Since its inception in 2019, Alami has disbursed more than RM947m with NPF of 0% as of last month 

ALAMI Group, Shariah-compliant small and medium enterprise (SME) lending platform that holds a digital mobile banking license in Indonesia, announced that it has successfully closed pre-series B round for an undisclosed sum led by East Ventures (Growth Fund). 

The series involved returning investors AC Ventures, Quona Capital, and FEBE Ventures. US-based venture capital firm Capria Ventures has also joined the round, marking its first direct investment in the Asia Pacific. 

Alami strives to provide Muslim Indonesian consumers and SMEs with better access to financial products that adhere to the Shariah principle, it said in a statement. 

It noted that most Indonesian SMEs struggle to find a product that fit both themselves or their business that is modern and competitive but comprehensively follows Islamic principles. 

Alami group founder/CEO Dima Djani said the pre-series B round was a strong validation that investors acknowledge the positive impact Alami is creating in Indonesia’s market. 

“We see the tremendous long-term potential that access to banking and Shariah-compliant financing from our Hijra Bank can unlock for Indonesia’s 230 million Muslim and SMEs. We will commit more energy and resources going forward, as we see a huge and under-penetrated market unfolding before us,” he said. 

As Indonesian SMEs recover from the pandemic, the demand versus supply deficit for finance needed by SMEs still stands at US$108 billion (RM511.59 billion) to resolve this challenge, peer-to-peer lending (P2PL) has emerged as a revolutionary financial lending solution which is quick, convenient and reliable. 

Since its inception in 2019, Alami said it has disbursed more than US$200 million with non-performing finance (NPF) of 0% as of last month. 

The platform currently has more than 111,000 peer-to-peer investors involved in almost 10,000 projects across the nation focused on the exponential growth of Indonesian SMEs, the statement added. 

The company also acquired BPRS Cempaka Al-Amin, now Hijra Bank, the only Shariah rural bank in Jakarta, in 2021. Early this year, Hijra Bank obtained a digital mobile banking license from the Indonesia Financial Authority (OJK). 

East Ventures managing partner Roderick Purwana said they believe that the strong expertise and integrity of Dima and Team, as proven through the company’s positive growth and KPIs surpassed, will continue to empower the banking industry in Indonesia, especially moving the financial inclusion towards sustainability. 

“We are glad to double down our investment in Alami and continue to be part of Alami’s journey in revolutionising the Shariah finance industry in Indonesia,” he said. — TMR