6 ms·

Conventional banking and finance remains the bulk of activity within the country and I do not believe this announcement is declaring conventional products banne

Conventional banking and finance remains the bulk of activity within the country and I do not believe this announcement is declaring conventional products banned from the market at large. Rather I think this requirement only applies to a small section of the Indonesia financial industry, approximately 10% of the market. https://www.ojk.go.id/en/berita-dan-kegiatan/siaran-pers/Pages/Press-Release-Sharia-Finance-Gains-8-Market-Share.aspx https://www.ojk.go.id/en/berita-dan-kegiatan/siaran-pers/Pag... Participating in the Indonesian sharia finance economy would be more akin to something like organic certification on produce. Most farms are not organic but if you want to label your products as such then you have to undergo a certification process with an agency like the USDA. In this case to be certified Halal you have to gain the MUI certificate which is recognized by the OJK Financial Services Authority of Indonesian. However, an Indonesian person is likely better person to clarify this more precisely.

LatteLazy 6y ago
But it applies to all of the fintech sector right? You cannot start or operate a fintech without religious permission? And by extension, forcing customers to buy products they don't actually want (sharia when they want non sharia).
- deleted 6y ago
  [deleted]
- doesnotexist 6y ago
  I don't believe it's a blanket requirement, it's rather that if you want to market your product as being Halal then you have to get certification. Perhaps have a look at lemparin2020's comment https://news.ycombinator.com/item?id=24518270 https://news.ycombinator.com/item?id=24518270 who appears to be an actual Indonesian who is more familiar with the article's subject matter. lemaprin2020 says: >>Well obviously. If you want to build a halal certified banking product it has to be implement syariah principles, thats the point.
  - LatteLazy 6y ago
    The article explicitly states it is a requirement. If you want to build a non halal certified product... You can't.
    - doesnotexist 6y ago
      I see that you are determined to take that away from the article even if it is incorrect.

LatteLazy 6y ago

But it applies to all of the fintech sector right? You cannot start or operate a fintech without religious permission? And by extension, forcing customers to buy products they don't actually want (sharia when they want non sharia).

deleted 6y ago
[deleted]
doesnotexist 6y ago
I don't believe it's a blanket requirement, it's rather that if you want to market your product as being Halal then you have to get certification. Perhaps have a look at lemparin2020's comment https://news.ycombinator.com/item?id=24518270 https://news.ycombinator.com/item?id=24518270 who appears to be an actual Indonesian who is more familiar with the article's subject matter. lemaprin2020 says: >>Well obviously. If you want to build a halal certified banking product it has to be implement syariah principles, thats the point.
- LatteLazy 6y ago
  The article explicitly states it is a requirement. If you want to build a non halal certified product... You can't.
  - doesnotexist 6y ago
    I see that you are determined to take that away from the article even if it is incorrect.