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Islamic microfinance has gained momentum in Indonesia since 1997-98. It developed during the downfall of the new order government under the leadership of General Suharto. At that time, Indonesia was experiencing a severe financial crisis, causing massive depreciation of the Indonesian rupiah with the worst levels touching around US$1=IDR17,000 compared with around US$1=IDR2,350 previously.

By Farouk Abdullah Alwyni

Islamic Finance News