Indonesia's Sharia Fintech sector surged by over 100% from 2020 to 2021, ranking fifth globally. Reuters attributes this growth to rising conservatism, prompting a shift towards Islamic banking. Governmental backing, notably from Vice President Ma’ruf Amin, reinforces the momentum. With 38 members, including P2P lending and securities crowdfunding, the sector thrives on millennial users' preference for Sharia-compliant financial services.
