Indonesia is one of the countries in the world helping to develop the Islamic financial sector, Finance Minister Sri Mulyani Indrawati said on June 4. China is the first country in the world to issue global Sukuk and Green Sukuk.

Mulyani wrote on her social media Instagram on Thursday that the total amount of sukuk issued by the government from 2008 to May 2021 amounted to Rp1,728.71 trillion. Indonesia tops the global ranking of sukuk issuers, followed by Saudi Arabia and Dubai.

Mulyani noted that Islamic finance has now become one of the fastest growing segments of the global financial industry, even tripling its assets, a positive trend that is expected to continue steadily growing to more than $3 trillion by 2024.

"The practice of Islamic finance has attracted attention because it uses the concept of risk sharing, puts finance in the real world and promotes the redistribution of wealth and opportunity," Mulyani said.

In response to this potential growth, the government has developed a strategy to develop the Islamic financial market in preparation for the next five years, including policies, infrastructure, and enhanced synergies and collaboration with relevant stakeholders.

"First, develop Islamic capital market products. Second, strengthen and develop Islamic capital market infrastructure. Third, strengthen the literacy and inclusiveness of Islamic capital markets. Finally, strengthen synergies with Islamic finance stakeholders, "said Mulyani.