The Problem of Murabaha Financing of Islamic Microfinance Institution and The Handling Strategies in Indonesia: A Literature Review
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Published:
Jun 26, 2023
Keywords:
Islamic microfinance institution, literature review, murabaha, problematic financing
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Abstract
Indonesia is a country with the largest Muslim population in the world and has extraordinary potential in the amount and assets of Islamic microfinance and can be a reference for the application of Islamic Microfinance in other countries. The purpose of this study was to review the problems in murabaha financing at Islamic Microfinance Institution (IMFI) and the treatments. The approach used was a qualitative analysis of Indonesian literature studies about the specific type of murabaha financing with content analysis and thematic analysis techniques. This study found that internal and external factors caused problematic murabaha financing in BMT. Internal factors include the inaccuracy of BMT in 5C (Character, Capacity, Capital, Collateral, and Condition), lack of supervision, procedures violations, facilities and infrastructure, and lack of human resources (HR). Meanwhile, external factors include bad customers, unexpected circumstances of customers, lack of customer income, inflation, and government policies. The actions done by the BMTs to overcome problematic murabaha financing were by implementing BMT guidelines for prospective customers, preventing and repressive supervising, applying a democratic leadership style, applying fines, rescheduling, restructuring and reconditioning write off, auction of collateral, and legal actions. This study recommends strengthening financing selection by improving human resource skills and also variations in handling murabaha financing with a humanist approach.
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References
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Anggraini, Z. P. (2019). Analysis of Maturity Financing on Murabahah Contracts at KSPPS BMT Nur Insan Mandiri Sukoharjo. (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Arifah, O. N. (2017). Analysis of troubled mudharabah financing at BMT Mitra Hasanah Semarang. Jurisprudence, 7(1), 40–46.
Aryani, S. W. (2015). Problematic financing analysis study at BMT Al-Fattah Pati. (Undergraduate Thesis, UIN Walisongo, Semarang, Indonesia).
Aspiranti, T., Nu’man, A. H., Nugraha, Y. D., Amaliah, I., & Mafruhat, A. Y. (2021). The role of government policy in boosting the Islamic microfinance institutions performance in Indonesia. Amwaluna: Jurnal Ekonomi dan Keuangan Syariah, 5(1), 136–154. https://doi.org/10.29313/amwaluna.v5i1.6935.
Azahra, R. & Muchlisin, S. (2015). Comparison of BMT functions as baitul maal and baitul tamwil (study of five BMTs in Bogor Regency). Jurnal Syarikah, 1(2), 83–90. https://doi.org/10.30997/jsei.v1i2.261.
Bhinekawati, R. (2021). Synergizing Islamic microfinance institution with village owned enterprise initiative: a holistic approach for village development. El-Qist: Journal of Islamic Economics and Business (JIEB), 11(1), 1–16. https://doi.org/10.15642/elqist.2021.11.1.1-16.
Faradilla, C., Muhammad, A. & Shabri, M. (2017). The effect of murabahah, istishna, ijarah, mudharabah and musyarakah financing on the profitability of Islamic commercial banks in Indonesia. Journal of Masters in Accounting, 6(3), 10–18.
Fatimah, S. & Suharto, T. (2020). Implementation of supervision and guidance of troubled murabahah financing at KSPPS BMT Husnul Aulia Ciledug. Banco: Journal of Islamic Banking and Management, 2(1), 81–94. https://doi.org/10.35905/banco.v2i1.1001.
Fikruddin, T. & Mufid, F. (2015). Strategy for handling murabahah financing risks in BMTs in Demak Regency. Equilibrium, 3(2), 255–270.
Habibi, A. (2019). Analysis of Troubled Murabahah Financing Strategy Analysis at KJKS BMT Berkah Al-Fath Mulia Pati. (Undergraduate Thesis, UIN Walisongo, Semarang, Indonesia).
Hassan, M. K., Alshater, M. M., Hasan, R., & Bhuiyan, A. B. (2021). Islamic microfinance: A bibliometric review. Global Finance Journal, 49. https://doi.org/10.1016/j.gfj.2021.100651.
Hidayah, K., Daud, D., Zainal, N., & Ibrahim, S. S. (2021). Effectiveness of musharakah financing in empowering small micro enterprises. Estudios de Economia Aplicada, 39(10), 1–14. https://doi.org/10.25115/eea.v39i10.5847.
Indarti, Y. R. (2019). Analysis of the Implementation of Prudential Principles on the Prevention of Problematic Financing Risks in Murabahah Financing Products in an Islamic Perspective (Study on BMT Fajar Metro). (Undergraduate Thesis, UIN Raden Intan Lampung, Bandar Lampung, Indonesia).
Khariroh, D. (2020). Problematic Financing Handling Strategy for Mudhorobah and Murabahah Financing at BMT Sahara Kauman Tulungagung. (Undergraduate Thesis, UIN Sayyid Ali Rahmatullah Tulungagung, Tulungagung, Indonesia).
Kusumastuti, D. R. (2018). Analysis of Troubled Murabahah Financing at BMT Anda Karanggede Branch Office. (Undergraduate Thesis, IAIN Salatiga, Salatiga, Indonesia).
Laila, N., Salleh, M. C. M., Rusydiana, A. S., & Sukmaningrum, P. S. (2021). a survey on Islamic economics and finance literatures indexed by scopus Q1 via thematic analysis approach. Review of International Geographical Education Online, 11(4), 453–468.
Langit, D. S. (2019). Implementation of the Murobahah Financing Agreement and its Problem Resolution (Case Study at BMT Al-Karomah in Jatipurno). (Undergraduate Thesis, Universitas Muhammadiyah Surakarta, Sukoharjo, Indonesia).
