Set Off to A New Start
Forbes Indonesia|December 2021
Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.
Sonya Angraini
Set Off to A New Start

Indonesia, as the world's most populous Muslim country, has significant potential to expand its sharia banking market in order to meet the needs of its approximately 87% Muslim population, as presently, only about 6% of the population uses sharia banking. The government has committed its full support to the development of sharia economies, and other industries, including beauty and cosmetics, fashion, and food, have embraced sharia principles to a large extent. Several lenders adhere to these principles in a highly regulated industry such as banking, either through a fully-fledged sharia bank or a sharia business unit.

As the country's first Islamic digital bank, PT Bank Aladin Syariah has refused to rely solely on the enormous sharia market potential. It performs the function of any service provider: it provides solutions to customers. We began with the problem, rather than simply getting together and saying, 'Let's create a bank,' explains Dyota Marsudi, President Director of PT Bank Aladin Syariah. Around 140 million people in Indonesia remain unbanked or underbanked. The first category includes those who lack bank accounts, while the second includes those who do have bank accounts but frequently rely on alternative financial products such as money orders. Around 55% of micro, small, and medium-sized businesses lack access to formal financing, indicating that there is still an untapped market, he adds. Bank Aladin is attempting to close one of the gaps caused by a lack of affordable and convenient banking services.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM FORBES INDONESIAView all
BACK ON TRACK
Forbes Indonesia

BACK ON TRACK

Collective wealth gets a 21% boost to a record $162 billion amid an economic uptick.

time-read
10+ mins  |
December 2021
Championing Locals
Forbes Indonesia

Championing Locals

The wave of social commerce is enabling inclusive digital economies beyond urban areas.

time-read
6 mins  |
December 2021
Boys in the Bubble
Forbes Indonesia

Boys in the Bubble

Startups are supposed to specialize, but OPENSEA’s founders thrived by building a wide-open market for creating and trading all manner of NFTs, whether art, music or gaming. Now that they’re centimillionaires and poised to become billionaires, they have other worries: competitors, fraudsters and the next crypto crash.

time-read
6 mins  |
December 2021
Enduring Relations
Forbes Indonesia

Enduring Relations

The implementation of IA-CEPA amid the pandemic signifies the Indonesia-Australia’s commitment to recover and counter future challenges together.

time-read
6 mins  |
December 2021
Sweet Success
Forbes Indonesia

Sweet Success

Steven Erwin envisions Unifam to become a major global player in the confectionery and F&B industry.

time-read
5 mins  |
December 2021
Marathon Man
Forbes Indonesia

Marathon Man

Across America, scores of municipal pension funds remain scandalously underfunded. But not the pension fund of Tampa’s police and firemen, thanks in large part to JAY BOWEN, whose no-frills approach to stock picking has protected and served them for more than 45 years.

time-read
5 mins  |
December 2021
Gold Rallies on Inflation Fears
Forbes Indonesia

Gold Rallies on Inflation Fears

During September the price of gold rallied to $1,868 per ounce following the release of figures on US inflation by the Bureau of Labor Statistics which indicated that, as of September, CPI inflation had rocketed to 6.2%, above the 5.8% which economists had been predicting.

time-read
2 mins  |
December 2021
Set Off to A New Start
Forbes Indonesia

Set Off to A New Start

Bank Aladin has two main ingredients for success: establish trust and offer better customer experiences.

time-read
5 mins  |
December 2021
The Daily Intake
Forbes Indonesia

The Daily Intake

YOUVIT plans to invest further into marketing and grow into one of the leading vitamin brands in Indonesia.

time-read
4 mins  |
December 2021
THE CROESUS OF CRYPTO
Forbes Indonesia

THE CROESUS OF CRYPTO

FTX COFOUNDER SAM BANKMAN-FRIED BUILT A $22.5 BILLION FORTUNE BEFORE HIS 30TH BIRTHDAY BY PROFITING OFF THE CRYPTOCURRENCY FRENZY—BUT HE’S NOT A TRUE BELIEVER. HE JUST WANTS HIS WEALTH TO SURVIVE LONG ENOUGH TO GIVE IT ALL AWAY.

time-read
10+ mins  |
November 2021