REPUBLIKA.CO.ID, SERANG -- President Joko Widodo (Jokowi) has inaugurated the operation of Micro Wakaf Bank program in An Nawawi Tanara Islamic Boarding School of Serang District, Banten Province. He urged micro wakaf bank to assist the funding of micro, small, and medium enterprises (SMEs).

"The Micro Wakaf Bank is developed by the Financial Services Authority, or OJK, to help entrepreneurs. I hope the public can utilize the benefits to grow their business," Jokowi said here on Wednesday.

The president, accompanied by the Chairman of OJK Wimboh Santoso and the Chairman of Indonesian Council of Ulemas (MUI) Ma'ruf Amin, also held a discussion with several customers of An Nawawi Tanara Micro Wakaf Bank.

Jokowi expressed hope that the clients would be able to expand business through the financial assistance and coaching from the bank.

Previously, the government launched two Micro Wakaf Banks in Cirebon District of West Java Province and Surabaya City of East Java Province.

Additionally, Wimboh remarked that the authority has facilitated the establishment of 20 Micro Wakaf Banks in Java Island.

Twenty Micro Wakaf Bank will distribute funds to 2,784 clients, totaling Rp2.45 billion.

The financial authority plans to establish 20 other Wakaf Banks in areas outside Java Island, Santoso revealed.

The funding scheme that is implemented by Micro Wakaf Bank is not using collateral system, with the maximum lending of up to Rp3 million and 3 percent of profit sharing.

The An Nawawi Tanara Micro Wakaf Bank has 200 clients. Santoso noted that the client number can potentially increase to three thousand members. 

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