IslamicFinance.de

According to a March 2014 data from the Central Statistics Agency, 28 million Indonesians are still below the poverty line, which is defined as living on less than IDR 10,091 (USD 0.86) per day. Of this number, 63% people live in the rural areas, while the remaining 37% have been urbanized. Jamil Abbas, the General Manager of PBMT Social Ventures in Singapore, thinks there is one solution that may be effective in solving this problem, which is through the ‘BMT’ concept. The BMT stands for Baitul Maal wat Tamwil, which can be informally translated to “The House of Social and Business”. BMT is an Indonesian model of Islamic microfinance institution.