Académique Documents
Professionnel Documents
Culture Documents
Indonesia
2009
Produced by The Banking with the Poor Network in collaboration with the SEEP Network
Funded by the Citi Foundation as an activity of the Citi Network Strengthening Program
ii. Foreword 3
iii. Acknowledgements 4
iv. Acronyms 5
1. Country Overview: Recent Socio-Economic Information 6
2. Background to Indonesian Microfinance 8
3. The Banking System and Microfinance 10
4. Non-bank Financial Institutions in Microfinance 15
5. Institutional Support for Microfinance 18
6. Financial Regulation, for Microfinance 20
7. Government intervention, as it affects microfinance 22
8. Opportunities and Challenges 25
9. References and further information 27
2 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
This assessment was completed as a Banking The ARCM has two main objectives:
with the Poor Network (BWTP Network) activity
>> First, the ARCM aims to encourage partnerships
within the Citi Network Strengthening Program, in
and cooperation in Asia, among microfinance
collaboration with the SEEP Network and funded by
providers and supporters, and between providers
the Citi Foundation.
and financiers, in order to increase financial
The Citi Network Strengthening Program supports support for microfinance schemes and to increase
the development of Industry Assessments for peer learning.
national and regional level networks. The purpose of
>> Second, the ARCM aims to build a knowledge
the BWTP Network Industry Assessments is to provide
management platform accessible to all
an overview of the microfinance sectors in which
microfinance actors in the Asia region, in order
the BWTP Network operates. These assessments aim
to increase institutional capacity, to increase
to extend beyond the performance of individual
the dissemination of innovations, and to
institutions, and focus on the development of the
develop regional and sub-regional standards in
microfinance market as a whole by being both
microfinance.
descriptive and analytical in nature. The aim of
these assessments is to provide an outlook on each
A note concerning exchange rates
industry that is a valuable resource to the BWTP
Network, its members and the wider microfinance The Indonesian currency, the Rupiah (Rp), is subject
community. to exchange rate volatility, while its very low unit
value involves financial aggregates in the trillions.
The Microfinance Industry Report: Indonesia is a For purposes of international comparison, this study
review of the microfinance sector in Indonesia, applies the arithmetically-convenient exchange rate
and constitutes a new contribution to the BWTP of Rp10,000 per US dollar.
Network’s Asia Resource Centre for Microfinance
(ARCM). This assessment builds on a country profile
completed by the BWTP Network in 2004.
The ARCM is based on dialogue and information
exchange at national and regional levels in South and
Southeast Asia, and aims to constitute a one-stop
learning and information hub for BWTP members
and other microfinance actors in Asia.
The ARCM promotes increased outreach and
efficiency of financial services for the poor in South
and Southeast Asia, services that are essential in the
fight against poverty in the region, improving the
lives of millions through asset building and increased
income.
The Microfinance Industry Report: Indonesia was The BWTP Network also wishes to thank Dr. John
produced by Global Innovation Consulting (GIC) Conroy, FDC Special Consultant for his valuable
under the direction of Jamie Bedson, BWTP Network comments and contributions to the final draft. Thank
Lead Coordinator and Asia Regional Representative you also to Shawn Hunter (FDC), Carly Stephan (FDC)
at The Foundation for Development Cooperation and Melanie Aube (FDC) for their contributions to
(FDC). the final draft.
The Microfinance Industry Report: Indonesia is also
the result of a close and productive collaboration
between Mr Frans Purnama CEO of GIC, the BWTP
Network and the Foundation for Development
Cooperation.
4 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
Indonesia has experienced great political and poverty, the growth that has been achieved has
economic upheaval in recent years. In the past not been accompanied by a commensurate
decade the country of 231.6 million people has increase in employment. (ADB, 2008).
experienced the Asian Financial Crisis, the fall of
Although there has been some success in reversing
President Suharto after 32 years in office, its first free
the poverty increases suffered as a result of the 1997
elections since the 1960s, the independence of East
financial crisis, poverty levels in Indonesia remain
Timor, separatist demands from restive provinces
high and are not likely to decrease significantly in the
and bloody ethnic and religious conflict. These
near future. According to the ADB “[even though] the
events were punctuated by a number of natural
share of the population in extreme poverty (living on
disasters, the most recent of which was the tsunami
less than $1 a day) has declined over recent years to
that devastated the provinces of Sumatra and Aceh.
