Dear Rio,
Brief information you have shared about cooperatives in Indonesia, is quite interesting and useful. If you have any more information about the latest state of financial coops in Indonesia, please do share.
One question I have for you is that, typically, financial cooperatives/ credit unions, once they are of reasonable size and have stability in their operations, tend not to need external capital and manage through capital raised through their own shares, deposits and savings accounts. I am curious to know what role does Raptor Capital play in supporting financial coops? Does it mostly meet the development and growth costs, or is also engaged in investment through debt instruments?
Will look forward to hearing back.
anuj
From: MicrofinancePractice@yahoogroups.com [mailto:MicrofinancePractice@yahoogroups.com] On Behalf Of Rio Sandi
Sent: Tuesday, July 30, 2013 6:46 PM
To: MicrofinancePractice@yahoogroups.com
Subject: Re: [MFP] NEW: Islamic Finance Manual for Credit Unions
Thank you Jenny for sharing the Islamic Finance manual for cooperatives. This very much relates with Indonesia large cooperatives community where they need to more learn about best practice from leading institution like yours.
Indonesia is home at least 17,000 cooperatives (90% conventional and 10% Islamic/shariah) with the size from as little as 500 to 400,000 members. The cooperative managements rely on limited experience they learn by doing.
The manual announcement is also in perfect time since my firm, Raptor Capital Management (Islamic investment fund management based in Singapore), initiates to partner with one of the largest Islamic mass organisation in Indonesia to develop Islamic cooperatives throughout Indonesia.
We are looking forward to learn so much from the manual.
Regards,
Rio Sandi
Indonesia Managing Director
Raptor Capital Management
On Jul 30, 2013, at 11:52 PM, "bernhardt_jenny" <jbernhardt@woccu.org> wrote:
World Council of Credit Unions (www.woccu.org ) just published the first known Islamic finance manual for credit unions in the developing world. Operating principles and procedures were developed and tested throughout World Council's nine-year credit union development work in Afghanistan, where more than 30 Islamic investment and finance cooperatives — the country's first "credit unions" — were established in 14 provinces. The manual is based on international standards for financial cooperatives and is meant to be adapted for countries in the developing world.
Download the manual - www.woccu.org/operations
Learn about World Council's work in Afghanistan - www.woccu.org/newsroom/releases/World_Council_of_CUs_Expands_Islamic_Finance_in_Afghanistan;_New_Afghan_Trade_Association_Becomes_Member
Kind regards,
Jenny Bernhardt
Communications Manager
World Council of Credit Unions
jbernhardt@woccu.org
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