IslamicFinance.de

A few weeks ago we saw the launch of a Sharia-compliant mobile phone-based loan service. The new service, called Trust Network Finance was rolled out by Allianz in Indonesia. TNF reflects the big opportunities in Indonesia for mobile money and for Sharia-compliant services.
Although roughly 60% of Indonesians have a mobile phone, only 3% of the population is reportedly aware of mobile money. Indonesia has the world’s largest Muslim population, and Sharia-compliant finance has grown over the past few decades in the country; however by the end of 2016 Islamic financial institutions in Indonesia are only expected to hold 5% of the nation’s total banking assets.
Of the country’s roughly 250 million citizens, 60% are unbanked. It’s estimated that there are 50 million MSMEs in Indonesia, which make up about 97% of the country’s enterprises.