Title: Interview with Dato' Sri Prof. Dr. Tahir, interviewed by Meg Rithmire, Jakarta, Indonesia
Description: Dato' Sri Prof. Dr. Tahir, founder of Mayapada Group and well-known Indonesian philanthropist, speaks candidly about his career, his business philosophy, and his perceptions of Indonesia's business elite. The son of a shop-keeper from Surbaya, Tahir began his career in the imports business, first in luxury goods from Singapore and Hong Kong, and later in foodstuffs. He describes the challenges of identifying and establishing relationships with global suppliers, as well as the difficulties he faced finding a market for his imports in Indonesia at a time when consumerism was just beginning.

Although he was able to build a modest customer base, ultimately these import businesses were not successful. In the interview, he reflects on some of the factors that caused him to lose focus, particularly his desire to "become successful as fast as possible." Lust for profits, he explains, distracted him from consumer preferences and market limitations. These early experiences had a significant impact on Tahir's business philosophy. In subsequent business ventures, he made establishing customer trust and giving back to society his top priorities.

These were the guiding principles when Tahir founded what became his most successful venture, Mayapada Bank, in 1989. In the interview, Tahir describes some of the strategies he used to compete with more established banks, including targeting certain under-served demographics, attentive customer engagement, and--most importantly--building a strong reputation for trust and credibility. These practices helped the bank grow from two branches to over 200 branches across Indonesia.

In the interview, Tahir also reflects on the broader business ecosystem in Indonesia. He provides unique insights into the corruption that permeated Indonesian big business during the Suharto era--the mentality that developed among the corporate elite, the reckless borrowing practices, how the system perpetuated itself, and the impacts of corruption on the people of Indonesia. The situation came to a head in 1998 with a severe financial crisis that, Tahir explains, publically revealed the extent of corporate corruption. Suharto resigned shortly after the 1998 financial crisis and many Indonesian businessmen became embroiled in financial and legal and legal problems. Mayapada Bank, however, escaped the crisis virtually unscathed. Tahir attributes this feat to his knowledge of and deference to macro-economic trends in Indonesia. His experience in the imports business, Tahir says, sensitized him to the cyclical devaluations that affect Indonesian currency. As a result, he avoided foreign currency risk when most other Indonesian banks had large foreign debts.

Tahir is equally well-known for his philanthropy and his notion that "to give is to gain." He has given over $100 million towards global prevention of HIV, malaria, and tuberculosis, and was also the first Indonesian to visit a refugee camp in Jordan in 2014. In the interview, Tahir discusses the many impulses that have inspired his charitable work--most importantly a sense of duty to improve the lives of those around him.
Subjects: Interviews, Businessmen, Bankers, Philanthropists, Banks and banking, Chinese, Corruption, Financial crises, Success in business, Wealth, Moral and ethical aspects, Business, History, Politics and government, Commerce, Mayapada Group
Places: Indonesia, Southeast Asia
People: Junmin Weng (1952-)
Time periods: 1998-