Thanks Rio, and Frans. Much appreciated.
Hi Rio,
Thanks for sharing. In my limited knowledge, I did not know of any invertor fund with the focus on quasi equity investment in 'cooperatives'. It is a bit intriguing for me, as coops usually have only member shares as the basis of equity/ ownership. But perhaps rather continuing this conversation here, will have to follow-up with you off-line, to learn how that works for Raptor.
Hi Frans,
Your response is also quite interesting; for usually one assumes that cooperatives and credit unions are governed by same regulation; and financial services policies are more of an institutional decision rather than being determined by the legal form. Like to hear more (perhaps off-line); unless others are also interested in hearing the answers. You have certainly increased the interest in Indonesian coop system.
It is quite noticeable that in our fraternity, we are now increasingly aware and cognisant of credit unions and cooperatives as institutions delivering 'microfinance' services; though for a number of years credit unions and microfinance (or micro-credit) were considered to be separate subjects.
And the penny has dropped for me (I think), by seeing the connection of principles between Islamic finance and coops; where users and owners of services are the same people, sharing surplus and the risk.
Will be looking forward to learning more.
Regards,
anuj
From: MicrofinancePractice@yahoogroups.com [mailto:MicrofinancePractice@yahoogroups.com] On Behalf Of Frans Purnama
Sent: Wednesday, July 31, 2013 11:26 AM
To: MicrofinancePractice@yahoogroups.com
Cc: MicrofinancePractice@yahoogroups.com
Subject: Re: [MFP] NEW: Islamic Finance Manual for Credit Unions
Dear Anuj,
Agree with you Anuj,
Most Credit Union in Indonesia once they are of reasonable size and have stability in their operations, tend not to need external capital. Cooperatives in other hands still needed external funding to support their operations.
There is a differen betwen Credit Union and Cooperatives in Indonesia , e.g :
In Indonesia Credit union has a strict policy about borrow money (you have to put 3 month in saving first before you can borrow money ), while Cooperatives a more flexible , as a member you can borrow money , instantly with out have to wait for 3 month .
IMA will host a visit of AMA ( Afgahnistan Microfinance Association) to Indonesia in couple month, and 2 major donor from Europe and United States going to visit IMA on September .
And every body wants to learn about CU ( Credit Union) and Coopertives in Indonesia.
Best regards,
Frans
Chairman
Indonesia Microfinance Association (IMA)
From: MicrofinancePractice@yahoogroups.com [mailto:MicrofinancePractice@yahoogroups.com] On Behalf Of Rio Sandi
Sent: Wednesday, July 31, 2013 9:19 AM
To: MicrofinancePractice@yahoogroups.com
Subject: Re: [MFP] NEW: Islamic Finance Manual for Credit Unions
Dear Anuj,
Thank you for your question regarding to Raptor activity for Indonesia cooperatives movement. We believe we are the first private entity that has its core business in Islamic cooperatives development in Indonesia. At least that what I am aware of. We partner with this Islamic mass organisation in which has plenty of primary Islamic cooperatives throughout Indonesia. We put our effort in this development with investment (long term quasi equity) as well as technology and management.
We will continuously develop products to align the needs for cooperatives growth. However, at this early stage we focus on very small size of loan per borrower to have large outreach in rural areas. However, we also tend to bring these Islamic cooperatives to strengthen their savings performance so that they will not depend solely with us for funding.
As for Indonesia cooperatives facts, need to check first and hopefully I could share with you soon.
Regards,
Rio Sandi
Managing Director
Raptor Capital Management Indonesia
From: Anuj Jain <ajain@stfx.ca>
To: "MicrofinancePractice@yahoogroups.com" <MicrofinancePractice@yahoogroups.com>
Sent: Wednesday, July 31, 2013 8:16 AM
Subject: RE: [MFP] NEW: Islamic Finance Manual for Credit Unions
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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