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Bank Danamon Syariah, the sharia unit of the country's fourth
largest lender -- Bank Danamon -- reported Monday it disbursed Rp 35
billion (around US$3.86 million) in asset-based financing as of the end
of September, only months after it introduced the scheme in July.
"We have channeled Rp 35 billion out of the end-of-year target of Rp 50
billion," said deputy president for business development Dodong Cahyono.
Asset-based financing is a type of lending that treats assets purchased
by the loan as collateral; "it's like when a fisherman buys a fishing
boat, the boat (he purchases) becomes the asset that we deem as
collateral," Dodong said.
The asset-based financing figure makes up 10 percent the bank's total
loans, which according to Dodong, amounted to Rp 350 billion as of the
end of September, with more than 80 percent going to micro, small and
medium businesses.
The availability of collateral for a loan is a must in the sharia
industry, which forbids interest.
Dodong said the bank's asset-based financing scheme generated plenty of
interest in Kalimantan, Jakarta and Makassar.
"In Kalimantan, the scheme is often used to finance heavy machinery and
equipment in the manufacturing sector," he said, adding the bank had
been cooperating with heavy equipment suppliers like PT Trakindo to
minimize investment risks.
He said other heavy-duty assets, such as sea-barges, were commonly
financed.
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