THE EFFECT OF QARDH FINANCING ON BUSINESS STABILITY AND SUSTAINABILITY OF MSME FINANCIAL INCLUSION
DOI:
https://doi.org/10.32332/finansia.v9i1.12741Keywords:
Financing Qardh, Business Stability, Business Sustainability, Financial Inclusion, MSMEAbstract
Qardh financing in Islamic microfinance institutions has not been widely supported by strong empirical evidence regarding its effectiveness in enhancing the stability and sustainability of MSME businesses. This study aims to examine the effect of Qardh financing on business stability and sustainability among MSME members of BMT Maslahah Surabaya Branch. The quantitative research method involved 83 MSME members as respondents. The results indicate that Qardh financing has a positive and significant effect on business stability and sustainability. The Adjusted R Square value of 0.574 shows that Qardh financing explains 57% of the variation in MSME business stability and sustainability. This finding contributes to the development of Islamic social finance literature by examining the strategic role of Qardh in enhancing micro-enterprise resilience. Practically, it provides policy implications for BMT institutions and Islamic financial inclusion strategies, emphasising Qardh financing as an effective instrument to support sustainable MSME development.
Downloads
References
A. M. R, Aderemi., And Ishak, M. S. I. “Crowdfunding As An Alternative Mode Of Financing For Micro And Small Enterprises: A Proposed Qard-Al-Hasan Contract.” International Journal Of Islamic Economics And Finance (IJIEF), Vol. 3, 2020.
Abdillah, Junaedi. “Perancangan Sistem Informasi Akuntansi.” Journal Of Multiciplinary And Current Research. http://ijmr.com.
Ali, ZZ., Wulandari, A., And Radiamoda, AM. “Qardh Implementation In Islamic Financial Institutions (Lks) And Advantage In Enterprise World.” Az-Zarqa’: Jurnal Hukum Bisnis Islam, Vol. 14, No. 2, 2022. https://doi.org/10.14421/azzarqa.v14i2.2592.
Alimuddin, Agus. "Bentuk Akad-Akad Bernama Di Lembaga Keuangan Syariah." Amal: Jurnal Ekonomi Syariah, Vol. 2, No. 2, 2020. https://doi.org/10.33477/eksy.v2i02.1716.
Aliyu, S., Yusof, R. M., And Naiimi, N. “The Role Of Moral Transaction Mode For Sustainability Of Banking Business: A Proposed Conceptual Model For Islamic Microfinance Banks In Nigeria.” International Journal Of Social Economics, Vol. 44, No. 12, 2017. https://doi.org/10.1108/IJSE-07-2016-0205.
Amarteifio, E. N. A., And Agbeblewu, S. “Level Of Education, Business Experience And Small Medium Enterprises Performance In The Accra Metropolis Of Ghana.” International Journal Of Multiciplinary And Current Research, 2017. http://ijmr.com.
Arikunto, Suharsimi. Manajemen Penelitian. Jakarta: Rineka Cipta, 2013.
Asutay, M. “Conceptualising And Locating The Social Failure Of Islamic Finance: Aspirations Of Islamic Moral Economy VS The Realities Of Islamic Finance.” Asian And African Area Studies, Vol. 11, No. 2, 2012. http://www.asafas.kyoto-u.ac.jp/en/publications/2011_2.html.
Azis, Ibrahim Abdul. “Leveraging Qardh Al-Hasan Within Islamic Finance: A Conceptual Framework For Advancing Sustainable Development Among Early-Stage Enterprises.” Tazkia Islamic Finance And Business Review, Vol. 18, No. 1, 2024.
Bank, Jordan Islamic. “Al-Qard Al-Hassan Fund Accounts.” https://www.jordanislamicbank.com/en/content/al-qard-al-hassan-fund-accounts/, Retrieved December 25, 2025.
Budiman, F. “Karakteristik Akad Pembiayan Al-Qard Sebagai Akad Tabarru’.” Yuridika, Vol. 28, No. 3, 2013.
Dusuki, A. W. “Banking For The Poor: The Role Of Islamic Banking In Microfinance Initiatives.” Humanomics, Vol. 24, No. 1, 2008. https://doi.org/10.1108/08288660810851469.
