The Association of Sharia Economics Master’s Program Students (HMPM-ES) held an International Seminar and the opening of the Islamic Economic Consortium (IEC) 2023 under the theme “Digital Economic Transformation and Exploration: Opportunities, Challenges, and Impact in Indonesia.” This successful event took place on Thursday, November 9, 2023, at the 5th-floor Theatrical Hall of FEBI UIN Sunan Kalijaga Yogyakarta in a hybrid format. Distinguished speakers in various fields provided profound insights into the opportunities, challenges, and impact of technological integration in Indonesia's economy.

The event commenced with Nurliya reciting verses from the Holy Qur’an, followed by a rendition of the Indonesian national anthem and the UIN Sunan Kalijaga Yogyakarta hymn by all attendees, led by Nesha. Hasbi, SE, the chairman of HMPM, warmly welcomed all guests and participants, expressing gratitude to the organizing committee for their dedicated efforts in ensuring the success of the IEC event. He also extended his thanks to all the keynote speakers and participants for their contributions to the event. The theme of this year’s IEC event, “Digital Economy,” was selected due to the rapid advancement of digital technology, making it a compelling subject for discussion among the millennial generation at the event.

The subsequent address was delivered by Mr. Ahmad Salehudin, the Vice Dean III of FEBI UIN Sunan Kalijaga, who officially opened the event. In his address, he expressed gratitude for the valuable time dedicated by all the speakers enganging in discussions with students, enriching their understanding of the digital economy. The series of events concluded with a closing prayer led by Mr. Nuvilu Alatas, marking the end of the IEC event’s opening ceremony.

The event was moderated by Dr. Siti Nur Azizah, S.E.I., M.E.I., a lecturer at FEBI UIN Sunan Kalijaga Yogyakarta. It commenced with a keynote speech by Prof. Dr. Rosylin Mohd Yusuf on the topic “The Impact of Digitalization on The Sustainability of Islamic Finance.” The discussion focused on how digital transformation has impacted the Islamic financial ecosystem and provided insights into future opportunities and challenges. The integration of technology with Islamic principles highlighted the importance of leveraging technological innovations to strengthen the financial sector in accordance with Sharia principles, with the aim of enhancing accessibility and inclusivity for all segments of society.

The first presentation was delivered by Dr. H. Darmawan, S.Pd., M.AB., CFRM, a lecturer at the Sharia Economics Master’s Program of FEBI UIN Sunan Kalijaga, introducing digital products such as E-Commerce, E-Purchasing, and other emerging trends in Indonesia. Digitalization has had a significant impact on the global economy, with the digital economy contributing 16.4% to the global GDP in 2023. The future prospects in Indonesia include emerging technology trends such as AI and blockchain, potential for market growth and expansion, and predictions regarding product and service innovations.

The final presentation on “Islamic Fintech in Indonesia: The Landscape, Opportunities & Challenges” was delivered by Mhd Handika Surbakti. His inspiring and informative discussion served as a crucial momentum for the further advancement of the Islamic fintech industry in Indonesia. The challenges discussed included the imperative to expand financial access, the necessity of cross-sector collaboration, and the importance of education related to Sharia principles in fintech. It was underscored that fortifying the Islamic fintech ecosystem would yield significant benefits for the Indonesian economy. The session concluded with a Q&A session with the seminar participants and was formally closed by the moderator. It is hoped that this seminar has provided a comprehensive understanding of the ongoing digital transformation in Indonesia.