ALAMI and Indonesia’s National Committee for Islamic Economy and Finance (KNEKS) have signed an MoU to jointly develop Islamic finance, particularly in the area of Shariah finance literacy.
The virtual signing took place on the 29th March 2022 between ALAMI CEO Dima Djani and Dr Sutan Emir Hidayat, KNEKS’s director of the Islamic economy supporting ecosystem.
Dr Sutan explained to IFN Fintech that the partnership was built upon a common goal the two entities shared: to enhance public literacy on the Islamic economy and finance. Recently, ALAMI established ALAMI Institute, a research and education institution aiming to increase the adoption of the Islamic economy and finance. On the other hand, KNEKS has a strong relationship with universities and institutions in Indonesia.
This partnership will bring about various initiatives, such as expanding Shariah compliant financing, improving the quality of human resources in the field of the Islamic economy and finance, researching leading fintech products and forming other strategic partnerships.
Founded in 2017, ALAMI is one of the most prominent peer-to-peer (P2P) financiers in Indonesia. It provides Shariah compliant financing for SMEs in Indonesia. Last year, it raised a US$17.5 million Series A round, bringing its total funding to US$37.5 million. In February, ALAMI distributed over IDR200 billion (US$13.89 million)-worth of financing, a monthly record high for the company.
“ALAMI Group is run by dynamic and visionary young people. I believe the cooperation with ALAMI Group will enhance not only public literacy on Islamic fintech but also the whole ecosystem of [the] Islamic economy and finance in Indonesia,” said Dr Sutan.
For the past three years, KNEKS has been implementing its Shariah economy master plan that runs from 2019 to 2024. It focuses on strengthening four main areas of the Indonesian Shariah economy: the Halal value chain, the Islamic finance sector, SMEs and the digital economy. The master plan also focuses on plans to further develop the Shariah economy ecosystem.