Tuesday, October 20, 2020
Editor's Pick Indonesian unicorn lends magic to Islamic digital economy

Indonesian unicorn lends magic to Islamic digital economy

Indonesians can expect to access more Shariah financial products through e-commerce site Tokopedia as the tech unicorn carves a new partnership with Islamic bank BNI Syariah, a cross-industry collaboration the Indonesian government has been pushing to drive its Islamic digital economy.

Under the MoU, both entities will explore introducing Shariah compliant financing schemes for consumers as well as Tokopedia Salam (the Halal arm of Tokopedia) merchants, joint branding, distributing BNI Syariah products as well as Islamic financial literacy initiatives. They will also collaborate on promoting Hajj packages and savings products.

“Through Tokopedia Salam, we are collaborating with various strategic partners, including BNI Syariah, to jointly encourage the digital equality of the Islamic economy in Indonesia,” explained Garri Juanda, the head of Tokopedia Salam. This is done by making it easy for people to transact using Islamic financial services.

This partnership reflects a wider industry movement involving e-commerce platforms and Islamic financial institutions, a trend designed by the government under its National Shariah Economy Plan. Unlike its peers, the Republic has approached Islamic fintech-mediated financial inclusion by creating a comprehensive digital marketplace surrounding the country’s major e-commerce platforms to serve its 260 million-strong population. Four out of five major e-commerce sites in Indonesia (including fintech unicorn Bukalapak and Tokopedia) have introduced Islamic marketplaces. This allows consumers to purchase Islamic financial products and make Shariah investments, which has resulted in significant participation in the Islamic capital market space by millennials.

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