8.5%, nearly half the population still live on less than
Indonesia’s economic woes continue. Early 2008 $2 a day” (ADB, 2008). Table 1 provides an overview
economic predictions paint a gloomy picture. of the demographic and macroeconomic situation in
According to the ADB’s Asian Development Outlook the country.
(2008),
At the aggregate level, the banking sector displays
The gradual pickup in economic growth relatively low loan to deposit ratios and is not
in recent years has led to some increase in achieving its full capacity to finance income and
employment, though at 9.1% in August 2007 employment growth through the provision of
the unemployment rate remains high compared credit. Despite a number of recent reforms to the
with many East and Southeast Asian countries. banking system, the Indonesian government has
Moreover, underemployment is also high admitted that ’the banking system is not adequately
at 27.6% of the labour force. While it could performing its financial intermediation role and
be argued that post-crisis Indonesia has not contributing to economic growth’. Particularly
experienced economic growth rates necessary lacking is “the willingness or capacity to lend for
to significantly bring down unemployment and infrastructure projects and small-and medium-sized
businesses” (IMF, 2007b: 50).
Map of Indonesia
6 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
Indonesia was one of the first countries to develop in 2004 for governance reasons; the sustainability
commercial microfinance in Asia, with regulated of BDB’s microbanking business model was not
financial institutions providing the bulk of an issue. Another significant set of institutions is
microfinance services throughout the archipelago. In operated by Bank Rakyat Indonesia (BRI), a major
addition to the success of commercial microfinance commercial bank. It has specialized microfinance
providers, Indonesia has also been a favourable ‘units’ which have been in existence for a quarter of
ground for the development of numerous subsidised a century. Both large commercial banks and smaller
government programs, local and community-based regulated financial institutions play significant roles
financial institutions, cooperatives and NGOs. in Indonesian microfinance. It is also notable that
many of these institutions are owned by one or
Despite this proliferation of microfinance service
another of the various levels of government, central,
providers, several studies have demonstrated that
provincial or local.
there is still an unmet demand for microfinance
services, as a majority of rural households still do not The generic term for small regulated financial
have access to a source of funds from a semi-formal institutions in Indonesia is ‘Bank Perkreditan Rakyat’
or formal institution. The regulated microfinance (People’s Credit Bank, or BPR). These were introduced
providers, commercial banks and BPRs (Bank by Bank Indonesia in 1978. After the 1988 financial
Perkreditan Rakyat) follow commercial principles reforms (known as ‘PAKTO 88’), new secondary
and tend to cover mostly the upper levels of the banks were established, also called BPRs. Specific
micro-enterprise market, at the district and sub- requirements for the licensing of pre-existing BPRs
district levels, with loans of more than Rp. 3 million (capital, size of deposits) were set but never fully
(US$300), while NGOs, cooperatives, and village- respected. Today, BPRs include licensed financial
based institutions (BKDs) reach lower towards the institutions, mostly privately-owned, that meet the
end of the market but still have limited outreach criteria specified in the 1992 banking law. These
in rural areas. Bank BRI units tend to lend primarily numbered 1,796 in August 2008 (accounting for
for investment purposes while BPRs are oriented about 15% of the microfinance market), and there
to providing working capital. The BRI units are the were almost 9,000 public rural financial institutions
dominant actors; they are estimated to receive about that are not licensed by Bank Indonesia. These can be
two-thirds of the savings mobilised in the formal categorised as generic BPRs, which include village-
and semi-formal microfinance sector and to make owned BKDs of Java and Madura, and the Lembaga
perhaps 40% of loans by value. BPRs have perhaps a Dana dan Kredit Pedesaan (LDKPs) or Rural Fund
15-20% market share of the microfinance sector. and Credit Institutions, owned mostly by provincial
governments (or in some cases by villages).
