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The new Islamic cooperative association in Indonesia, Insan Koperasi Syariah Indonesia, or simply known as iKOSINDO, was officially launched on the 17th May 2016 during its first summit in Yogyakarta, Indonesia. This new association, grouping mostly Islamic cooperatives and Islamic microfinancing entities (or known widely here as Baitul Mal Wat Tamweel (BMT)), is committed to be a center where its members can learn, empower and protect one another. It is reported that over 200 managers of Islamic cooperatives and BMTs from all over Indonesia attended the summit.