Edi Fairuzzabadi (Bank Indonesia) witnesses MOU signing by Dima Djani (ALAMI), Jeff Paine (Golden Gate Ventures), Michael Soerijadji (Agaeti Ventures), Satria Willis (RHL Ventures), and Aamir Rahim (Zelda Crown)
Indonesian sharia-based P2P lending platform ALAMI announced an undisclosed funding round led by Golden Gate Ventures, with the participation of Agaeti Ventures, RHL Ventures, and Hong Kong-based angel investor Aamir Rahim through Zelda Crown.
The startup wants to use the funding to support talent acquisitions, product development, and strengthen operational structure.
The company stated that the funding round is conducted through sharia-based scheme, or known as akad musyawarah. It claimed to be the first in Southeast Asia to raise venture capital funding through the scheme.
In a press statement, ALAMI CEO Dima Djani said that the startup aims to introduce sharia values in every partnership that it secures with partners –including their investors. It reflects the company’s commitment to implement the Islamic law beyond its products and services; it should also includes the company’s operations and fundraising.
Also Read: Today’s top tech news, Sept 16: Indonesian e-wallet LinkAja to release sharia-based service
“We hope that in the future, there will be more investors who are open to this fundraising scheme, especially in financing a sharia-based startup,” he said.
Djani also stated that Indonesia, as one of the largest Muslim population in the world, has become more open towards halal industry and sharia economy.
According to data in Global Islamic Finance Report (GIFR) 2019 by Cambridge Institute of Islamic Finance (Cambridge IIF), Indonesia tops the position with scores that improved from 81.93 from 57.8. This number signified that Indonesia has experienced improvement in regulation and industry ecosystem-building.
Several top VC firm in Southeast Asia, in the past few years, have expressed commitments to invest in the so-called “taqwa tech” –a branch of business that is aimed for the Muslim market, that is run based on the sharia law in business. Gobi Partners is one of those firms.
Leading digital payments platform such as LinkAja have also introduced a sharia-based service.
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Image Credit: ALAMI
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