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Business trends

Islamic finance in Indonesia fends off coronavirus chill

Banks and app tap growing demand in world's largest Muslim country

A Bank Mandiri employee meets with a customer in Jakarta. To comply with Islamic law, banks can offer lease deals instead of interest-bearing loans. (Photo by Koya Jibiki)

JAKARTA -- Islamic finance has thrived in Indonesia despite the coronavirus, with banks and fintech companies rushing to tap the growing field even as the pandemic squeezes the country's banking sector overall.

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