Islamic Finance

Indonesian personal finance portal Finansialku eyeing more investors with new Islamic feature

JAKARTA – Indonesian personal finance assistant PT Solusi Finansialku plans to launch a dedicated Islamic feature during the fourth quarter to capture a broader base of investors.

Finansialku currently has more than six certified financial planners focused on Shariah-compliant investing but lacks a dedicated Islamic section on its app and platform, Widya Yuliarti, one of the CFPs told Salaam Gateway.

The company hopes a dedicated Shariah-compliant investment section will help it attract and lock in more investors.

“I can say we serve more than 100 clients per month asking about Islamic investments but of course, whether they choose Shariah or conventional, in the end that’s their choice,” she said.

Finansialku partners with insurance companies and securities agents, and for its Islamic section it will work with umrah travel companies and firms that can give access to sukuk, Islamic mutual funds, and takaful.

Its app has been downloaded 203,000 times since April 2017 and it is targeting 4 million downloads by 2022. 90,000 users have become premium subscribers, according to the company. Subscribers pay 35,000 rupiah ($2.40) per month or 350,000 rupiah per year for financial management services and access to premium content. The company also makes money from organising conferences and selling financial planning training services to corporates in many cities.

Finansialku started in 2013 and only digitalised in 2016, moving its services online and to an app. Its advisors are CFPs certified by the national authority the Financial Planning Standards Board (FPSB).

The company is registered with the Financial Services Regulator (OJK).

Clients mainly come from Jakarta, Bandung, Surabaya, Yogyakarta, Medan, Palembang, Makassar and Papua. Around 70% are from Java.

Finansialku’s users range from 20 to 45 years of age with the biggest demographic in the 20-25 age group.

(Reporting by Yosi Winosa; Editing by Emmy Abdul Alim

*CORRECTION: A correction was made on September 2. Finansialku is not registered with DSN MUI as originally reported. 

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