Fatmasari, Dewi. “Pembiayaan Qardh Al-Hasan Dalam Meningkatkan Produktivitas Usaha Kecil Anggota.” JRKA, Vol. 3, No. 1, 2015.
Febri Annisa Sukma. “Konsep Dan Implementasi Akad Qardul Hasan Pada Perbankan Syariah Dan Manfaatnya.” Amwaluna, Vol. 3, No. 2, 2019.
Fiona, Febzi. “Analisis Pengaruh Pandemi Covid-19 Bagi UMKM Dan Implementasi Strategi Digital Marketing Pada UMKM Indonesia.” Managament Insight: Jurnal Ilmiah Manajemen, Vol. 17, No. 2, 2022.
Hadi, Sutrisno. Statistik Jilid 2. Bandung: Andi Offset, 2000.
Hasan, Al-Banna. “Sustainability Of Islamic Rural Banks: A Social Qardh Financing Approach.” Global Review Of Islamic Economics And Business, Vol. 9 No. 2, 2022. https://doi.org/10.14421/grieb.2021.092-08.
Hassan, M. K., Alshater, M. M., Hasan, R., And Bhuiyan, A. B. “Islamic Microfinance: A Bibliometric Review.” Global Finance Journal, Vol. 49, 2021. https://doi.org/10.1016/j.gfj.2021.100651.
Hidayat Muhammad Syahrul. “Inklusi Keuangan Melalui Mikrofinans Islami: Bukti Empiris Dari Negara-Negara Berkembang.” Jurnal Internasional Penelitian Ilmiah Dan Manajemen (IJSRM), Vol. 11, No. 11, 2023. https://doi.org/10.18535/ijsrm/v11i11.em03.
https://www.bmtmaslahah.co.id/, Retrieved February 03, 2020.
Imaniyati, Neni Sri. “Pengaruh Perbankan Syariah Terhadap Hukum Perbankan Nasional.” Syiar Hukum, Vol. 13, No. 3, 2011.
Jedidia Ben, K., And Ghroubi, M. “Islamic Finance And SDGs: Bibliometric Review And Future Research Agenda.” Journal Of Chinese Economic And Business Studies, Vol. 23, No.3, 2025. https://doi.org/10.1080/14765284.2024.2445959.
Kabir, Hassan M., And Alshater, Muneer M. “Islamic Microfinance: A Bibliometric Review.” Global Finance Journal, Vol. 49, 2021. https://doi.org/10.1016/j.gfj.2021.100651.
Karagiorgos, A., Gaitanaki, A., Ignatiou, O., And Terzidou, A. “Role And Contribution Of Administrative Accounting To Small And Very Small Businesses.” Journal Of Accounting And Taxation, Vol. 12, No. 2, 2020. https://doi.org/10.5897/jat2020.0399.
Lestari, Enny Puji., Alimuddin, Agus., Syahpira, Jeni., And Wati, Rubianti Novita Irma. "The Effectiveness Of Using Digital Technology (QRIS) In The Payment System For The Development Of MSMEs Of Metro City." Al-Iqtishadiyah: Ekonomi Syariah Dan Hukum Ekonomi Syariah, Vol. 10, No. 2, 2025. http://dx.doi.org/10.31602/iqt.v10i2.16868.
Lubis, Putri Salsabila Indrawan., And Salsabila, Rofila. “Peran UMKM (Usaha Mikro, Kecil, Dan Menengah) Dalam Meningkatkan Ekonomi Di Indonesia Pembangun.” MUQADDIMAH: Jurnal Ekonomi, Manajemen, Akuntansi Dan Bisnis, Vol. 2, No. 3, 2024.
Mardani, M. Fiqih Ekonomi Syariah: Fiqh Muamalah. Jakarta: Kencana, 2016.
Marzuki, M. Metodologi Riset. Yogyakarta: Prasetia Widia Pratama, 2000.
Morgan, P. J., And Pontines, V. “Financial Stability And Financial Inclusion: The Case Of Smelending. Singapore Economic Review, Vol. 63, No. 1, 2018. https://doi.org/10.1142/S0217590818410035.
