PT Sarana Multigriya Finansial (SMF), a financial institution owned by the government of Indonesia, recently raised the local-currency equivalent of USD 45 million through a combination of bonds and sukuk, which are similar to bonds and comply with Islamic law. Both instruments are certified as "social bonds," based on their being intended to fund housing for people with low incomes. The purpose of SMF, which is also known as Persero, is to provide retail lenders with wholesale funding for home mortgages.
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