Wednesday, July 6, 2022
Editor's PickIndonesian digital-first bank unveils Shariah finance app

Indonesian digital-first bank unveils Shariah finance app

Driven by high consumer demand for Shariah compliant financial services, Indonesia’s Bank Jago has launched an Islamic banking app to capture Halal-focused opportunities in the world’s largest Muslim nation.

Known as Jago Syariah, the application enables consumers to access Halal financial services including Wadiah contracts. It is also integrated with other digital ecosystems including Gojek, GoPay and robo-advisory platform Bibit.

Established in 1992 as Bank Artos Indonesia, the homegrown bank underwent a massive restructuring and rebranding under new shareholders in 2019 with a name change the year after. The bank, which boasts a total capital of IDR8 trillion (US$556.37 million), embraced wholeheartedly a digital strategy and has pivoted toward mobile financial services through its Jago application it rolled out in April 2021.

The bank very quickly identified the tremendous opportunity in digital Islamic banking and finance services. Despite being home to over 230 million Muslims, conventional banking services dominate the Republic, accounting for 93.5% of total banking assets as at the end of November 2021, according to official data.

Bank Jago President Director Kharim Siregar strongly believes that Islamic digital banking services will positively contribute to the growth of the Shariah economy, with digitalization being a lynchpin to the expansion of market share.

“With the presence of Jago Syariah, we are determined to realize our great aspiration of increasing growth opportunities of the Shariah segment through digital financial solutions that focus on daily life or life-centric financial solutions,” Kharim shared.

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