President Jokowi Inaugurates Micro Waqf Bank in Deli Serdang

By Office of Assistant to Deputy Cabinet Secretary for State Documents & Translation
Date 8 Oktober 2018
Category: News
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President Jokowi has a dialogue with residents when inaugurating Micro Waqf Bank at Mawaridussalam Islamic Boarding School, Tumpatan Nimbung Village, Deli Serdang, Monday (8/10). (Photo: Rahmat/PR)

President Jokowi has a dialogue with residents when inaugurating Micro Waqf Bank at Mawaridussalam Islamic Boarding School, Tumpatan Nimbung Village, Deli Serdang, Monday (8/10). (Photo: Rahmat/PR)

President Joko “Jokowi” Widodo accompanied by First Lady Iriana inaugurated a Micro Waqf (Endowment) Bank at Mawaridussalam Islamic Boarding School in Tumpatan Nibung Village, Batang Kuis District, Deli Serdang Regency, North Sumatera Province, Monday (8/10).

In his remarks, President Jokowi said that the Government currently has established micro waqf banks, each is given capital of approximately Rp 8 billion, in 33 islamic boarding schools.

The establishment of the micro waqf bank, according to the President, is the Government’s response to the complaints of people living in villages or Islamic boarding schools area about the difficulty to access banking services due to complicated administration, including the requirement of collateral provision.

In fact, the President continued, the people need financial access for business and investment capital. Therefore, President Jokowi added, the Government had initiated the establishment of micro waqf bank.

President also said that later everyone can borrow money and repay it in installment scheme with no collateral.

President Jokowi also emphasized that micro-economic development, especially in Islamic boarding schools area, must run well. Thus, the President continued, the Government will continue to develop micro waqf banks in other regions.

 “Later in the future, when the number of the banks has been developing, we hope to merge these micro banks into one major bank,” said President Jokowi, adding that the Government currently is in the early stage of building the micro waqf bank.

Present at the event were Cabinet Secretary Pramono Anung, Governor of North Sumatra Edy Rahmayadi, Chairman of Financial Services Authority (OJK) Wimboh Santoso, heads and students of Islamic boarding schools, and local residents. (DNA / RAH / ES) (STU/LW/Naster)

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