[lemparin2020]

This piece uses snippets of real information to play to a pre-existing agenda thats pretty easy to spot. So please dont jump to conclusions. For example:

>> "New fintech startups must present themselves before the Indonesian Ulema Council .. composed of religious clerics"

But later we learn LinkAja "building the first Sharia mobile money product in Indonesia". So obviously thats not exactly true.

>> embedded in the DNA of the app was Fatwa No. 116 and the fingerprints of three Sharia clerics.

Well obviously. If you want to build a halal certified banking product it has to be implement syariah principles, thats the point.

==

For context the banking system here is dominated by conventional banking, with syariah banking assets tiny in comparison (Rp424 trillion Vs Rp7.4 quadrillion [0]). There is demand for Syariah products, Indonesia has the largest muslim population in the world, hence LinkAja and others looking at it as a way to service this demand. Some people build syariah products for a desire to see Syariah financing implemented as they believe its better, some as its core to their beliefs, some for money.

The VP supports syariah banking, of course. But for context in reality Its a bit of struggle for them (hence the big initiatives), ie not some secret agenda being forced from above.

As for the merits of syariah VS conventional you'll need to research yourself. And if you really want to -OMG- talk to an islamic scholar then fire ahead. You wont exactly get far ignoring one side of the debate. There is also an interesting discussion on whether "regular" syariah banking products are normal ones wrapped in a compliant way, as others have touched upon here. And of course a macro-discussion on the problems with financing & banking ethics by people of all & no faiths.

[0] https://databoks.katadata.co.id/datapublish/2019/09/20/berap....

[Bishop_]

Are you familiar with how muslims in muslim minority countries do banking? Are there sayariah banks / credit unions that I am simply unaware of due to my ignorance? Or do they simply not use banks? Or do most just not care about the rule as I think would be implied by conventional banking being more prevalent even in a country with as many muslims as Indonesia?

[Slightofhand]

In the UK most of the banks offer a shariah compliant account to customers. I know LLyods TSB and HSBC do this. Your account basically does not include any interests and you are provided with a contract that explains how this is shariah compliant.

[lemparin2020]

Not very familiar, but I do know there are syariah banks in countries with muslim minorities. Eg Al Rayan Bank in UK.

Just opinion, but I think as with most beliefs people aim to adhear in general but maybe not to the letter where not practical. Eg. a bitcoin enthusiast who has a conventional mortgage :)

If given the choice, I think people would favor banking products that fit their beliefs, but weighed against other factors. One of the limits on growth of syariah financing here for example is that it sometimes tends to be more expensive than traditional.

[Bishop_]

I kind of assumed it was one of those religious rules that might get thumped around a lot by those who are very devout but conveniently ignored by most average folks, like some christians not eating meat on Fridays.

Unfortunate that rules that seemed to have been designed to be fairer to those borrowing ended up making them more expensive.