Indonesia’s Aladin Bank to launch app for its Sharia-compliant services
Having raised $36 million through an IPO in February last year, Aladdin says the new app will offer a profit sharing scheme (mudarabah contract), no minimum balance for opening a new account and no fees on many services.
Jakarta: Indonesian digital Islamic bank, Aladin Bank has announced that it will launch a mobile application by March, in time for Ramadan and with the aim of offering its Sharia compliant banking services to an underserved segment.
Aladin Bank CEO Dyota Marsudi told Salaam Gateway that the mobile banking app will provide several benefits including a profit sharing scheme (mudarabah contract), no minimum balance for opening a new account, no minimum monthly balance, no transfer fees, no withdrawal cash fees or bill payment fees.
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