Jakarta — State-owned secondary mortgage company Sarana Multigriya Finansial (SMF) has officially launched a standard operating procedure (SOP) for Islamic banks in providing funds to housing developers. SMF president director Ananta Wiyogo, said the SOP, developed by SMF in cooperation with the Public Works and Housing Ministry, provided technical instructions for developers in applying for working capital at sharia banks. The procedure also steps sharia banks can take to disburse working capital at sharia banks. “With the SOP, we hope sharia banks and housing developers will be able to work together to meet the housing demand nationwide,” he said during a ceremony on the handover of the SOP to sharia banks in Jakarta on Monday (23/07). Speaking at the same location, Lana Winayanti, the general director of finance at the Public Works and Housing Ministry, said many developers were currently unaware that they could obtain funds from sharia banks to increase their financing capacity and build more houses. Meanwhile, Ahmad Wijaya Putra, deputy director of Islamic banking at the Financial Services Authority (OJK), said of April the domestic sharia financing sector had grown 19.54 percent year-on-year (yoy) while gaining a market share of 8.29 percent. Total sharia banking assets stood at Rp 436.15 trillion (US$30.114 million) or 5.79 percent of total banking assets in Indonesia, he said. In addition, the household subsector dominated sharia financing, accounting for 41.48 percent of transactions. From the subsector, 63.09 percent was distributed for house purchase.