January-July Exports of Modest Fashion Reach USD632.76 Million
Bank Indonesia (BI) is actively supporting the development of the Islamic economy and finance (Shariah finance) in Indonesia. One of their efforts is to position Indonesia as the global center for modest fashion, aligning with the country's vision to become a leading global halal producer as outlined in the Indonesian Halal Industry Masterplan (MPIHI).
Modest fashion refers to a style of dress that covers the body, avoids transparency, and does not excessively expose the skin. This style of clothing is considered in line with Muslim fashion.
BI's data shows that the export value of modest fashion commodities reached USD632.76 million during January-July 2024, an increase of 3.38% year-on-year.
To further support Indonesia's aspiration to become the global center for modest fashion, BI has collaborated with the Ministry of Cooperatives and SMEs, the Indonesia Fashion Chamber (IFC), and the Indonesian Embassy in Paris, France, to organize the Indonesia International Modest Fashion Festival (IN2MF) in Paris on September 7, 2024.
The IN2MF Paris event will be integrated with the global trade exhibition "Who's Next" held from September 8-10, 2024 at Porte de Versailles, Paris. The event will showcase fashion based on Indonesian traditional fabrics (wastra) with sustainable and modest principles, ready to compete in the global market in terms of quality, innovation, and the latest trends.
The IN2MF Paris event is part of a series leading up to the main IN2MF event scheduled for October 30 - November 3, 2024 in Jakarta, coinciding with the grand Indonesia Sharia Economic Festival (ISEF) XI. Prior to the Paris event, IN2MF 2024 will also be held in Kuala Lumpur, Dubai, and Istanbul. The IN2MF Paris event will feature works by renowned Indonesian designers such as Itang Yunaz, Wignyo, and Dian Pelangi.
BI Deputy Governor Juda Agung stated that modest fashion is not just a trend, but a global movement that reflects elegance, dignity, and cultural pride in line with Indonesian values. "Therefore, the contribution of the modest fashion industry in supporting the progress of Shariah finance needs to be strengthened in the global market," he said, as quoted in a written statement from Bank Indonesia a few days ago (09/10/2024).
According to the 2023 State of the Global Islamic Economy report, Indonesia currently ranks third in the modest fashion industry. "Going forward, Bank Indonesia and its strategic partners will continue to support IN2MF in penetrating the global market and strengthening the promotion of wastra through internationally-standard innovation and creativity," said Juda.
Indonesian Ambassador to France, Mohamad Oemar, expressed support for the development of Shariah finance through the promotion of Indonesia's modest fashion industry to the international market in Paris, as Paris is the global fashion capital. "The French fashion industry accounts for 30% of the global market share, with a total turnover of 154 billion Euros and generating one million jobs," Oemar explained.
On this occasion, a cooperation agreement was signed between the IKRA Council and Printemps department store to strengthen the exposure of IKRA-supported products sold at the Printemps shopping center in Paris.
