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According to the Bank Indonesia (BI), global Muslim fashion consumption will increase to 311 billion USD in 2024, up from 277 billion USD in 2019.
Bambang Himawan, director of BI’s Department of Sharia Economics and Finance, was quoted by Antara news agency as saying that Indonesian expenditure on Muslim fashion in 2019 reached 16 billion USD, making it one of the top five countries with the highest spending after Iran, Turkey, Saudi Arabia, and Pakistan.
He added that the bank is working with several strategic partners to foster the growth of Indonesian halal products, such as Muslim fashion, by hosting exhibitions on various e-commerce platforms, which are also part of the 2021 Indonesia Sharia Economic Festival (ISEF).
During the second quarter of 2021, the Muslim fashion sector, which is the flagship of Indonesia’s halal industry, managed to rank third in the world, according to Himawan.
He believes that Indonesia should be able to develop a halal industry that can satisfy both the domestic and global markets.
He stated that halal food and Muslim fashion could be the driving forces behind the country’s economic recovery.
As a result, the central bank hosted the Indonesian Sharia Creative Industry Program, which had 505 business members across Indonesia in the second quarter of 2021, including MSMEs in the halal food and Muslim fashion sectors.
