Harnessing Indonesia’s Muslim population for Fintech Growth
Too Long; Didn't Read
Islamic fintech has the potential to drive economic growth to new heights in Indonesia. Indonesia’s population is nearly 90% Muslim, with Islamic startups requiring certification from the Indonesian Ulema Council (Majelis Ulama Indonesia [MUI] in Bahasa Indonesian) to service Indonesia's Muslim users. The MUI's certification is required not only for social approval for use but also by the Financial Services Authority of Indonesia (OJK) OJK, which is Indonesia's state financial regulator.