Finance, Republic of Indonesia


Nov  5th

Yang Amat Mulia, Dato’ Sri Mohd Najib Bin Tun Abdul Razak, Prime Minister of Malaysia and Host of this year World Islamic Economic Forum and its Patron;
Your Excellencies Heads of State and Heads of Governments;
Your Excellency Tun Abdullah Ahmad Badawi, Former Prime Minister of Malaysia, Founder Patron of World Islamic Economic Forum;
Your Excellency Dr. Ahmad Mohamed Ali, Chairman of the Islamic Development Bank Group and the Honorary Fellow of World Islamic Economic Forum;
Your Excellencies Fellow Ministers.
Honorable Tun Musa Hitam, Chairman of World Islamic Economic Forum Foundation

Distinguished Guests, Ladies and Gentlemen,

Assalaamu’alaikum Warahmatullahi Wabarakaatuh,
Praise be to Allah the Almighty, the most Gracious and the most Merciful, for His blessing so that we are able to attend this 11th World Islamic Economic Forum in good health and high spirits. Prayers and peace be upon our Prophet Muhammad SAW, his family, his companions, and his followers.

Allow me to first convey my appreciation to the Government of Malaysia for hosting this event. I would also like to express my sincere appreciation to the Chairman of World Islamic Economic Forum, Honorable Tun Musa Hitam, and his staff who have worked hard to organize this event.

Your Excellencies, and Distinguished Guests,
Islamic economics has been increasingly recognized globally as the main alternative approach for pursuing many economic objectives. Its Shari’ah financial system have been considered to stand tough during the crisis, while its products and instruments have been able to provide more equitable and sustainable treatments to all parties. Many Governments and investors, both domestic and international, have been exploring more deeply what Islamic economics is and how it can be incorporated into the mainstream of global economic system.

I have found somewhere, a rather interesting view of how this Islamic economics develops. That Islam and Islamic Economics do not deny the market forces and investments in market economy. Even the profit motive is acceptable to a reasonable extent. Private ownership is not totally negated. Yet, the basic difference between capitalist and Islamic economy is that in secular conventional capitalism, the profit motive or private ownership are given unbridled power to make economic decisions. It is indeed that the Islamic economy has been the ethical alternative to speculative capitalism.

The World Islamic Economic Forum has proved to play that same important role in facilitating both the Government and private sectors within and beyond Muslim countries in discussing and finding the best way on how Islamic economics and finance can increasingly benefit and give more opportunities, not only for better business transactions and business start-ups, but also for better and more prosperous communities at large.

From this three days event, I have learned that delegates have discussed about building more equitable and inclusive growth with higher participations of all economic stakeholders. And I believe that this year gathering has been able to achieve its objective to facilitate the debates and dialogues among government representatives and business communities and other important stakeholders to promote the values of cross-border business and economic partnerships as it provides an international platform for governments and the business community to showcase their cutting-edge ideas

Your Excellencies, and Distinguished Guest,

Indonesia is one of the largest Muslim populated countries. Indonesia is very open to have cooperation with other countries and global private sector. The Government of Indonesia is currently accelerating national growth through vast infrastructure projects around the country. We are also shifting our economic growth engine from consumption and resources base to investments and productions base. We began this shifting of development strategy in 2015 and we expect to harvest some of the outcomes by 2016.

As a member of the G20, Indonesia has been active, alongside other G20 member countries, to promote Islamic finance and Islamic economics as a priority agenda in the G20. In fact, as a co-chair of the G20 Investment and Infrastructure Working Group, Indonesia has proposed for the continuation of Islamic economics and finance to be on the top agenda of the 2016 G20 process under the Chinese Presidency. Among the topics raised are concerning tax system is Islamic finance, and sukuk as an instrument for funding large-scale infrastructure investments.

We open opportunities to all to invest and make businesses in Indonesia. This 2015 and also 2016 are the right moment for business investments in Indonesia, since the Government has just issued several economic packages that provide business incentives to investors, including better business start-up procedures thru reducing number of days for permit issuance, taxation incentives, and ease business climates as the result of de-regulation and de-bureaucratization. I invite you all to consider your business expansion in Indonesia. We are ready to serve you.

Your Excellencies, and Distinguished Guest

The 2016 World Islamic Economic Forum will be held in Jakarta, Indonesia. We have set the time for the event on 20-22 of May 2016, back to back with the 41st Annual Meeting of the Islamic Development Bank Group. While we are still in discussion with the WIEF Executive Office on what would be the main topic for our next year gathering, we would like to share with you all today that we are currently promoting several main areas for consideration, which include inclusive economic growth, sukuk for infrastructure investments, zakat and waqaf management for more productive objectives, Islamic tourisms and hospitality industry, creative businesses and others.

On behalf of the Government of Indonesia, it is my great pleasure to invite you to the 12th World Islamic Economic Forum next year. It has been six years since the 4th Forum held in Indonesia in 2009. By building close partnership and working in excellent coordination with the WIEF Chairman and his executive office, we will do our best to ensure a successful organization of this WIEF in May 2016 in Jakarta.

I look forward to having fruitful discussion with you all in the Forum in 2016. I pray to Allah, the Almighty and the Merciful, to grant upon us success in the upcoming years.

Wassalaamu’alaikum Warahmatullahi Wabarakaatuh.