Sharia Lending Platform ALAMI Secures US$30 Mln Funding

Sharia fintech ALAMI secured US$30 million in a funding round from Lendable, the world's leading fintech funding provider. Lendable disburses sharia-based funding with the Wakalah bil Istithmar contract. Dima Djani, ALAMI Group Chief Executive Officer, said the funding further strengthens the company's position as a fintech platform that provides sharia productive financing services.

According to him, ALAMI will channel the funding to micro, small, and medium enterprises (UMKM) projects that require sharia financing. He said ALAMI seeks to address the MSME financing gap. Of the US$165 billion demands for financing, only US$57 billion has been fulfilled. "We also hope that this effort can accelerate the halal industry development," he said.