From August 19 to 22, 2024, a delegation of 14 representatives from CARD MRI, a Philippine-based NGO dedicated to poverty alleviation, participated in a four-day program focused on the implementation of sharia finance at the BMT Tamzis Branch Office in Godean, Yogyakarta. This program marks the eighth comparative study visit between BMT Tamzis and Dompet Dhuafa.
“Welcome to Yogyakarta, a city renowned for its education, culture, and rich history. Yogyakarta is one of only two special regions in Indonesia, alongside Aceh, and it plays a significant role in the history of Dompet Dhuafa,” stated Mr. Muhammad Zahron, Head of the Yogyakarta Region for Dompet Dhuafa, during his opening remarks.
“In six months of operations since we established the Islamic Branch operations in January 2024. We have generated an income of Eleven Thousand US Dollars. Our Management and Director are amazed at its performance. Our deepest gratitude to Tamzis and Dompet Dhuafa for their continuous support for us in establishing our Shariah Financing operating guidelines. We are also fortunate that the regulators in the Philippines are very supportive of us. We’re here again not only just to validate our implementation of Islamic operations in the Philippines, but also to learn new things and new developments about Shariah Financing following Tamzis’ new theme “Sharia Economics Easy and Blessed”, said Mr. Jeffrey M. Rondina, Executive Vice President for Compliance of CARD Bank in his opening speech.
“This is my second visit to Indonesia, the first being in Jakarta. Our new team is here to undergo training and deepen their understanding of sharia,” added Mr. Arlo Von Subrean, Operations Director (OIC) of CARD Inc.
“Congratulations on the establishment of the Shariah branch of CARD Bank. I hope it will be well received by the people of the Philippines. TAMZIS was founded in 1992, a year before Dompet Dhuafa. At that time, Indonesia’s economic conditions were challenging for microentrepreneurs. Generally, microentrepreneurs are honest individuals, but they lack access to financial institutions. As a result, they did not have a culture of saving for financial planning, although they had practices of saving in forms like grain or livestock. However, the concept of saving money in cash was unfamiliar. They still need to be educated about cash savings.
Additionally, the lack of access to financial institutions led many of them to fall prey to loan sharks. Observing that no financial institution was dedicated to providing financial services to microentrepreneurs, I took the initiative to create one. However, I was raised in a family that views financial institutions operating on the principle of usury, which is prohibited and considered haram in Islamic thought,” explained Mr. Saat Suharto, Chairman of KSPPS Tamzis Bina Utama, during his welcoming speech.
For three days, the CARD MRI team studied various sharia contracts, including mudharabah, musyarakah, kafalah, murabahah, and takaful. On the final day, the delegation will visit Aloe Land, an educational village program managed as a cooperative part of the Social Enterprise Dompet Dhuafa Yogyakarta.
“This program represents a cross-border collaboration to promote Sharia economics and expand Sharia financial businesses in Southeast Asia. Dompet Dhuafa and BMT Tamzis have successfully inspired and facilitated the initiation of the Sharia unit of CARD Bank in the Philippines. Moving forward, they plan to develop additional branches. We hope that the Sharia financial market will continue to grow and that Islamic values will be increasingly embraced and implemented,” stated Prasetyo Wibowo, Manager of IMZ.
Signing of MoU on Sharia Financial Development between BMT Tamzis and CARD MRI Philippines
Introduction of IMZ profiles to participants
Mudharabah Financing by Mr. Akhmad Andi Kurniawan from Tamzis Bina Utama
Ice Breaking by Riki Wirahmawan
Field Trip to Cebongan Market
Dompet Dhuafa Social Enterprise Visit, Aloe Land The Education Village of Aloevera at Ngilpar, Gunung Kidul, Yogyakarta