Jakarta. Financial Services Authority (OJK) said Thursday that the upcoming Ramadan would be a great momentum for the world's largest Muslim-majority country Indonesia to develop its Sharia economy.

Some Indonesians who follow Muhammadiyah's teachings will start fasting on Saturday. The government has yet to officially declare when Ramadan will start, but it will likely be this weekend. Indonesia is home to the world's largest Muslim population, reaching almost 230 million people.

Ramadan sees Muslims around the country abstaining from eating and drinking from dawn to sunset. Even so, the month has always been synonymous with higher consumption and increased spending. OJK commissioner Friderica Widyasari Dewi said that the growing consumption during Ramadan could provide an opportunity for Indonesia to develop its Sharia economy.

"People are fasting, but consumption is growing. So we really need to take advantage of that," Friderica said at the 2025 Sharia Economy forum hosted by B-Universe Media Holdings in Jakarta.

"But Ramadan is only once a year. We must make sure that we don't only focus [on developing the sharia economy] on this month alone. We have to ramp up sharia activities in the remaining 11 months or the entire year," Friderica said.

Indonesia currently ranks third in the Global Islamic Economy Indicator. Malaysia and Saudi Arabia lead the index of 81 countries with the strongest Islamic economy ecosystem, the report wrote.