Strategy and Innovation in Strengthening Islamic Financial Product Branding
- 7 April 2022
- Lintas Sektor
- Online
Teaser
Background
Indonesia is a country that has the largest Muslim population in the world. Based on data from The Royal Islamic Strategic Studies Center (RISSC), Indonesia's Muslim population is recorded at 231.06 million people in 2021 or equivalent to 86.7% of the total population. With this capital, Indonesia will become a hub for the Islamic economy or the halal industry in the world. This is in line with President Joko Widodo's statement at the opening of the Trade Expo Indonesia Digital Edition on 21 October 2022 which targets Indonesia to become the world's halal center as well as the mecca of the world's fashion industry in 2024. In addition, the State Global Islamic Economy Report 2020/2021 notes that Indonesia's sharia economic indicators continue to improve and in 2020 managed to rank 4th in the world, below Malaysia, Saudi Arabia and the United Arab Emirates.
With its rapid growth, the Islamic economic and financial sector needs special attention and support so that it can provide maximum contribution. One way is to create a conducive ecosystem for the Indonesian halal industry through the use of the latest technology. In addition, along with the increasing need for Muslim communities in Indonesia for halal goods and services, strong Islamic branding is needed through innovative Islamic financial products to increase market share and public confidence in using Islamic financial services.
Islamic finance industry players also need to build strong branding because branding is a valuable asset that can strengthen differentiation from competitors, drive demand and sales, and help grow market share (Best and Co, 2016). With stronger Islamic branding, it can facilitate the penetration of Islamic financial products in society, so that in the end it will also contribute to national economic growth.
Meanwhile, sharia financial product innovation is the main thing in the development of the sharia finance industry itself, of course this development is supported by good human resource competence while upholding sharia principles. The Islamic finance industry must have innovative products that are increasingly diverse in order to accommodate the needs of the public who want Islamic financial products. Therefore, the Financial Services Authority (OJK) continues to encourage sharia financial industry players to continue to innovate and strengthen Islamic branding to meet the needs of sharia-based financial products and services.
Based on the background mentioned above, it is necessary to understand the need to strengthen strategy and innovation in strengthening Islamic financial product branding.
Objective
- How to strengthen sharia financial branding in Indonesia;
- Developing an innovation strategy in the Islamic Financial Services Industry;
- Setting up supporting infrastructure in strengthening sharia financial branding.
Participant
Speaker
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Nyimas Rohmah (Direktur Pengaturan dan Perizinan Perbankan Syariah)
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Hery Gunardi (Direktur Utama PT Bank Syariah Indonesia Tbk)
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Omar Sjawaldy Anwar (Presiden Direktur PT Prudential Sharia Life Assurance)