Robocash Group announced the launch of sharia compliant service Penyaluran Dana Syariah (PDS), which is a sharia compliant funding facility.
The service has been developed from the ground up in partnership with the financing company Reliance Finance and close consultation with Sharia Supervisory Board (Dewan Pengawas Syariah).
Operated by the legal entity PT Usaha Pembiayaan Reliance Indonesia (REFI), the product falls under the supervision of the Financial Services Authority (OJK) and the Sharia National Board in Indonesia. The launched service PDS will provide access to fintech products for the millions of Indonesians following Shariah principles, or the Islamic shariah law. The fundamentals include sharing of risk, profits and loss and prohibition of interest (riba).
According to the Islamic Finance Development Report, in 2023, the global Islamic finance industry is projected to grow to USD 3.8 trillion in assets from USD 2.4 trillion in 2017. However, considering that Indonesia has the largest Muslim population in the world, the country is only on the 6th place in the Islamic Finance Country Index 2018.
Speaking about the start of the service PDS, Denny Karim, Reliance Group Marketing Director said: “When we looked at the personal financing market in Indonesia, we saw many attractive products, but a very low degree of Syariah adoption. We decided to make it our goal to ensure financial inclusion for this exciting technology to our millions of customers who follow Sharia principles. However, with powerful technology comes responsibility. We believe that all financial services are a partnership, which should benefit all parties. We are committed to offering a range of financial services and – where appropriate – financial education, to help our customers make the best possible financial decisions.”
Source Chandler Caller