HSBC Amanah Shariah, the Islamic financial services division of the HSBC Group, a banking and financial services organization based in the United Kingdom, recently announced that it would allocate IDR 18.5 billion (USD 2.12 million) to the development of micro-, small and medium-sized enterprises (MSMEs) through PT Permodalan Nasional Madani (PNM), an Indonesian state financial institution, under an agreement that complies with Islamic law, also known as the Shariah.
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MICROCAPITAL EVENT: CANCELLED Developing Inclusive Financial Systems: The CGAP (Consultative Group to Assist the Poor) Course for Funders of Microfinance in Jakarta, Indonesia, April 22 to 29, 2011
THIS EVENT HAS BEEN CANCELLED.
Event Name: Developing Inclusive Financial Systems: The CGAP Course for Funders of Microfinance, “How Can Funders Support Microfinance Effectively?”
Event Date: April 22 – April 29, 2011
Event Location: Jakarta, Indonesia
MICROCAPITAL BRIEF: CGAP Launches Islamic Microfinance Blog Series Featuring Finalists of Global Islamic Microfinance Challenge 2010: Al Amal of Yemen, Tanzania ecoVolunteerism, Bisma of Indonesia and Tameer, CWCD of Pakistan
The CGAP Microfinance Blog, which is operated by US-based think tank CGAP (Consultative Group to Assist the Poor), is featuring a series on Islamic microfinance that profiles the winner and finalists of the Islamic Microfinance Challenge and others in an effort to engage with the broader microfinance and Islamic finance communities to find new ways to support the Islamic microfinance sector. The Islamic Microfinance Series can be found at http://microfinance.cgap.org/category/blog-series/islamic-microfinance-series/
MICROCAPITAL BRIEF: responsAbility Social Investments of Switzerland Makes Loans Totaling $3m to Gata Daku of the Philippines; Koperasi Mitra Dhuafa (Komida) of Indonesia; and Cambodian Microfinance Institutions (MFIs) AMRET, Sathapana and Thaneakea Phum Cambodia Limited (TPC)
responsAbility Social Investments AG, an investment company based in Switzerland, recently reported to MicroCapital that it has made loans totaling the equivalent of USD 3.06 million to microfinance institutions (MFIs) in Cambodia, the Philippines and Indonesia [1].
MICROCAPITAL BRIEF: Grameen Credit Agricole Microfinance Foundation Makes $1.8m Local-Currency Loan to Koperasi Mitra Dhuafa (Komida) of Indonesia and Thaneakea Phum Cambodia (TPC), Chamroeun Microfinance of Cambodia
Grameen Credit Agricole Microfinance Foundation, a nonprofit organization established in Luxembourg in 2008 as a partnership between Credit Agricole SA, a French retail bank, and Grameen Trust (GT), a nonprofit microfinance organization based in Bangladesh, extended three local-currency loans equivalent to a total of USD 1.8 million to microfinance institutions (MFIs) in Southeast Asia.
MICROCAPITAL BRIEF: Indonesia Launches Microfinance Loans to Help Citizens Arrange to Work Abroad As Migrants
President Susilo Bambang Yudhoyono of Indonesia recently announced the launch of a new microcredit program to help Indonesian migrant workers secure overseas employment and finance their departure process, which involves arranging their legal documents, having medical checkups, receiving training and obtaining competency certificates.
MICROCAPITAL BRIEF: Microfinance Dominates Shariah Lending in Indonesia, Commercial Banks Take Notice
The market for Shariah loans, those that are in compliance with Islamic law, has reportedly been dominated by microloans, prompting several of Indonesia’s commercial banks to focus on offering the small loans in underserved areas.
