NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, October 25, 2019

Indonesian Islamic microfinance cooperative BMT Bina Ummah has raised 710 million rupiah ($50,000) through the world’s first primary sukuk issuance on a public blockchain and also the world’s first micro sukuk.

Specialised news outlet The Asset reports that BMT Bina used the SmartSukuk platform of Blossom Finance. BMT Bina is an Islamic microfinance institution based in Yogyakarta that supports micro-SMEs and entrepreneurs who are typically excluded from conventional financing support.