Saudi’s UmrahCash Enters Indonesia via Sharia Partnerships
▼ Summary
– UmrahCash has expanded into Indonesia after announcing partnerships with KNEKS, Muhammadiyah, and ASPHIRASI at the Umrah and Hajj Technology and Finance Forum.
– The company aims to make hajj and umrah more accessible by providing sharia-compliant financial services that are safe, transparent, and easy to use.
– Indonesia is UmrahCash’s largest growth market, with over 240,000 annual Hajj pilgrims and projected religious tourism turnover of IDR 194 trillion by 2030.
– Local operations will be led by Jodhi Sardjono, who brings extensive experience in Islamic financial services and previously co-founded Swapper for pilgrim remittances.
– UmrahCash ensures regulatory compliance by working with licensed Indonesian providers and plans to compete with mainstream digital wallets through a sharia-compliant financial ecosystem.
Saudi fintech firm UmrahCash has officially launched its services in Indonesia, marking a significant milestone in the digital transformation of Islamic financial services for pilgrims. The announcement came during the recent Umrah and Hajj Technology and Finance Forum held in Jakarta on September 25, where the company revealed strategic partnerships with KNEKS, Muhammadiyah, and ASPHIRASI. These collaborations are designed to strengthen the sharia fintech ecosystem supporting millions of Muslims undertaking hajj and umrah pilgrimages each year.
William Phelps, CEO of UmrahCash, stated that the company’s core mission is to enhance accessibility for all pilgrims by offering financial solutions that are secure, transparent, and fully compliant with Islamic principles. During the same event, UmrahCash solidified additional local agreements with Vida, Immer, and Al Baasith Anugrah Tour Travel. These partnerships aim to deliver reliable and easy-to-use digital services tailored to the needs of Indonesian pilgrims.
Originally introduced in Nigeria to serve West African pilgrims, UmrahCash is now targeting Indonesia as its primary growth market. The country sends over 240,000 Hajj pilgrims annually, with a waiting list approaching five million individuals. Religious tourism revenue in Indonesia is forecast to reach IDR 194 trillion by 2030, presenting a substantial opportunity for sharia-compliant financial platforms. This expansion aligns with Saudi Arabia’s Vision 2030 initiative, which includes investing more than $1.3 billion in new infrastructure at holy sites to improve capacity and the overall pilgrim experience. Last year, Saudi Arabia welcomed a record 26.8 million Umrah pilgrims, underscoring the growing demand for scalable and trustworthy financial tools.
UmrahCash meets this rising demand by providing direct access to Saudi riyals and preparing to roll out savings accounts, deposit products, ethical financing options, and sharia-compliant payment and withdrawal services in both Indonesia and Saudi Arabia. The platform employs sophisticated fintech solutions to shield users from currency fluctuations while strictly adhering to Islamic financial standards.
Leading the company’s Indonesian operations is Jodhi Sardjono, Chairman of the Sharia Blockchain Association and former Head of Product at LinkAja Syariah. With deep expertise in scaling Islamic finance platforms, Sardjono previously co-founded Swapper, a service that processed more than $13.5 million in remittances between Indonesia and Saudi Arabia for pilgrimage service providers. He emphasized that UmrahCash integrates modern technology with a genuine understanding of pilgrim requirements, offering not just payment solutions but also reassurance. Indonesian pilgrims can now dedicate their attention to spiritual practices without financial distractions.
Regulatory and industry leaders have expressed strong support for the initiative. Yosita Nur Wirdayanti, Acting Director of Sharia Financial Services at KNEKS, affirmed the organization’s backing for collaborations that reinforce the sharia finance ecosystem, provided they operate within Indonesia’s legal framework. H. Tauhid Hamdi, Vice Chairman of ASPHIRASI, noted that with 350 member organizations spanning travel, hospitality, and catering sectors, ASPHIRASI regards UmrahCash as a timely digital innovation. He believes it will introduce greater transparency and build trust, particularly for pilgrims from rural and remote regions.
Phelps reiterated UmrahCash’s dedication to regulatory compliance, confirming that the company partners exclusively with licensed Indonesian providers for data storage, fund transfers, and transaction processing. He acknowledged two primary hurdles for expansion: adapting to Indonesia’s regulatory environment and responding to shifting user behavior. To overcome these, UmrahCash is forming alliances with local travel agencies to serve both organized tour groups and independent travelers, including backpackers. Looking ahead, Phelps shared the company’s long-term goal of competing with mainstream digital wallets by establishing a comprehensive, sharia-compliant financial ecosystem.
(Source: MEA Tech Watch)