Indonesian Islamic fintech introduces haj savings feature targeted at millennials

JAKARTA – Indonesian Islamic peer-to-peer lender Ammana Fintek Syariah has introduced a haj financial planner and savings deposit feature on its platform in collaboration with the country’s haj fund management agency (BPKH).

The fintech’s CEO Lutfi Adhiansyah Muftie told Salaam Gateway the long waiting time to go to the haj makes the feature suitable for millennials and younger Indonesians who can slowly build up their haj funds. The feature can only be used by people who have accounts with the fintech, either as fundraisers or lenders. Ammana currently has 1,717 fundraisers and 2,288 lenders on its platform.

It is hopeful its new feature will gain traction as there are limited options currently available for haj deposits. Currently, haj bridging funds and haj deposit savings programmes are provided by Islamic banks and the ones involving fintechs don’t connect directly to the ministry of religious affairs’ haj system or the BPKH. Ammana Finitek Syariah’s does, and it hopes this direct connection will give it an edge over its competitors.