Indonesian Islamic microfinance lender planning second blockchain sukuk this week after first successful issue
JAKARTA – Indonesian Shariah-compliant microfinance lender BMT Bina Ummah plans to issue another blockchain-based sukuk this week after its first successful fundraising last year, Ely Heni, its General Manager told Salaam Gateway.
The Jogjakarta-based cooperative in August issued 715 million rupiah ($50,476) in sukuk on a public Ethereum blockchain developed by Blossom Finance. Proceeds from the sukuk, which was based on a mudarabah profit-sharing structure and carried a tenure of one year, went to providing financing for entrepreneurs.
Bina Ummah’s planned second sukuk will help it continue to provide financing for its 2,000 active members as well as serve as a bridging fund for the cooperative’s operational liquidity, said Ely.
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