Obaidullah, M. “Enhancing Food Security With Islamic Microfinance: Insights From Some Recent Experiments.” Agricultural Finance Review, Vol. 75, No. 2, 2015. https://doi.org/10.1108/AFR-11-2014-0033.
Obaidullah, M., And Khan, T. Islamic Microfinance Development: Challenges And Initiatives. Jeddah, Saudi Arabia: Islamic Development Bank, 2008.
Ozdemir, Mucahit., And Savasan, Fatih. “Leveraging Financial Inclusion Through Islamic Microfinance: A New Model Proposal For Participation Banks In Türkiye.” Borsa Istanbul Review, Vol. 23, No. 3, 2023. https://doi.org/10.1016/j.bir.2023.01.011.
Rafsanjani, H. “Peran Dewan Pengawas Syariah (DPS) Pada Lembaga Keuangan Syariah (Pendekatan Psikologi Sosial).” Jurnal Masharif Al-Syariah: Jurnal Ekonomi Dan Perbankan Syariah, Vol. 6, No. 1, 2022.
Rasyid, Rosyeni. “The Impact Of Qardh Financing On Micro Waqf Banks On The Development Of Micro-Businesses In The Pesantren Environment.” PICEEBA 2022, 2023. https://doi.org/10.2991/978-94-6463-158-6_33.
Sari, M. “The Development Of Islamic Microfinance: A Bibliometric Approach.” Indonesian Scientific Journal Of Islamic Finance, Vol. 1, No. 2, 2023. https://doi.org/10.21093/inasjif.v1i2.6056.
Sihombing, ABH., And Martokoesoemo, DRS. “Apakah Mikrofinansial Menjangkau Usaha Mikro Dan Kecil Indonesia.” Jurnal Bisnis Dan Kewirausahaan Indonesia, Vol. 11, No. 3, 2025. https://doi.org/10.17358/ijbe.11.3.759.
Sjahdeini, S., And Remy, S. Perbankan Islam Dan Kedudukannya Dalam Tata Hukum Perbankan Indonesia. Jakarta: PT. Pustaka Utama Grafiti, 1999.
Sjahdeini, Sutan Semi. Perbankan Syariah Produk-Produk Dan Aspek-Aspek Hukumnya. Jakarta: Kencana, 2014.
Sudjana, Krisna. “Peran Baitul Maal Wat Tamwil (BMT) Dalam Mewujudkan Ekonomi Syariah Yang Kompetitif.” Jurnal Ilmiah Ekonomi Islam, Vol. 6, No. 02, 2020.
Sugiyono, S. Metode Penelitian Kuantitatif, Kualitatif, Dan R&D. Bandung: Alfabeta, 2012.
Sumadi, T. F. Financial Technology Dan Perbankan Syariah. Klaten: Penerbit Lakeisha, 2013.
Susilo, Mahmudatus Sa’diyah., And Gumilar, Asep Gugun., And Edi, E. “Uji Maqashid Syariah Perbankan Syariah Di Indonesia.” JIEI: Jurnal Ilmiah Ekonomi Islam, Vol. 7, No. 1, 2021.
Syahrum, S., And Salim, S. Metodologi Penelitian Kuantitatif. Bandung: Citapustaka Media, 2016.
Umam, Khotibul., And Setiawan, Budi. Perbankan Syariah: Dasar-Dasar Dan Dinamika Perkembangannya Di Indonesia. Depok: Raja Grafindo Persada, 2019.
Utamy, Nirmia Septi. “Pengaruh Investasi UMKM Dan Piutang Qardh Terhadap Modal Kerja UMKM Dalam Unit Usaha Syariah Di Indonesia.” Aghniya: Jurnal Ekonomi Islam, Vol 04, No 02, 2022. https://doi.org/10.30596/aghniya.v4i2.12249.
Wahab, Abdul. “Akad Qardh Dalam Perspektif Maqashid Syariah.” Justisia Ekonomika, Vol. 5, No. 2, 2021.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Nurul Jadid, Abdullah Ahadish Shamad, Tanbihul Ghofilin- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution-ShareAlike 4.0 License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
