Promoting Qarḍ al-Ḥasan in Nanofinance to Counter The Moneylender in Southeast Asia

Musari, Khairunnisa

doi:10.15408/sdi.v26i1.5990

Cited by 14 publications

(11 citation statements)

References 2 publications

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“…The meaning of moneylenders is taken from the word rent, namely interest or usury (KBBI, 2023). The same thing was revealed by Musari (2019), who emphasised that moneylenders are entrepreneurial activities that are not legal entities. They manage themselves with their policies and regulations related to loans by their wishes to determine interest rates and contain usury or riba.…”

Section: Literature Reviewmentioning

confidence: 72%

Micro Waqf Bank for Empowerment of Indonesian Women's Microeconomic and Efforts Minimizing the Loansher Trap

Fauzi,

Priatno,

Syarjaya

et al. 2023

I-iECONS

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Fulfilling household needs for a woman is required to be able to obtain and manage halal-sourced finances from a small and micro-entrepreneur. The trap of conventional and online loan sharks poses a significant risk to the borrower's assets due to the lack of business capital they have in the short term. Establishing a micro waqf bank initiated by the financial services authority in Indonesia aims to provide business financing, assistance and financing sourced from zakat, infaq, sadaqah and waqf relying on Islamic social microfinance institutions. This study aims to analyse micro waqf bank woman customers with small and micro-entrepreneurs to avoid entrapment by a loan shark. The study at the El-Manahij Micro Waqf Bank, Lebak Regency, Banten Province, Indonesia, used qualitative descriptive types through data collection interviews with managers and the head in weekly halaqah. In contrast, data analysis used triangulation: data reduction, display, verification and conclusion. Research shows that most micro waqf bank customers are women with micro-scale enterprises to improve Islamic economy studies. Customers choose micro waqf banks to replace loan sharks providing their business capital and having regular activities in the form of weekly group meetings aimed at knowing business progress, religious studies and gradual loan repayments. Micro waqf bank managers receive pawned valuables with sharia contracts to increase business capital. The customers are responsible for repaying business loans in stages, running social gatherings for customers to obtain excess money and supervising fellow customers. The research implies that getting away from the snares of loan sharks can minimise the burden of living costs where they live. The significant role of micro waqf banks in providing Sharia pawn support is to increase business capital to limit dealing with loan sharks.

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Section: Literature Reviewmentioning

confidence: 72%

Micro Waqf Bank for Empowerment of Indonesian Women's Microeconomic and Efforts Minimizing the Loansher Trap

Fauzi,

Priatno,

Syarjaya

et al. 2023

I-iECONS

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“…A loan with a qardhul hasan contract proved effective in fortifying members from the temptation of moneylenders whose loans had a double interest. Thus, most cooperative members who have received financing of Mosque-Based Sharia facilities from MbSC gradually leave and no longer desire to borrow from moneylenders (Musari, 2019). This finding is interesting as, to date, no financial institutions other than MbSC can implement loans solely with the qardhul hasan model to its customers or members.…”

Section: Mbsc Financing Schemementioning

confidence: 97%

The Contribution of Mosque-Based Sharia Cooperatives to Community Well-Being Amidst the COVID-19 Pandemic

et al. 2022

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Mosque-based sharia cooperatives are Islamic microfinance institutions with two unseparated financial and social missions. They have unique characteristics not found in other cooperatives and financial institutions and could become the ideal institutions for the community, especially in the COVID-19 pandemic. However, to date, researchers have neglected this phenomenon. Therefore, this study explores the contribution of mosque-based sharia cooperatives during the COVID-19 pandemic to the community’s well-being. The researchers employed participant observation and semi-structured interviews to collect the study data and then interpreted them using an inductive approach. This study showed that mosque-based sharia cooperatives had several critical contributions to community well-being during the pandemic, including cheap financing with the <em>qardhul hasan</em> contract, refinancing and rescheduling loan, delivering basic food packages through zakat funds and cross-subsidies, carrying out social services, and health education. The findings confirm previous research indicating that mosque-based sharia cooperatives significantly improved community livelihood. Furthermore, this study contributes to the expanded understanding that sharia cooperatives integrated with mosques augment their contributions to community well-being in the pandemic.

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“…One of the key concepts in Islamic microfinance is Qard al-Hasan, an interestfree loan intended for social welfare. This concept is central to many Islamic microfinance models and is seen as a tool for economic empowerment and poverty alleviation [17], [18]. In Indonesia, the Baitul Maal Wat Tamwil (BMT) is a Sharia microfinance institution that aims to empower the economy of the ummah.…”

Section: Microfinance In Islamic Economicsmentioning

confidence: 99%

Development of Sharia-Based Financial Products and Microfinance in Islamic Economy

Ratnawita,

Nurdiani,

Judijanto

et al. 2023

WSJEE

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Within the context of Islamic economics, this study examines the dynamic interactions between the growth of microfinance and the creation of financial products based on Sharia. The study used a quantitative research methodology to examine significant variables, including the expansion of financial instruments that comply with Sharia law, the availability of microfinance, and the socioeconomic consequences of these endeavors. The study covers a wide range of Islamic economies and uses statistical methods to evaluate the relationship between the uptake of financial products based on Sharia and the improvement of microfinance services. The results provide quantitative insights into how Islamic finance and microfinance are developing, with implications for future research projects, financial institutions, and regulators.

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Promoting Qarḍ al-Ḥasan in Nanofinance to Counter The Moneylender in Southeast Asia

Cited by 14 publications

References 2 publications

Micro Waqf Bank for Empowerment of Indonesian Women's Microeconomic and Efforts Minimizing the Loansher Trap

Micro Waqf Bank for Empowerment of Indonesian Women's Microeconomic and Efforts Minimizing the Loansher Trap

The Contribution of Mosque-Based Sharia Cooperatives to Community Well-Being Amidst the COVID-19 Pandemic

Development of Sharia-Based Financial Products and Microfinance in Islamic Economy

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