REPUBLIKA.CO.ID, JAKARTA -- The Financial Services Authority (OJK) ensures that it will continue to support in increasing the share of the sharia financial market. Particularly in targeting Generation Z who have the potential to be more introduced to Sharia economics and finance.

“I think generation Z will already be a target because it is this generation that many surveys say they actually have the awareness to shape their financial future,” said OJK M Ismail Riyadi, Head of the Sharia Finance Literacy and Inclusion Group, when he met after the Ijtima Sanawi event of the Sharia Supervisory Board on Friday (13/10/2023).

In the future, a sharia financial product is needed that is suitable for generation Z. According to Ismail, one that is easy to introduce to generation Z is the sharia capital market.

“Sharia capital markets are one quick alternative to do. The effort that is made to conduct their education is to use the language and media they use such as the world of social and digital media,” Ismail explained.

OJK has now also started to engage with the financial industry in the capital markets. Also included with the stock exchange that is very active for its sharia.

On the same occasion, Deputy Chairman of the Board of Commissioners of OJK Mirza Adityaswara said the development of the market share of the sharia capital market sector continues to grow. “As of the end of August 2023, the market share of corporate sukuk products, state sukuk, and sharia mutual funds stood at 12.7 percent,” Mirza said.

Meanwhile, Mirza said, the sharia stock market share has reached 56 percent of all shares listed on the Indonesian stock exchange. Indonesia has also won four consecutive international awards as The Best Islamic Capital Market given by the Global Islamic Financial Award (GIFA) from 2019 to 2022.

Mirza said that at the moment we still see that there are challenges to be faced. Especially when it comes to the still low literacy rate and financial inclusion of sharia.

Based on the results of the 2022 national survey of financial literacy and inclusion, the sharia financial literacy index reached 9.14 percent. Cementata for the new sharia financial inclusion index stood at 12.12 percent.

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