Some of the startups say they are finding their appeal extends beyond Muslims.

One of them is peer-to-peer lender ALAMI, created by three ex-bankers, which has disbursed over $7.5 million in sharia-compliant financing to small and medium enterprises since May, and plans to become a digital bank.

CEO Dima Djani said that although conservative Muslims are its main target, others also are choosing it as an ethical banking option.

“They see the fact we are focused on sharia principles as a sign of integrity,” he told Reuters.

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