Avoid Riba Risk, Ammana Sharia Lending Gets Bank Muamalat as Escrow Agent

Startups fintech p2p lending sharia-based Ammana announced a collaboration with Bank Muamalat for the use of escrow accounts or escrow accounts. This is done to ensure that the funds remain free from the element of usury. This initial step will continue the following cooperation between the two companies with other initiatives.

Bank Muamalat CEO Achmad K. Permana said the company's presence fintech sharia-based is a solution for people who want to invest but still comply with sharia principles, namely without usury. The potential of Islamic finance in Indonesia is still quite large, although the penetration rate is still low.

He also said that this collaboration is a form of the company's commitment to always be in the Islamic finance ecosystem in Indonesia. Moreover, both Bank Muamalat and Ammana have quite special ties, both of which are pioneers in the Islamic finance industry.

"Everything related to sharia, Muamalat must enter it and we believe we can compete with other banks in this segment. escrow account, will continue us Update technology in Muamalat so that it can support others," he explained, yesterday (15/4).

From this announcement, automatically all payment results from Actioncalendar on borrowers will be managed through a series of services cash management at Bank Muamalat. Among others, by using a Virtual Account, Cash Management System, and becoming an agent escrow which ensures that the funds raised and managed will be allocated according to the main objectives.

Founder and CEO Ammana Lutfi Adhiansyah added that banks have the infrastructure to collect funds and regulate the flow of financial transactions. Different from the task such as Ammana, whose job is only to focus on connecting borrowers and lenders.

In addition, the POJK has determined that startups that play in the sharia segment must adhere to protecting their business from the element of usury by selectively choosing business partners.

"Expertise managing the finances is in the bank, so we leave it to Bank Muamalat to handle it. [..] In the future, we believe that collaboration is not only in escrow Of course, but we can be treated like smart agents who can sell all sharia-based products such as sharia mutual funds," said Lutfi.

Ammana business plan

Lutfi hopes that this collaboration will strengthen the ecosystem fintech sharia law in Indonesia, as well as increasing the trust of borrowers of funds because the company has hooked up with Bank Muamalat, which incidentally is quite strong as a brand Islamic Bank.

This year, he targets Ammana to be able to disburse financing of up to 100 billion Rupiah, the same as the target set for last year's achievement but missed realization. Last year, the company was only able to disburse financing of 30 billion Rupiah.

The loan was disbursed to 6 thousand loan recipients, the majority of whom were engaged in productive loans. The loan nominal that can be applied starts from 5 million Rupiah. The number of lenders in Ammana is claimed to be 30 thousand people.

Lutfi said that to realize this distribution target, the company made a number of strategies. These include releasing loans for the consumer segment and adding Baitul Maal wa Tamwil (BMT) partners to 150 units from the current 70 units so that more entrepreneurs can get loans.

Ammana is a startup fintech the first sharia to pocket a registered certificate from the OJK. The service can only be accessed through the desktop or mobile site, the application is not yet available.