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Indonesian peer-to-peer lender ALAMI buys Sharia bank

Startup to expand Islamic financing business to target young Muslims

The number of fintechs focused on Sharia lending registered in Indonesia stood at 11 in 2020.   © Reuters

JAKARTA -- The Sharia-compliant peer-to-peer (P2P) lender ALAMI Technologies has acquired a Sharia rural bank, BPRS Cempaka Al-Amin, in Indonesia, three people familiar with the matter told DealStreetAsia.

The sources said the total transaction value was less than $10 million.

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