MICROCAPITAL BRIEF: responsAbility Social Investments AG Makes Debt Investments Totaling $1.7m in MBK Ventura of Indonesia, COOPAC Norandino of Peru and COAC Mushuc Runa of Ecuador
responsAbility Social Investments AG (responsAbility), an investment manager founded in 2003 in Switzerland, reported to MicroCapital that it recently made four debt investments totaling USD 1.7 million in microfinance institutions (MFIs) MBK Ventura of Indonesia, COOPAC Norandino of Peru and COAC Mushuc Runa of Ecuador.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Provide Advisory Services to PT Bank Internasional Indonesia (BII)
PT Bank Internasional Indonesia (BII), a private bank with 286 branches in Indonesia, recently signed a cooperation agreement with the International Finance Corporation (IFC), the private sector arm of the World Bank, to receive advisory services on expanding the provision of credit to women and small and medium-sized enterprises (SMEs).
MICROCAPITAL BRIEF: Government of Indonesia Signs Memorandum of Understanding with Indonesian Microfinance Institutions and Small and Medium-Sized Enterprises to Update Provisions for Microfinance, Accelerate Disbursement of $1.45b in Government-Sponsored Microloans
The government of Indonesia will update provisions for the microfinance sector, according to Coordinating Economic Minister Hatta Rajasa, in order to accelerate admittedly slow disbursement of IDR 13.1 trillion (the equivalent of USD 1.45 billion) in government-sponsored microloans, especially to small and medium-sized enterprises (SMEs).
MICROCAPITAL BRIEF: The International Finance Corporation (IFC), Bank Sinar Harapan Bali and AXIS Launch Mobile-Banking Project to Expand Financial Access in Indonesia
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, together with Bank Sinar Harapan Bali, a subsidiary of the Indonesian Bank Mandiri, and AXIS, an Indonesian mobile phone service provider, have launched a mobile-banking project in an effort to establish low-cost banking that will help expand access to basic financial services.
MICROCAPITAL BRIEF: Indonesian Banks Falling Short of Microfinance Lending Targets
Indonesia’s major banks are having trouble meeting their microfinance lending targets set by the government due to concerns about borrowers’ ability to repay their microloans.
MICROCAPITAL BRIEF: Consultant Sahil Sondhi Calls for Strategy Realignment for Indonesian Microfinance Sector
Sahil Sondhi, an associate consultant at Strategic Asia, a Jakarta based consultancy, wrote an article that appeared recently on the Jakarta Globe website calling for a new strategy in the Indonesian microfinance sector.
MICROCAPITAL BRIEF: Allianz Plans to Offer Savings-Linked Microinsurance Scheme in Indonesia, World Markets
Allianz, a global financial services company focused on insurance, is re-calibrating its microinsurance schemes to incorporate savings.
MICROCAPITAL BRIEF: Indonesia’s State Banks Raise Targets for Microfinance Lending
The State-Owned Enterprises Minister of Indonesia recently announced that state-owned banks will increase their microcredit loan targets this year to IDR 18 trillion (USD 1.9 billion) from IDR 13 trillion (USD 1.4 billion) following the government’s increase of its loan targets for micro-, small and medium-sized businesses.
MICROCAPITAL BRIEF: President of Indonesia, Susilo Bambang Yudhoyono, Signs Agreement to Provide Microcredit to Indonesian Workers in Malaysia
The President of Indonesia, Susilo Bambang Yudhoyono, has signed an agreement that will support Indonesian workers who have migrated to Malaysia for work.
MICROCAPITAL BRIEF: State Enterprises Ministry of Indonesia Gives State-Owned Bank Rakyat Indonesia (BRI), a Bank Specializing in Microfinance, Permission to Acquire Bank Agroniaga, a Bank Focused on the Agro-Business Sector
The State Enterprises Ministry of Indonesia has given permission for Bank Rakyat Indonesia (BRI), a state-owned bank specializing in microfinance, to acquire Bank Agroniaga, a state-owned bank focused on the agro-business sector.
MICROCAPITAL BRIEF: Standard Chartered, an International Commercial Bank, Provides $1.6m Loan to Mitra Bisnis Keluarga Ventura (MBK), a Microfinance Institution (MFI) Located in Indonesia
Standard Chartered, an international commercial bank headquartered in London, has provided an IDR 15 billion loan, the equivalent of over USD 1.6 million, to Mitra Bisnis Keluarga Ventura (MBK), a microfinance institution (MFI) located in Indonesia.