ALAMI, a Sharia-compliant fintech, and Impact Credit Solutions (ICS) have partnered to offer affordable financing to the Indonesian healthcare sector during the COVID-19 pandemic. ALAMI and ICS have entered into a US$20 million credit facility to finance hospitals, clinics, pharmacies and other participants in the healthcare supply chain. This facility is part of the Indonesian Resilience Fund, managed by ICS and supported by the U.S. International Development Finance Corporation (DFC), the U.S. Agency for International Development (USAID) and the Australian Government Department of Foreign Affairs and Trade (DFAT).
ALAMI brings strong origination capabilities in the healthcare space including a partnership with Indonesian government health insurance provider, Badan Penyelengara Jaminan Sosial Kesehatan. ALAMI leverages ICS’ Sharia-compliant lending technology to underwrite invoice backed-loans. The embedded lending technology enables end-to-end lending, increases disbursement speed and provides investors real-time transparency on their loan book. In the pilot phase, US$3.3 million (IDR47 billion) of loans has already been disbursed.
“We have focused on healthcare to help Indonesia get through this pandemic. ICS’ embedded lending solution enables us to launch digital loan products that still meet our borrowers’ Sharia needs. Together, we can disburse funds quickly and affordably to this key sector,” said Dima Djani, Co-Founder and CEO of ALAMI.
Recently, Indonesia has been going through a surge of COVID-19 cases, with more than 40,000 daily reported infections. The healthcare sector is facing severe pressure with hospital occupancy above 80% in most provinces, making financing for vaccines, medical oxygen and patient care more urgent than ever.
Women have been at the forefront of COVID-19 response, making up a majority of the frontline healthcare professionals and community health workers. Yet, women who are healthcare professionals, healthcare workers and business owners are disproportionately affected by the pandemic due to their personal responsibilities as caregivers for the sick, children, and elderly family members.
“Partnering with purpose-driven fintechs, like ALAMI, is enabling us to deliver the needed liquidity in the healthcare sector, to ensure communities receive adequate medical care during this pandemic,” said Dewi Wiranti, Indonesia Country Head at ICS.