Digital Economy: Opportunities and Future Challenges of Islamic Economy in Indonesia

Maharani, Shinta and Ulum, Miftahul (2019) Digital Economy: Opportunities and Future Challenges of Islamic Economy in Indonesia. In: 3 rdInternational Conference on Economic Research, 24-25th October 2019, Alanya, Turkey.

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Abstract

The emergence of technological innovation and economic digitalization through social media or shopping applications affects economics and social activities of the community. The economic system has changed from a conventional manual to a modern one. A simple conception of a digital economy is part of economics output that incorporates internet-based multipurpose technology applied in a varied digital business model of goods or services. Islamic economy support for the growth of
financing through the digital economy and empowerment by the Islamic economy, it needs to be encouraged and maximized its role in e-commerce. Principle-based regulation can be one of the roles that can be taken in developing halal product innovations that are trending through the digital economy platform. With this technology, it is expected to be able to improve the sector of Islamic economy growth in Indonesian society. The Islamic economy is expected to be a bridge in the
direction of financial inclusion in the digital economy, such as; (a) platform affordability in the unbanked segment, (b) strong collaboration between Islamic financial service providers through digital economy, (c) widespread digitalized Islamic banking practices, and (d) media for regulators of Islamic economy development, and (e) ladder to no longer be at the level of Small Enterprise but through start-up.
This study uses a quantitative approach with Muslim Indonesian as populations; samples are taken randomly using questionnaires as a research instrument, and then tested by statistical methods. Finding of this paper show that efforts to foster entrepreneurship, innovation, and economic growth, can be an opportunity to expand access, especially to Islamic economy inclusion. Besides, the digital economy is also expected to be a vehicle for sharing information in improving public services, funds or social services. The digital economy expected to have an opportunity to provide prime, fast and affordable
Islamic economy services to all levels of society and makes economy activity efficiency and effectiveness.

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