KUALA LUMPUR: Souqa Fintech Sdn Bhd, the operator of Shariah-compliant payment gateway PayHalal, has set its sights on Indonesia by partnering with Jakarta-based PT Kirana Investama Nusantara.
The investment firm, partially owned by non-governmental organization Yayasan Desa Emas Indonesia, also runs the government-backed village-centric industry program Gerakan Desa Emas or locally known as Desa Emas.
The partnership will enable both entities to operate PayHalal in enhancing the Desa Emas initiative by providing a range of Shariah-compliant online platforms including payment services, payment collection products and e-commerce market services to participating entrepreneurs.
Souqa Fintech group chief executive officer Datuk Badlisyah Abdul Ghani as quoted in Bernama expressed his optimism that PayHalal would be able to expand beyond Desa Emas in the future into the larger Indonesian market of 270 million people of whom 87 per cent are Muslims, and that demand from Muslim consumers will over time organically develop the market-driven Halal products and services sector.
Taking into account Indonesian President Joko Widodo’s serious undertaking to develop Indonesia’s Halal industry at large, he is poised and confident that PayHalal will play an active role in its development as a Shariah-compliant financial service provider.
In fact, he said Indonesia was ranked 10th in the Global Islamic Economy Indicator (GIEI) last year, improving its footing in the modest fashion segment but still lacking in others such as Islamic finance, Halal food, Halal pharmaceuticals and cosmetics as well as Halal travel.
He added, the Indonesian President has also signed the Government Regulation for the implementation of the Halal Product Assurance Law, which states that all products that enter and are circulated and traded in Indonesia must be Halal-certified.