Bank Permata offers new sharia financing scheme

JAKARTA: Bank Permata launched on Tuesday a new sharia financing scheme in housing sector called Ijarah Muntahiyah Bittamlik, claimed to be the first in Indonesia.

Sharia banking unit head Achmad Permana said Permata expected the new scheme would increase sharia-based loans for home loans in the third quarter by up to Rp 200 billion (US$21.8 million) in the third quarter.

“As of May, we have disbursed about Rp 300 billion of home loans  through another sharia financing scheme called Murabahah,” Achmad said at the launching of the new sharia financing scheme.

Home loans contribute about 30 percent to the bank’s sharia banking unit's total loans, which rose 13 percent  to Rp 1.3 trillion in the first quarter this year from Rp 1.15 trillion in the same period last year. — JP