Indonesia has a long history of commercial
microfinance, starting a century ago with the Badan In the wake of new financial reforms undertaken
Kredit Desa (BKD or Village Credit Organisation), by the government in 1984, Bank Rakyat Indonesia
which are village-owned banks offering microcredit transformed its sub-branch (‘Unit Desa’) network
on commercial terms. Approximately 5,000 BKDs operating at subdistrict level. The outlets were
operate in Indonesia nowadays. Sustainable transformed from loss-making channelling agent for
microfinance in the commercial banking sector the government subsidised credit program for rice
began in 1970 with the opening of Bank Dagang cultivation (BIMAS) into commercial microfinance
Bali (BDB), a private bank in Bali specialised in intermediaries. The unit network is now the largest
commercial microfinance, which built its success and one of the most profitable rural microbanking
on the knowledge of microfinance clients and on networks in the developing world. During the 1997-
state-of-the art savings products. Unfortunately, 98 financial crisis, most BRI microfinance clients kept
BDB was closed by Bank Indonesia (the central bank) their trust in the financial services offered by BRI
8 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
As with other underdeveloped financial systems, The data support the impression that the banking
commercial banks continue to dominate the system was not realising its full capacity for financial
Indonesian financial sector. But what is unusual intermediation, with relatively low loan-to-deposit
about the Indonesian case is the degree of their ratios among the Regional Development Banks (51%)
importance in the microfinance sub-sector. Bank and state banks (72%). Private commercial banks
Indonesia records about 71 million bank accounts (79%) performed somewhat more creditably. The
held in 2007, of which some 69 million were deposit aggregate loan to deposit ratio in the banking system
accounts. Total population was close to 230 million had been increasing in the several years up to 2007
and the economically active population was then and was at its highest level since the financial crisis of
around 108 million, suggesting far from complete 1997-98. It remains to be seen whether the financial
access to the services of regulated financial crisis which commenced in 2007-08 will reverse this
institutions. A summary or ‘headline’ measure of favourable trend and diminish the capacity of the
access to financial services is available for Indonesia banks to finance growth and employment creation,
and some neighbouring countries. The World including for micro-enterprises.
Bank has produced an estimate that 40% of the
An important element in the growth of lending in
adult population of Indonesia has access to a bank
recent years has been the expansion of credit for the
account in a regulated banking institution (World
officially-designated category of ‘micro-, medium- and
Bank, Finance for all, 2008). This compares with
small-enterprises’. This growth reflected regulatory
proportions of 59%, 29% and 26% estimated for
changes designed to facilitate such lending, as well as
Thailand, Vietnam and Thailand respectively, and is
government suasion and the creation of mechanisms
around the same level as the PRC (42%).
to channel credit for approved purposes to micro- and
Indonesia has quite a diverse banking sector, with small enterprises and low income people. However
a number of institutions reflecting a distinctive much, perhaps most, of this funding appears to
history of financial sector development. Broadly benefit households in intermediate or non-poor strata
speaking however, regulated banks are either ‘Bank of Indonesian society.
Umum’ (general commercial banks) or BPRs. The
A micro-enterprise is defined by Bank Indonesia, the
categories of regulated institutions are enumerated
central bank, as a sole enterprise having turnover
in table 2, which lists the varieties of commercial
not greater than Rp 100 million (USD 10,000). This
banks as well as the BPRs. Of 128 commercial banks,
might be thought somewhat high in a country with
31 are government entities (either 100%-owned
per capita GDP of around USD 1000. Bank lending
or majority-controlled) including 26 Regional
for ‘micro-, small- and medium-enterprises’ increased
Development Banks (BPDs).
significantly from 2004 after the election of President
An idea of these banks’ relative importance (in Yudhoyono, averaging 20% annual growth (table 4).
terms of deposits held and loans advanced) may These credits accounted for about half of all bank
be gained from table 3. Overall, the data show the credit by 2007 and totalled some USD 52 billion. This
continuing importance of the major state-owned amount comprised about 40% for working capital
commercial banks, which still hold about 37% of needs, some 9% for investment purposes and 51%
deposits and make 35% of loans, as compared with for consumption. Apparently the greatest element
42% and 43% for the private banks, respectively. in this lending is for consumption by middle-class
The Regional Development Banks (BPDs) are also and non-poor families. There does not appear to be
publicly-owned and, although much smaller, have an official estimate of bank lending for microfinance,
the potential to play a significant developmental excluding the small and medium enterprise sectors.
role at the local level.
