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Economy in brief: Jamkrindo Syariah to help boost SMEs growth

Sharia-compliant credit insurance company PT Jamkrindo Syariah plans to boost its sharia financing services to help boost the growth of small and medium enterprises (SMEs) amid a domestic economic slowdown, underlining the potential of sharia financing to improve financial inclusion

The Jakarta Post
Jakarta
Fri, October 2, 2015

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Economy in brief: Jamkrindo Syariah to help boost SMEs growth

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haria-compliant credit insurance company PT Jamkrindo Syariah plans to boost its sharia financing services to help boost the growth of small and medium enterprises (SMEs) amid a domestic economic slowdown, underlining the potential of sharia financing to improve financial inclusion.

Jamkrindo Syariah chief director Kadar Wisnuwarman explained that sharia finance remained a viable banking and financial method for Indonesians. As the country with the largest Muslim population in the world, the company had the opportunity to teach more about financial inclusion to the public and to forge growth into SMEs.

Kadar said that the potential for sharia finance in Indonesia must be strengthened also for the benefit of banks and lenders, saying that synergy between credit institutions such as Jamkrindo with financial institutions such as banks could make it easier for SMEs to operate and grow.

With the involvement of credit insurance companies such as Jamkrindo, he said that collateral would no longer be a main criteria in determining whether or not a business was to be deemed bankable or not. '€œThe involvement of lenders would give a sense of security for financial institutions in channeling their funds to their customers because the risk of defaulting would be mitigated,'€ Kadar said at a Jamkrindo event recently.

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