Shariah-compliant fintech companies are popping up in Indonesia at a healthy clip. Given the relative underperformance of their traditional bricks and mortar siblings, many startups are confident they can capture huge market share. ALAMI is just one good example.
With an app release imminent, Jakarta-based Shariah-compliant crowdfunding platform ALAMI is preparing for international expansion. “We want to be a one-stop solution for Islamic finance,” ALAMI co-founder and chief executive Dima Djani told FinanceAsia in an interview.
The startup has facilitated more than 150 financing deals averaging $75,000 each since registering with Shariah-finance authority Otoritas Jasa Keuangan OJK in May 2019 – and ALAMI is just getting started. ALAMI’s mobile application equivalent will launch this quarter and allow people in other countries to contribute funds to Indonesian SMEs on the site.