10 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
12 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
Table 3: Savings and deposits in the banking system, by bank category (2007)
Average deposits
Total deposits Outstanding
per bank Loan to
Bank category in banks loans
in each category deposit ratio (%)
(in trillion Rps) Rupiah (trillion)
(in trillion Rps)
14 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
Perum Pegadaian is a large state-owned pawning LKDPs take different forms, such as the Badan
company which provided microfinance services to Kredit Kecamatan (BKK), strong in Java, and LPDs,
more than 15 million customers in 2004 through in Bali. They are supervised by local provincial
a network of 812 branches. During that year, the governments. BKK Central Java is one example of
pawnshops provided Rp.10,450 billion (US$1.05 a successful LDKP. It was born as a credit institution
billion) in loans, and generated a profit of Rp.230 to target the poor and was allowed to accept
billion (US$24.7 million). Pegadaian offers fast and savings only after 1984. It uses typical microfinance
efficient financial services, allowing clients to turn techniques; i.e. loans unsecured and character-
their valuables temporally into cash without having based, small initially, then increased gradually
to sell them. It provides generally small loans with according to repayment performance, loans paid
almost 90% less than Rp.500,000 (US$50) in 2001. in equal instalments, no collateral but mandatory
savings. It has received technical assistance from
Other microfinance services are supplied by a semi-
USAID.
formal financial sector composed of thousands
of non-bank financial institutions, such as Badan The Lembaga Perkreditan Desa (LPD) of Bali is
Kredit Desa (BKDs, or village credit organisations), considered the best LDKP system in Indonesia,
and the LKDP, ‘rural credit fund institutions’, as well despite strong local competition from a wide range
as finance and insurance companies, cooperatives, of formal and informal financial institutions. LPDs are
credit unions, and NGOs. It is a heterogeneous seen as profitable entities, which rely on savings and
group, and the term ‘non-bank financial institution’ deposits as the main source of funding. LPDs were
is used in this case simply to indicate that they are established from 1988 as village-owned financial
not banks, in the legal sense. Thus these institutions institutions, with an economic and a social role in the
are not directly regulated by Bank Indonesia but community. They have received technical assistance
registered and licensed by other state authorities from USAID and GTZ.
and/or regional governments.
LPDs differ from the provincial government-
Established more than a century ago, BKDs were controlled LKDPs in that they are owned by local
among the first microcredit institutions in Indonesia. community organisations. Membership is based
They are small, village-owned organisations located on the ‘Banjar’, the most important unit of social
on the islands of Java and Madura. They generally organization in Balinese society. The social solidarity
suffer from poor performance, weak management engendered by this is an important determinant
capacity and are often constrained by village of the success of the LPD system. In mid-1999, 910
bureaucracy. BKDs are supervised and administered LPDs served some 545,000 clients. This meant that
through Bank BRI’s branches, on behalf of Bank over 80% of the Balinese population was reached by
Indonesia. Managed by village leaders, BKDs LPDs, a level unrivalled anywhere. The Balinese LPD
offer savings and credit products to their clients. and the BKKs account form a substantial part of the
Compulsory savings are required in order to borrow LDKPs that have not converted to BPR status.
but BKDs are not allowed to mobilise voluntary
The cooperative movement in Indonesia has a long
savings. Loans are typically of a small size, without
history of politicization. Government-sponsored
collateral, and are processed quickly. BKDs usually
village-level cooperatives were established during
open one day a week and the amount deposited
the colonial period and cooperativism has a special
by clients is transferred to the BKD account at BRI.
place in the Indonesian constitution of 1945. In
BKDs finance their lending requirements through
the Suharto period, state cooperatives, known as
earnings on deposits, compulsory savings and
the ‘Koperasi Unit Desa’ or KUD, were considered
borrowing from BRI.
to be one of the pillars of the Indonesian state.
