# Digital banking, now halal



## Ahriman (Sep 18, 2020)

https://restofworld.org/2020/now-serving-halal-apps/
		




> The average fintech startup founder faces a taxing to-do list: raise seed funding, scope out a user base, recruit talent, build something people will actually use. For the Indonesian entrepreneur, the Muslim-majority market presents an additional hurdle: build an app that is compliant with Islamic religious law, or Sharia.
> 
> New fintech startups must present themselves before the Indonesian Ulema Council (Majelis Ulama Indonesia, or MUI, in Bahasa Indonesian), composed of religious clerics from across the archipelago, for Sharia certification, in order to reach Indonesia’s 220 million Muslim users, who generally seek out products that fit their faith.
> 
> ...



Interesting. We already have pseudo-woke western banks who shut down "problematic" people and companies, so it almost seems like a logical step.

Expect to see this picking up in Britain within the next 5 years.


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## Kosher Dill (Sep 18, 2020)

> Expect to see this picking up in Britain within the next 5 years.


Islamic finance (as it's more often called) is nothing new, it already exists in Britain and elsewhere. For a while it was going to be "the next big thing" but I haven't heard much hype about it lately.
The only difference is that in the West it operates on a voluntary basis rather than being enforced by the state as in Indonesia.


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## Mediocre (Sep 18, 2020)

We've had Islamic Banking in Bongland for a long time.


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## crapstream (Sep 19, 2020)

Halal banks are nothing new, they have some other system to be compatible with the Islamic religion.


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