JAKARTA – The distribution of people's business credit (KUR) under the sharia scheme has yet to show a clear breakthrough. Regulatory changes are still in progress and remain under discussion.
The Secretary of the People's Business Credit Committee at the Coordinating Ministry for Economic Affairs, Eny Widiyanti, stated that sharia-based KUR requires a revision of the Coordinating Minister for Economic Affairs Regulation, which has not yet been decided. "Ministerial-level coordination meetings have been held several times, but no decision has been made," said Eny.
The Deputy for Macroeconomics and Finance at the Coordinating Ministry for Economic Affairs, Bobby Hamzar Rafinus, stated that the regulatory changes for the distribution of sharia-based KUR have been completed and are now awaiting discussion at the SME Financing Policy Committee level.
This year, the government will add 27 KUR distributors, including banks and financing companies, including BRI Syariah. By the end of 2016, there will be 34 KUR distributors across Indonesia. Seeing the need for KUR distribution under a sharia scheme, Bank BRI Syariah has applied to become a sharia-based KUR distributor this year.
BRISyariah has proposed a scheme that allows KUR to be distributed following sharia principles, using a murabahah structure. In the murabahah structure, sales transactions occur between the sharia bank and the customer (end user), with an annual margin equivalent to the government-determined KUR interest rate of nine percent.
If the bank succeeds, it is entitled to receive ju'alah compensation for its role in assisting the implementation of the government program. The amount of ju'alah compensation is determined by the government. (Source: Republika.co.id)