The Rabu Program (meaning “to save diligently”) was introduced recently at the Indonesian Banking Expo (IBEX), a conference focusing on financial inclusion. The government sponsored program urges students to save on the first Wednesday of each month with the assistance of banking services provided by state banks at schools [1]. The objective is to strengthen the TabunganKu (MySavings) program that was initiated in 2010 to increase financial inclusion [1]. The TabunganKu program enables prospective bank customers to open accounts with a minimum deposit described as ‘low’ and no monthly administrative fees. Services are accessed by means of TabunganKu Cars which visit gathering places such as schools, markets, office buildings and residential areas [1,3]. As of June 2012, TabunganKu attracted INR 2.75 trillion (USD 291.4 million) in savings in 2.5 million accounts [1].
IBEX was hosted by the National Banks Association (Perbanas), an association of 78 Indonesian banks, in collaboration with the Indonesian Sharia Banks Association (Asbisindo), an association of 82 Islamic rural banks and two commercial banks, Indonesian Islamic banks, and Bank Indonesia (BI), the central bank of Indonesia. As part of IBEX, Perbanas and BI partnered to host the first Association of Southeast Asian Nations (ASEAN) conference on financial inclusion during IBEX [1]. ASEAN is a geo-political and economic organization of ten countries focused on political and security cooperation, economic integration and sociocultural cooperation.
By Amy Samudre, Research Associate
About Indonesian Sharia Banks Association (Asbisindo): ISBA was established in 1992 as an association of Islamic banks. Asbisindo issues guidelines on Islamic banking for its members as well as serving as a coordination and communication conduit for Islamic banks. Founding banks include Bank Muamalat Indonesia, Bank Shariah Mandiri and Bank Shariah Mega Indonesia. Asbisindo has 109 members as of 2012.
About Bank of Indonesia (BI): Bank Indonesia is the central bank of Indonesia. Established in 1953, the bank is guided by a board of governors, a senior deputy governor and up to seven deputy governors and is led by Darmin Nasution as of 2012. The bank is headquartered in Jakarta and operates 37 offices across Indonesia in addition to offices in New York, London, Tokyo and Singapore.
About The National Banks Association (Perbanas): Perbanas is an association of Indonesian banks that was established in 1951. 78 out of 122 commercial banks within the nation are active members of Perbanas as of 2012. Perbanas conducts trainings, conferences and research as well as representing its members in consultation with government for the purpose of developing regulations and policies.
Sources and Additional Resources
[1] The jakartapost.com, “Bank Expo to kick off with focus on financial inclusion,” http://www.thejakartapost.com/news/2012/06/27/banking-expo-kick-with-focus-financial-inclusion.html
[2] Malaysia International Islamic Financial Centre, “Regulatory and Legal Infrastructure for Development of Islamic Finance,” http://www.mifc.com/repository/0288ZicoLawMrs%20Leoni%20Silitonga%20slides%20presentation.pdf
[3] Asian Development Bank Institute, “Grassroots saving mobilization in Indonesia,” http://www.adbi.org/files/2011.09.6.cpp.day1.sess2.4.wibowo.grassroots.mobilization.indonesia.pdf
MicroCapital.org Story, July 30, 2011, “MICROCAPITAL BRIEF: Editorial Touts Financial Literacy, Microsavings to Increase Financial Inclusion in Indonesia.” https://www.microcapital.org/microcapital-brief-editorial-touts-financial-literacy-microsavings-to-increase-financial-inclusion-in-indonesia/
MicroCapital.org Story, June 7, 2011, “MICROCAPITAL BRIEF: The Wall Street Journal Reports on Expansion of Indonesian Banks into Microfinance Sector, $30b in Microloans Are Distributed in 5 Years.” https://www.microcapital.org/microcapital-brief-the-wall-street-journal-reports-on-expansion-of-indonesian-banks-into-microfinance-sector-30b-in-microloans-are-distributed-in-5-years/
MicroCapital Universe Profile: Indonesia Sharia Banks Association https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Indonesian+Sharia+Banks+Association
MicroCapital Universe Profile: Bank Indonesia https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bank+Indonesia+%28BI%29
MicroCapital Universe Profile: The National Banks Association (Perbanas) https://www.microcapital.org/microfinanceuniverse/tiki-index.phppage=The+National+Banks+Association+%28Perbanas%29
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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