Jakarta. One of the key moments during Friday’s vice presidential debate was when candidate Gibran Rakabuming asked rival Muhaimin Iskandar about the State of Global Islamic Economy (SGIE).

Gibran wanted to know how Muhaimin -- also known as Cak Imin -- plans on improving Indonesia’s ranking on the SGIE report. According to Gibran, Cak Imin should have known the answer as he chairs the Muslim-based National Awakening Party (PKB). 

The SGIE report shows how countries are doing on the Global Islamic Economy Indicator (GIEI). This indicator seeks to give a picture of which countries are currently best positioned to address the multi-trillion-dollar global halal economy opportunity. Gibran, who was referring to the SGIE by its acronyms, left Cak Imin confused. 

“You are the PKB chairman. I’m pretty sure that [you] really understand this problem. How will Gus Muhaimin plan to improve Indonesia’s ranking in the SGIE? … S-G-I-E,” Gibran asked Cak Imin.

Muhaimin admitted that he did not know what SGIE was. He even gave his time to ask Gibran what he had asked.

“I have never heard the term SGIE,” Cak Imin replied.

In response, Gibran said: “We are currently focusing on developing our Sharia economy and finances. So of course, we have to understand what SGIE is. SGIE is the State of Global Islamic Economy. We are already in the top 10 for halal food, skincare, and modest fashion. Sorry if the question is kind of tough.”

Muhaimin said that Gibran had asked an important question as Indonesia was home to the world’s largest Muslim population. It is pivotal to make Indonesia the global Sharia economic center, according to Cak Imin.

“The government should prepare all necessary regulations to drive the growth of the entire halal industry, including providing halal certification at an affordable price or free of charge, particularly for micro, small, and medium enterprises [MSMEs],” Cak Imin said.

According to the 2022 report, Indonesia’s GIEI score (68.5) ranked fourth place just behind the United Arab Emirates (90.2). Close neighbor Malaysia is on the lead with a GIEI of 207.2, a huge gap from the second-ranking Saudi Arabia (97.8). This marks the 9th consecutive year Malaysia is leading the ranking.

Indonesia’s scores in the indicators are as follows: Islamic finance (91); halal food (71.1); Muslim-friendly travel (58); modest fashion (68); pharma and cosmetics (46.3); and media and recreation (26.8). The report shows Islamic finance sector would benefit from the government’s merger of the state-owned sharia-compliant banks --BRI Syariah, Bank Syariah Mandiri, BNI Syariah-- into Bank Syariah Indonesia (BSI).

Indonesia ranked 6th place for Islamic finance. The Southeast Asian country claimed the second spot for halal food, while also ranking third for modest fashion. Indonesia secured the 9th place for pharma and cosmetics, but failed to get into the top 10 for Muslim-friendly travel as well as media and recreation categories, the 2022 SGIE report shows.