JAKARTA – National Committee of Sharia Economy and Finance (lit. Komite Nasional Ekonomi dan Keuangan Syariah/KNEKS) is proposed to become a Sharia Economy Development Institution (lit. Badan Pengembangan Ekonomi Syariah/BPES) in the upcoming government term.

For the record, the regulation regarding KNEKS status upgrade has been drafted as a Presidential Regulation, which could hopefully be approved this year.

Sutan Emir Hidayat, Director of Infrastructure of Sharia Ecosystem of KNEKS, confirmed that his party has drafted the Presidential Regulation regarding the change of status of KNEKS to BPES.

“Presidential Regulation draft is currently being discussed in Interministerial Meeting regarding the change of status of National Committee of Sharia Economy and Finance as a Sharia Economy Development Institution,” Hidayat told IDNFinancials when met after Menara Syariah & INCEIF University Symposium (MSIUS) 2024 at Pantai Indah Kapuk (PIK) 2, Jakarta, earlier today (9/8).

According to Hidayat, as of now, KNEKS is coordinating with related ministries in order to promote sharia economy in Indonesia.

Once the legal status change of KNEKS as BPES has been approved, KNEKS will gain more autonomous control over their effort on sharia economy development, as it will become a ministry-level institution under direct coordination of the President.

KNEKS was first established based on Presidential Regulation No.28/2020 as a result of transformation of National Committee of Sharia Finance (lit. Komite Nasional Keuangan Syariah/KNKS).

KNEKS has a function of providing policy recommendation and recommendation of national development strategic program in sharia economy and finance sector, formulating and proposing a solution for sharia economy and financial issues. (LK/AM/ZH)