Micro Waqf Bank

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Islamic boarding schools as religion-based education have great potential to play a role in the economic empowerment of the people and function to reduce economic disparities and alleviate poverty in the wider community, especially those around the Islamic boarding schools. In fact, there are still many residents around the Islamic boarding schools who have businesses (more than 50%) who get business capital from middlemen, loan sharks, Bank Tongol which in substance is a practice of usury. Seeing the large economic potential around the pesantren, a Sharia Micro Financial Institution, Micro Waqf Bank (LKMS-BWM) was formed. It is hoped that the establishment of a Sharia Microfinance Institution Bank Wakaf Mikro (LKMS-BWM) with a group pattern and community assistance in the pesantren environment is expected to be a locomotive for strengthening and driving the community’s economy. In 2019 the BWM that has been formed is 56 BWM in 18 provinces with 18,068 beneficiaries throughout Indonesia. Currently, most or 90.13% of BWM members are retail traders who are the grass roots of the Indonesian economy. Targets and Objectives of the LKMS-BWM Program: Pondok Environment (Santri, Alumni, family of students / caregivers who have productive-potential businesses) Poor communities Around Islamic boarding schools with a radius of <5 km Cooperatives established by assessed pesantren from loan sharks by owning a Sharia Microfinance Institution so that the economy around the pesantren is built according to sharia.

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