This month, we are featuring an update to our podcast with Matthew Martin, Founder & CEO of Blossom Finance that we released in June of last year. In this update podcast, Matthew gives us an update on Blossom Finance, which have recently closed the world’s first microsukuk.
Blossom's sukuk is notable for a number of reasons, including its proof-of-concept size of IDR 702 million ($50,000) and its use of blockchain to manage the KYC, issuance, periodic payments, trading and redemption. It also uses a mudaraba structure that replaces a fixed coupon with a periodic payments that pass-through the investor's share of profits on a monthly basis during its one-year tenor. The funds raised in the sukuk will fund business microfinancing for MSMEs by BMT Bina Ummah, an Islamic microfinance institution in Yogyakarta.
You can find out more about Blossom Finance at www.blossomfinance.com.