Baitul Maal war Tamwil (BMT) is an Arabic term that is translated as “House of Money”. In the beginning, BMT function was administered distribution of charity (zakat) from moslem society to public. Now Baitul Maal has been emerging as micro financial institution like cooperative or credit union. As cooperative, BMT is owned by all members of BMT.
To be member of BMT, one must pay joining fee member and put monthly deposit and voluntary deposit. We plan to set IDR 25.000-50.000 as joining fee and IDR 20.000-25.000 as monthly deposit. As a member, they can apply loan to BMT, buy “sembako” (basic commodities such as rice, sugar and edible oil), and buy farming needs (fertilizer, seeds, etc.). BMT’s brick and mortar outlet is established in villages or pesantren land.
BMT’s in Indonesia manage hundred thousand to million dollars asset. One big BMT can manage up to 100 million assets. For example, one BMT in Klaten district was established 20 years ago with only 700 dollar asset. Now it has 30.000 members and manages 10 million dollars assets.
The integrated system, we call it “BMT Link” will integrate to hundreds to thousands BMT in Indonesia. All members of pesantren association will be linked into BMT Link and they get advantages such as:
- Integrated financial system
- Integrated financial technology apps: mobisaria.
- Link into sources of funding
- Become our retail channel of our commodity product.
- Member get discount to buy products from our distribution network
- Integrated point rewards for member
- Training and workshop about business
- Opportunity to develop new business through our network