NU in deal with Raptor Capital to provide loans for members
NU Online · Senin, 22 Juli 2013 | 00:56 WIB
Jakarta, NU Online
The Central Board of Nahdlatul Ulama (NU) has signed a deal with Singapore-based Raptor Capital Management to provide U$ 250 million in loans for approximately 500,000 members with limited access to banking.<>
The funds will be disbursed gradually over a five-year period and NU will channel the funds through its microfinance wing the Nahdlatul Ulama’s Economic Agency (LPNU) and the Syirkah Muawanah cooperatives.
In a press release made available to The Jakarta Post, the NU said that the financing schemes would be transparent and available to those who were serious about developing their own business models and most importantly would be tailored according sharia.
This financing program will be known as the Nusa Makmur Shariah microfinance program and it will commence in October this year. The NU microfinance institution in Sumenep, Madura will be used as a pilot project.
The NU is the largest Islamic mass organization in Indonesia with 80 million registered members throughout the country. Most NU members live in rural areas and are farmers. Unlike farmers in the West, most farmers in Indonesia do not own their own land. Instead they work for the land owners in profit-sharing schemes.
Editing by Sudarto Murtaufiq
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