IslamicFinance.de

US-based Blossom Finance recently launched a fund that will lend local-currency on the Indonesian island of Java via Permodalan BMT (PBMT) Ventura. Baitul Maal wat Tamwil (BMTs) are financial institutions that follow Shariah law. They provide savings and loan services primarily to people who do not use traditional banks. The new fund is Blossom’s first microfinance fund that is open to investment from the public. The minimum investment is USD 1,000, although US-based investors must be accredited before participation. Blossom is accepting investments into the fund in US dollars as well as the cryptocurrencies Bitcoin, Bitcoin Cash and Ethereum. In testing its platform since 2015, Blossom has generally returned investors annualized profits around 7% with terms of 6 to 12 months.