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Jakarta Post

Fintech firms eye Islamic boarding schools

  • The Jakarta Post

Jakarta   /   Mon, January 20 2020   /  01:54 am

The Association of Indonesian Sharia-based Fintech Companies (AFSI) has recently launched a sharia-based online lending app to tap into the financing potential in more than 3,000 pesantren (Islamic boarding schools) in the country in cooperation with the National Committee for Sharia Economy (KNES).The project, called Pesantren-Based Development of Sharia Economy and Finance, started in December 2019 with a pesantren in Cirebon, West Java, as its first target. The program provides funding, including for santri (Islamic boarding school students), ustadz (Islamic teachers) and cooperatives and micro, small and medium enterprises (MSMEs) near the pesantren complex.Islamic boarding schools, which are mostly located in rural regions, have hundreds of students each. Many large pesantren have established small businesses to serve the students and the people around the pesantren complex.KNES, wh...