President Jokowi Launches Micro Waqf Banks in C. Java

President Jokowi converses with the attendees on the launching event, at APIK Islamic boarding school, Kendal Regency, Central Java regency, Monday (30/12). (Photo by: Jay/PR).

President Joko “Jokowi” Widodo on Monday (30/12) in Kendal regency in Central Java province launched the Apik Kaliwungu and Al Fadllu Kendal Micro Waqf Banks.

To date, the Government has built 56 micro waqf banks at Islamic boarding schools across the country. “Don’t borrow anymore from loan sharks as we now have micro waqf banks,” the President said.

The micro waqf banks, the President continued, have reached out to 25,000 micro and small businesses with total loan assistance standing at Rp34 billion.

“The Government is set to open approximately 50 more of micro waqf banks,” President Jokowi said, adding that micro waqf banks are dedicated to micro and small business for residents near the Islamic schools.

The President went on to say that the loan at the micro waqf bank does not need any collateral and the loan varies from Rp1 million to Rp5 million.

Furthermore, President Jokowi urged the recipients of the loan to use it entirely for business capital and not to use it for consumptive purposes. “If you do that, you might found it difficult to pay the installment,” he added. (RSF/JAY/ES)

Translated by: Galuh Wicaksono
Reviewed by: Muhammad Ersan Pamungkas