Currently, two types of microfinance cooperatives
16 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
Avg. Size
Savings Lending
Type Unit Saver Borrower Loan
(Rp. Bn) (Rp. Bn)
(Rp. Mn)
Savings &
Lending Coop. 1,598 325.27 878,379 1,154.8 480,326 2.4
(KSP)
Savings &
Lending Unit 36,485 1,454 10,524,908 13,495 4,987,783 2.7
(USP)
LDKP 2,272 334 n.a 358 1,300,000 0.27
Syariah
3,038 209 n.a 157 1,200,000 0.13
Cooperative
Credit Union
1,146 188.01 290,000 505.73 400,000 1.27
& NGO
18 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
20 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
Pawnshops
Ministry of Finance
Perum Pegadaian
Informal Development
Financing Institutions: NGOs, MFIs, BMT (syariah)
NGOs, unregistered MFIs, Self-help groups.
Self-help groups
The Indonesian financial system has a long history Bank Indonesia has had an active role in supporting
of state intervention, with central bank financing for the development of micro-, small- and medium-
‘policy lending’ and credit allocation by state banks scale enterprise credit, through the Suharto era to
linked to preferential targets (e.g. farmers with the 1998 and subsequently. It was active in credit policy,
rice cultivation program). Until the 1970s, the central institutional development and technical assistance.
bank, Bank Indonesia, set rates and refinancing Under new central bank legislation of 1999, Bank
targets according to the priorities established for the Indonesia was required to surrender the last of its
economic sector. During the 1970s, a first wave of refinancing functions to a new entity, Permodalan
financial deregulation resulted in opening the capital Nasional Madani (PNM). As a second tier institution
account to foreign flows, although indigenous firms created specifically for the purpose, PNM took over
were still highly favoured. Following the oil crisis, the Bank Indonesia’s SME loan portfolio and some of the
1980s saw further deregulation with credit ceilings agricultural cooperative loans, with Banks BRI and
abolished, interest rates liberalised and preferential Mandiri responsible for the balance. Madani and the
refinancing curtailed. In 1988, a deregulation banks are resourced for this purpose by ‘on-budget’
package, called PAKTO 88, offered new banking financial allocations by central government. This was
licences, such as for BPRs, and relaxed regulations a further step in a campaign, commencing from the
on bank branching and deposits. During that time, early 1990s, to end the funding of ‘policy’ lending by
BRI’s rural ‘Unit’ system was restructured and set means of central bank liquidity creation. However
out on the path of successful commercialization of some support for the renewal of such measures
microfinance. exists within the legislature. The possibility of a
populist revival can never be excluded, given the
In the 1990s, the government undertook a further
revolving wheel of Indonesian politics.
reduction of subsidised loan programmes and made
an upward adjustment in refinancing rates. The 1992 Despite the emergence of PN Madani, Bank Indonesia
new Banking Act removed distinctions between still has some functions in relation to micro-, small-
development and savings banks. With new private and medium-size enterprise development and
and foreign banks established, competition with state financing. It sees the BPRs as having an important role
banks increased and interest rates in the commercial in providing financial services to these enterprises.
sector were fully deregulated. In 1994, after a Through banking policy, designed to create a new
scandal related to the Indonesian development bank and more effective ‘Indonesian banking architecture’,
(Bapindo), Bank Indonesia strengthened its control it encourages commercial banks to enter into
over non-bank financial institutions, and provided ‘linkage’ arrangements to lend to BPRs. PN Madani, as
a more selective licensing policy. The late 1990s mentioned above, also supports this program. Bank
and the financial crisis saw a major restructuring of Indonesia has also encouraged capacity building of
the financial system, with bank closures, mergers, BPRs by implementing a certified training system
and heavy public recapitalisation. The government and extending technical assistance and support for
extended a guarantee on bank deposits and certain information technology with the help of German
bank liabilities to prevent a bank run. Even during technical service providers, GTZ and Bankakademie.
