VP Ma’ruf Amin: Micro Waqf Banks Can Drive People’s Economic Growth

Vice President Ma’ruf Amin attends Inauguration of Micro Waqf Bank Program in Muhammadiyah Sabilil Muttaqien Islamic Boarding School and Distribution of Smallholder Business Credit, at Metro Muhammadiyah University, Lampung province, Thursday (23/12). (Photo: BPMI of Vice Presidential Office)

The Government continues to step up measures to alleviate poverty, one of which through provision of sharia social funds.

According to Vice President Ma’ruf Amin, utilization of sharia social funds can be seen, among others, from the establishment of Micro Waqf Banks that aim to provide access to financial services for micro and small businesses.

Therefore, in the future, Micro Waqf Banks are expected to be a medium to expand access to financing and leveraging community economic growth, he added.

“Micro Waqf Banks are a pioneer to empower small entrepreneurs, which are expected to grow and become customers of commercial sharia banks,” said Ma’ruf when during the Inauguration of the Micro Waqf Bank Program in Sabilil Muttaqien Islamic Boarding School and Distribution of Smallholder Business Credit (KUR) at Muhammadiyah University in Metro, Lampung province, Thursday (23/12).

Ma’ruf added that with more than 27,000 Islamic boarding schools throughout Indonesia, the roles of  Micro Waqf Banks can be optimized

“The presence of Micro Waqf Banks at Islamic boarding schools can be an incubator in preparing, advancing, and expanding sharia micro-enterprises since economic development of the surrounding communities will be very large. The impacts will also be very large,” he added.

Therefore, the Vice President expressed hope that measures taken by the Financial Services Authority (OJK) to encourage the establishment of Micro Waqf Bank in Islamic boarding schools can be an inspiration for all stakeholders engaged in economics and financial business are expected to be replicated in order to provide convenience and empowerment for the communities.

The Vice President went on to say that the presence of Micro Waqf Banks at Islamic boarding schools is expected to provide an additional function to support One Pesantren One Product program, which will produce santri (Islamic students) who are able to master religious teachings, as well as entrepreneurship.

The Vice President further said that Micro Waqf Banks are expected to be managed properly and provide great benefits to the communities as they are expected to be one of the factors in driving national economic growth in the future. (Vice Presidential Office/UN) (EST/EP)