Jakarta. Indonesia's hajj and umrah ecosystem is expected to experience significant growth, with projections indicating an increase in economic turnover from Rp 65 trillion ($4 billion) in 2023 to Rp 194 trillion by 2030—an increase of nearly 200 percent.

Finance Minister Sri Mulyani Indrawati discussed this potential growth during the Annual Islamic Finance Conference (AIFC) press conference in Jakarta on Friday, linking it to the Saudi government's Vision 2030 reforms.

“The optimization of Indonesia’s role in the hajj and umrah economy will have a positive cascading effect across various domestic economic sectors, significantly contributing to Indonesia's economic growth,” she said.

The opportunities span several sectors, including aviation, accommodation, transportation, and catering. Indonesia currently holds the largest hajj quota, with 221,000 pilgrims scheduled for 2024, and projections indicate this could rise to 3.3 million by 2030.

In addition to hajj and umrah, Indonesia aims to attract foreign investment, particularly from member countries of the Organization of Islamic Cooperation (OIC) and the Islamic Development Bank (IsDB). The government plans to enhance blended finance and philanthropic activities. Sri Mulyani highlighted a significant rise in social funding in recent years, with alms and charity contributions totaling Rp 32.3 trillion in 2023, while charitable trust (waqf) reached Rp 2.56 trillion by the third quarter of 2024.

Furthermore, she urged the establishment of a Waqf Development and Acceleration Institute (LPAW) to support the professional management and productivity of waqf assets. The Finance Minister also emphasized the importance of boosting the competitiveness of Indonesia’s halal products to tap into the global market, noting a $4.1 billion trade surplus with OIC countries in 2023—a trend that Indonesia aims to sustain and enhance.