the crisis, some microfinance providers remained
Until 1988, public support for a variety of rural
profitable, among them numbers of the BPRs, BRI’s
development strategies, employing cooperatives,
Unit banking system (as distinct from the larger bank
state and commercial banks, NGOs and mass
of which it was a division) and the privately-owned
organizations, often involved the channelling
Bank Dagang Bali.
of credit to targeted groups during the Suharto
22 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
24 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
In general, formal financial service providers tend to financial support. The ProFI project of GTZ and
reach the top end of the microfinance market, while Bank Indonesia has recently tried to address this
at the bottom of the financial services pyramid, poor problem so far as BPRs and some other regulated
households and rural micro-entrepreneurs outside non-bank institutions are concerned. There is a
the main towns are still underserved. The outreach of substantial gap in capacity-building for less formal
microfinance services in rural areas remains limited, entities.
as most commercial institutions, such as BPRs and
>> There is no formal credit bureau in Indonesia
Bank BRI Units tend to focus on district capitals and
which could be used to monitor credit risk and
regions of high economic activity, such as Java and
over-indebtedness in areas of strong microfinance
Bali. A number of factors underlie this situation:
competition. Banks involved in microfinance, such
>> The further expansion of Bank BRI’s Unit network as BRI units and BPRs do exchange information on
seems constrained by the ‘cash cow’ status it their clients on an informal basis.
has within the bank and by the high capital
>> Micro-finance institutions in Indonesia offer
requirements to open new branches or to operate
only limited financial services. For example, only
in regions of lower population density, especially
the BRI Unit system has an integrated system of
outside Java and Bali.
money transfer since it is part of Bank BRI. Current
>> Bank BRI units have been overly conservative in regulations prevent cooperatives and BPRs from
lending, and still fall short of their potential in engaging directly in remittance services However,
terms of outreach in rural areas. By focusing on recently some rural banks have cooperated with
borrowers with fixed income or collateral, they third party providers of money transfer services
have excluded a majority of typical microfinance to complement their existing savings and lending
clients. products. A few large cooperatives have also
partnered with third party providers of money
>> The regulatory environment for MFI non-bank
transfer services. This is an important area of public
financial institutions is not conducive to their
policy which lags behind technical developments
strengthening and institutionalisation. They
and community needs.
operate under conditions of uncertainty over such
matters as legal identity, eligibility to mobilise >> The demand for leasing products is evident in the
deposits and the jurisdiction of various levels of Syariah cooperatives and the wider development
government. of this service is required.
>> Supply-led microcredit programs initiated and >> Facilities for micro-insurance are in demand
subsidised by the government do not provide by MFIs to permit better risk management of
a conducive environment for sustainable lending programs. This demand has not yet been
microfinance providers to operate. addressed by insurance companies.
>> There is a lack of awareness and application >> Micro-credit for housing, disbursed by MFIs for
of good practice microfinance principles low-income households to construct or renovate
among government agencies and semi-formal their houses through self-help or communal
organisations, as well as some commercial banks activity (gotong royong) is a pressing need which
that have entered the microfinance business is not yet being adequately supplied or targeted.
recently. There is still no central microfinance The State Ministry of People’s Housing is providing
training provider in Indonesia. subsidised credit to be delivered via MFIs, but there
are questions as to the targeting of these funds. If
>> Technical assistance and capacity building support
microcredit is delivered with a ‘shelter’ focus for
to microfinance providers have been limited by the
the incremental improvement of the dwellings of
diversity and geographical spread of institutions.
the poor, this lending can be done sustainably.
