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Arisan
An ''arisan'' is a form of Rotating Savings and Credit Association in Indonesian culture, a form of Microfinance. Generally the ''arisan'' is a social gathering that takes place at a fixed interval (this being an informal social network this may be variable), at each member's home in turn. The rotating ''arisan'' holder (drawn by lots) receives payment from each other member and provides food for those members. In the course of the ''arisan'' the amount paid to other members will equal the amount received when the ''arisan'' is held. The ''arisan'' can vary from an essential form of credit in poorer social circles, funding an otherwise unaffordable business venture, wedding, or large purchase, to a purely social gathering for rich housewives with the money incidental (although the amounts can be considerable). As a source of finance it represents an alternative to bank loans and other forms of credit. In general, no interest In finance and economics, interest is payment from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indonesian Culture
The culture of Indonesia () has been shaped by the interplay of indigenous customs and diverse foreign influences. As the world’s largest archipelagic country, it is home to over Ethnic groups in Indonesia, 600 ethnic groups, including Austronesian people, Austronesian and Melanesians, Melanesian cultures, contributing to its rich traditions, Languages of Indonesia, languages, and customs. Indonesia is a melting pot of diversity. Positioned along ancient trade routes between the Far East, South Asia, and the Middle East, the country has absorbed cultural practices influenced by Hinduism in Indonesia, Hinduism, Buddhism in Indonesia, Buddhism, Confucianism, Islam in Indonesia, Islam, and Christianity in Indonesia, Christianity. These influences have created a complex cultural tapestry that often differs from the original indigenous cultures. Examples of the fusion of Islam with Hinduism include Javanese people, Javanese Abangan belief. Balinese dances have stories about ancien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rotating Savings And Credit Association
A rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending. Members all chip in regularly and take turns withdrawing accumulated sums. Economist F. J. A. Bouman described ROSCAs as "the poor man's bank, where money is not idle for long but changes hands rapidly, satisfying both consumption and production needs."F. J. A. Bouman, ''Indigenous savings & credit societies in the developing world'' in Von Pischke, Adams & Donald (eds.) ''Rural Financial Markets in the Developing World'', World Bank, Washington, 1983 Terminology ROSCAs are known by various names around the world, and some of those names become loanwords between languages, including various ones that have made their way into English, especially in regional usage. For example, ROSCAs are also known as '' tandas'' (or by other names) in Latin America, '' chamas'' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania, between the Indian Ocean, Indian and Pacific Ocean, Pacific oceans. Comprising over List of islands of Indonesia, 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guinea, Indonesia is the world's largest archipelagic state and the List of countries and dependencies by area, 14th-largest country by area, at . With over 280 million people, Indonesia is the world's List of countries and dependencies by population, fourth-most-populous country and the most populous Islam by country, Muslim-majority country. Java, the world's List of islands by population, most populous island, is home to more than half of the country's population. Indonesia operates as a Presidential system, presidential republic with an elected People's Consultative Assembly, legislature and consists of Provinces of Indonesia, 38 provinces, nine of which have Autonomous administrative divisi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microfinance
Microfinance consists of financial services targeting individuals and small businesses (SMEs) who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings account, savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance product and services in MFI include: # Savings # Microcredit # Microinsurance # Microleasing and # Fund transfer/remittance. Microfinance services are designed to reach excluded customers, usually low income population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient.Peck Christen, Robert; Rosenberg, Richard; Jayadeva, Veena. ''Financial institutions with a double-bottom line: Implications for the future of microfinance''. CGAP, Occasional Papers series, July 2004, pp. 2–3. ID Ghana is an example of a microfinance institution. Microfinance initially had a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Loan
In finance, a loan is the tender of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money. The document evidencing the debt (e.g., a promissory note) will normally specify, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and the date of repayment. A loan entails the reallocation of the subject asset(s) for a period of time, between the lender and the borrower. The interest provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice, any material object might be lent. Acting as a provider of loans is one of the main activities of financial institutions such as banks and credi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit (finance)
Credit (from Latin verb ''credit'', meaning "one believes") is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately (thereby generating a debt), but promises either to repay or return those resources (or other materials of equal value) at a later date. The resources provided by the first party can be either property, fulfillment of promises, or performances. In other words, credit is a method of making reciprocity formal, legally enforceable, and extensible to a large group of unrelated people. The resources provided may be financial (e.g. granting a loan), or they may consist of goods or services (e.g. consumer credit). Credit encompasses any form of deferred payment. Credit is extended by a creditor, also known as a lender, to a debtor, also known as a borrower. Etymology The term "credit" was first used in English in the 1520s. The term came "from Middle French cré ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest
In finance and economics, interest is payment from a debtor or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay to the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit (economics), profit or Reserve (accounting), reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs. For example, a customer would usually pay interest to debt, borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the ban ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
