Yogyakarta - Baitul Mal wa-Tamwil (BMT) as one option related communities sharia-based financial institutions now faces a greater challenge. It is because development of financial institutions in other establishments are also experiencing significant growth, especially in terms of numbers.

This was said by Figure Entrepreneur also former Vice President Jusuf Kalla when inaugurated the Baitul Mal wa-Tamwil Muhammadiyah University of Yogyakarta (BMT UMY), Monday afternoon (16 / 5) at Building AR Fahrudin B Ground Floor UMY campus.

Jusuf Kalla explained that recently BMT faced various challenges; one was among many choices of financial institutions that offered finance and other financial activities. The number of these options places BMT onto a tight competition in developing a business. "Community access to obtain sources of funding becomes easier and a lot of choices. Unlike the early emergence of a number of BMT in Indonesia, they now appear more options such as Islamic banks, "said Jusuf Kalla.

The easiness of such access by public is sample given by Jusuf Kalla as BMT is mushrooming of Automated Teller Machine (ATM) at each link. He also describes another challenge in which Islamic institutions such as BMT in a smaller scale will spend greater administrative costs than Islamic banks. As a result, the offers given to customers is to be more expensive. "In this case the ability to manage by committees is tested thus to gain confidence in the midst of competition", he explained.

In line with Jusuf Kalla, the Head Office of Cooperation DIY province, Astungkoro, expected, in the future BMT UMY could become a valid legal entity. It is intended for BMT UMY would gain easier access such as in obtaining funding.

Astungkoro also expected BMT UMY to develop transparent activities. BMT UMY are expected to contribute to institutions like BMT. "In UMY for example, it is expected to provide further facilities like financial capital for UMKM, or students who try for luck as new entrepreneur" he explained.

Thus, BMT UMY offers three forms of financing products including Murabaha, Musharaka, and Ijarah. Murabaha financing is a product under the principle of sale and purchase to meet the needs of consumer goods with deferred payment. Musharaka is done by the principle of sharing, while done with the principle of Ijarah lease.

BMT UMY also offers deposit products in various forms, namely Mudharabah deposits, savings deposits Mudharabah, Hajj saving/ Umrah, education savings, qurban saving and aqiqah, and wedding planning saving with Walimah or varied profit sharing ratio.

Meanwhile, chairman of BMT UMY, Misbahul Anwar, M.Si said that BMT can empower public institutions, especially the actors of Small and Medium Enterprises (UKM) and Small Micro Medium Enterprises (UMKM). This is because at the abundance of potential from small economic communities that has not been facilitated in their respective fields of business management, one of which related to the financial sector. "BMT has become a partner for the perpetrators of SMEs and SMEs in improving their business," explained Misbahul.

In addition, Misbahul also mentioned if the empowerment of UKM and UMKM afforded by BMT is not just finance or savings and loans, but also coaching on managerial aspects so that the actors of these small economies have contribution on business management. "For students, BMT is expected to become a living laboratory that offers a model for the development of Islamic financial institutions," he explained.

Apprenticeship performed students in the BMT is also expected to be knowledge when they graduate from college so that this effort would further develop their skills in managing financial institutions, which in turn supports the wider Islamic economic emergence.

Further, Misbahul stated that if the Sharia institutions have huge potentials for large population in Indonesia, including the strength of the culture of mutual aid which is also the spirit of BMT.

In the opening of the BMT UMY, it was also attended the Mayor of Yogyakarta Herry Zudianto and Sleman Regent Sri Purnomo.

(Trans by hm-uhamka)