Only a few organisations have benefited from non-
26 m i c r o f i n a n c e i n d u s t r y r e p o r t - I NDONES I A
>> Bank Indonesia (2008), 2007 Indonesia Economy >> Ministry of Cooperatives and Small Medium
Report Enterprises (2008), “Statistik Perkoperasian –
Cooperative Statistics 2007”
>> ADB (Asian Development Bank) (2008), “Asian
Development Outlook: Indonesia”. >> Republic of Indonesia, Banking Act, No. 10/1992
>> Ali, Arifuddin (2002),“Development of Microfinance >> Republic of Indonesia, Cooperative Act No.
Institutions in Indonesia”, APRACA, Asia Pacific 25/1992
Rural Finance No. 2.
>> Robinson, Marguerite (2002), “The Microfinance
>> Arianto, Sulaiman Arif (2004) “Commercialization of Revolution. Volume 2: Lessons from Indonesia”,
Microfinance and Linkages Between Microfinance World Bank and Open Society Institute,
and Commercial Banking”, Paper presented on Washington.
BWTP International Microfinance Workshop in
>> Seibel, Hans Dieter and Wahyu Dwi Agung (2005),
Phnom Penh, Cambodia.
Abstract on “Islamic Microfinance in Indonesia”,
>> Bank BRI (2007), Annual Report 2006, Jakarta. GTZ.
>> Bank Indonesia, “2007 Indonesia Economy >> Central Bureau of Statistics (BPS) 2008, Selected
Report”. Socio-Economic Indicators of Indonesia March
>> Bank Indonesia (2006), “Blue Print for Rural >> Soesilo, Nining (2008), ‘Microfinance: portrait and
Banks”Bappenas (National Development Planning development in Indonesia’, FEUI, Jakarta, for the
Agency) ‘Medium Term Development Plan, 2005- Asian Microcredit Summit
2009’, chapter 20, ‘Empowerment of cooperatives
>> Ministry of Cooperatives and Small Medium
and micro, small and medium enterprises’.
Enterprises (2008), Statistik Perkoperasian 2007
>> Central Bureau of Statistics (BPS) (2008), “Selected
>> Global Innovation Consulting (2007),
Socio-Economic Indicators of Indonesia, March.
”Understanding the market of Microfinance in
>> Charitonenko, Stephanie and Ismah Afwan (2003), Indonesia “
“Commercialization of Microfinance”, ADB.
>> Robinson, Marguerite (2002), The Microfinance
>> Conroy, John D (2000), ‘Indonesia’, in “The Role Revolution. Volume 2: Lessons from Indonesia’,
of Central Banks in Microfinance in Asia and the World Bank and Open Society Institute,
Pacific”, Vol 2, pp91-126, prepared for the Asian Washington, 2002.
Development Bank by FDC.
>> UNEP, Geneva (2004), “Indonesia: Integrated
>> Conroy, John D and Iketut Budastra (2008), “The Assessment of the Poverty Reduction Strategy
rich variety of microfinance linkages in Indonesia”, Paper”.
in Maria Pagura (ed), “Expanding the Frontier in
>> Wijono, Wiloejo Wirjo (2005), “Pemberdayaan
Rural Finance”, Practical Action Publishing, for
Lembaga Keuangan Mikro Sebagai Salah Satu
FAO.
Pilar Sistem Keuangan Nasional: Upaya Konkrit
>> Bank Indonesia (2004), Economic Report on Memutus Mata Rantai Kemiskinan”: Microfinance
Indonesia 2003 Institutions Empowerment as Part of National
Financial Structure: Concrete Solution to End
>> IMF (International Monetary Fund) (2007a), “IMF
Poverty.
Country Report”, No. 07/272, 2007
>> World Bank (2008), ‘Finance for All?’, Washington.
>> IMF (International Monetary Fund) (2007b), “IMF
Country Report”, No. 07/273, 2007
>> Bappenas (2004), Microfinance Policy and Strategy
Development for Microfinance
Vietnam Nepal
Microfinance Industry Reports
2008
BÁO
CÁO
ĐÁNH
2009
TH ÁN
G 7/2
and translations), 2008-2009.
Available on CD ROM and online.
00 8
Produced by The Banking with the Poor Network in collaboration with the SEEP Network Produced by The Banking with the Poor Network in collaboration with the SEEP Network
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Cooperation website.
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