Universitas Muhammadiyah Yogyakarta (UMY) cooperated with Financial Service Authority (OJK) to enhance education and research on finance. Rector of UMY Dr. Ir. Gunawan Budiyanto, M.P. and OJK Chairman DR. Mualiman D. Hadad signed Memorandum of Understanding (MoU) on Monday (5/6) at Lobby of Rector, A.R. Fachruddin A.

In his remark, DR. Mualiaman stated that Indonesian people’s understanding of finance is low. According to World Bank, only 36 percent of Indonesian people possessed formal relations with financial services so that many people most likely still confront fraud.

“We would like to broaden people’s comprehension of finance. We attempt to promote the financial issues to public, students, and lecturers. Instead of being exclusive, financial services should be inclusive so that they cannot be utilized by certain people. Thus, the understanding will assist people to be more prosperous and confident in facing financial issues such as investment scams.

Mualiaman expected that the MoU signing can raise academicians’ awareness of financial literacy. “Higher education institutions produce good graduates that, I think, should have great capability in financial understanding. Muhammadiyah possesses high potential, great relations with sharia banks, and baitul tamwil. Noticing the great number of economy activities at Muhammadiyah institutions, the development of financial services is essential,” he asserted.

The MoU encompassed cooperation in the financial service development, the enhancement of conventional and sharia financial understanding, financial education, and consumer security in financial services. “I wish that the cooperation with the OJK can be expanded and can develop education and research on finance. This becomes one of the best cooperation that we have ever had,” told Rector of UMY.