Indonesia’s Islamic fintechs downgrade growth forecasts but plod on amid coronavirus crisis
JAKARTA – Most of Indonesia’s Islamic fintechs are re-orienting or pivoting their businesses as the country’s MSMEs and entrepreneurs slump due to social distancing and other restrictions amid the spread of the novel coronavirus, Ronald Yusuf Wijaya, chairperson of the Indonesia Syariah Fintech Association (AFSI) told Salaam Gateway.
Overall, about half of the members of the Indonesian Fintech Lenders Association (AFPI), which counts conventional and Islamic companies, reported having received requests for loan restructuring from their clients, according to a recent survey by the industry body.
Islamic fintechs polled by Salaam Gateway say that all things considered, they’re still in a good position.
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