Bank Maybank Indonesia Provides Shariah-Compliant Funding Worth IDR 2.68 Trillion to Bio Farma for COVID-19 Vaccine

Through its Shariah business unit, Bank Maybank Indonesia (Maybank) has provided Bio Farma with a financing facility worth IDR 2.68 trillion (USD 185 million) for the procurement of COVID-19 vaccines. Bio Farma is a state-owned producer and distributor of pharmaceutical products in Indonesia.

According to Maybank, the Shariah-based omnibus line facility was distributed through several terms and includes a Shariah proposition, Musharakah trade financing, as well as forward hedging.

Ricky Antariksa, Maybank’s Director of Global Banking, stated that the funds were dispersed from its Shariah business unit in line with Maybank’s ‘Shariah First’ philosophy and programme. Antariksa added that through this programme, Maybank aims to expand its scope of u...