Jofie Yordan · · 1 min readIndonesian Shariah digibank posts 3x increase in transactions
(From left) Alami co-founders Harza Sandityo, Dima Djani, and Bembi Juniar / Photo credit: Alami
Hijra Bank, a Shariah-compliant digital bank based in Indonesia, has seen its transaction volume grow 3x compared to three months ago. Its app, which it launched in December 2022, has had its user base double since then.
The bank also recorded a 200% year-on-year increase in profit in 2022, while its third-party funds rose by 220% and its assets increased by nearly 200% over the same period. Its financing distribution also grew by 200% last year compared to 2021.
“The nonperforming financing ratio has improved significantly, which means that the quality of financing distributed by Hijra Bank has improved quite well,” said CEO Dima Djani.
Hijra Bank was previously known as Cempaka Al-Amin, a rural bank that was acquired by Shariah-compliant fintech firm Alami in 2021.
More than half of Hijra Bank’s app users are millennials and Gen Zs, according to the company. Going forward, the firm aims to have 1 million digital users by 2024.
See also: A new digital bank could instill VC faith in Indonesia’s Shariah fintech
Editing by Miguel Cordon and Lorenzo Kyle Subido
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