Tech-based lenders bet on syariah banking in Indonesia

The rate for such banking in Indonesia is just a mere seven per cent, dwarfed by Malaysia's 29 per cent and Saudi Arabia's 65 per cent. - AFP

JAKARTA, March 13 (The Straits Times/ANN): Newly established tech-based lenders are enthusiastically tapping into syariah banking in Indonesia, betting on an underpenetrated market with a potential customer base of 45 million in a country with the world's largest Muslim population.

The rate for such banking in Indonesia is just a mere 7 per cent, dwarfed by Malaysia's 29 per cent and Saudi Arabia's 65 per cent.