Mahmudah, A. N. (2019). Analysis of the Causes of Problematic Murabahah Financing and its Solution (Case Study on BMT Mandiri Sejahtera Dukun Gresik). (Undergraduate Thesis, UIN Maulana Malik Ibrahim, Malang, Indonesia).
Mansori, S., Kim, C. S. & Safari, M. (2015). A Shariah perspective review on islamic microfinance. Asian Social Science, 11(9), 273–280. https://doi.org/10.5539/ass.v11n9p273.
Martiana, A. & Rahmanto, M. (2021). Islamic microfinance and poverty alleviation in Indonesia: a systematic review of the evidence. Islamic Studies, 60(4), 431–444.
Maslihatin, A., & Riduwan. (2018). Murabahah financing analysis and problem solutions at BMT Rizky Barokah Talun Magelang Branch. Jurnal Maps (Manajemen Perbankan Syariah), 1, 15–30.
Mawardi, I., Widiastuti, T., Al Mustofa, M. U., & Prasetyo, A. (2020). Do Indonesian Islamic microfinance institutions need lender of the last resort?. Al-Uqud : Journal of Islamic Economics, 4(2), 235. https://doi.org/10.26740/al-uqud.v4n2.p235-249.
Mirzaqon, A. (2018). Literature study regarding the theory and practice of expressive writing counseling library. BK UNESA Journal, 1, 1–8.
Muhtarom, M. (2016). Reformulasi peraturan hukum lembaga keuangan mikro syariah di Indonesia. Profetika: Jurnal Studi Islam, 17(1), 90–102. https://doi.org/10.23917/profetika.v17i01.2103.
Obaidullah, M. (2015). Enhancing food security with Islamic microfinance: Insights from some recent experiments. Agricultural Finance Review, 75(2), 142–168. https://doi.org/10.1108/AFR-11-2014-0033.
Padmantyo, S., Irawati, Z., Murwanti, S., Sulton, A. S., & Sholahuddin, M. (2020). The role of spiritual leadership models in supporting poverty alleviation programs (study at baitul mal wat tamwil). BENEFIT: Jurnal Manajemen dan Bisnis, 5(1), 15–30.
Pinarto, J. (2018). Analysis of Manager’s Leadership Style on Problematic Murabahah Financing (Study at Baitul Maal Wat Tamwil Assyafiiyah Kc Pringsewu). (Undergraduate Thesis, UIN Raden Intan Lampung, Bandar Lampung, Indonesia).
Prasetyawan, R. (2019). Implementation of DSN-MUI Fatwa NO. 17/DSN-MUI/IX/2000 and NO. 47/DSN-MUI/II/2005 on Sanctions for Defaulting Customers in Murabahah Contracts at BMT Nurul Barokah Sambi Boyolali. (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Putri, F. C. (2019). Mitigation Analysis for Handling Problematic Murabahah Financing at BMT Taruna Sejahtera Bringin Branch. (Undergraduate Thesis, IAIN Salatiga, Salatiga, Indonesia).
Rohman, P. S., Fianto, B. A., Ali Shah, S. A., Kayani, U. N., Suprayogi, N., & Supriani, I. (2021). A review on literature of Islamic microfinance from 2010-2020: lesson for practitioners and future directions. Heliyon, 7(12). https://doi.org/10.1016/j.heliyon.2021.e08549.
Safitri, E. N. (2018). Analysis of the Factors that Cause Default and its Resolution on Murabahah Products (Study on BMT Mitra East Lampung). (Undergraduate Thesis, UIN Raden Intan Lampung, Bandar Lampung, Indonesia).
Said, M. S., Annuar, H. A., & Hamdan, H. B. (2019). An investigation into the financial sustainability of Islamic Saving, Credit Cooperative Society (SACCOS) in Tanzania. International Journal of Ethics and Systems, 35(2), 242–259. https://doi.org/10.1108/IJOES-11-2018-0159.
Sari, D. W. (2020). Default Settlement Mechanism for Murabahah Financing at BMT Al-Hikmah Karangjati Branch According to DSN-MUI Fatwa No. 47/DSN-MUI/II/2005. (Undergraduate Thesis, IAIN Salatiga, Salatiga, Indonesia).
Sentikawati, T. (2018). Analysis of Supervision Implementation in an Effort to Minimize Problematic Murabahah Financing at KSPPS BMT Al-Hikmah Ungaran Timur Branch. (Undergraduate Thesis, UIN Walisongo, Semarang, Indonesia).
Sholahuddin, M. & Yunitasari, V. (2019). The role of baitul mal wat tamwil for the economic recovery of customers victims of echo in Changewarno Klaten. BENEFIT: Jurnal Manajemen dan Bisnis, 14(2), 9–25.
Sudrajat, V. & Rachmawati, L. (2019). Analysis of troubled murabahah financing strategy analysis in suppressing the NPF level number 07/per/dep.6/iv/2016 on BMT Madani Throughout. Journal of Islamic Economics, 2(2), 50–61.
Suryani, S. (2018). Mechanism for Settlement of Troubled Murabahah Financing at BMT KBE Colomadu Sejahtera in terms of DSN-MUI Fatwa NO. 47/48/49 DNK-MUI/II/2005. (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Susila, I. (2007). Microfinance institution efficiency analysis. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi Dan Pembangunan, 8(2), 223. https://doi.org/10.23917/jep.v8i2.1043.
Tisdell, C. & Ahmad, S. (2018). Microfinance: economics and ethics. International Journal of Ethics and Systems, 34(3), 372–392. https://doi.org/10.1108/IJOES-02-2018-0028.
Utami, S. O. (2020). Strategy for Resolving Troubled Murabahah Financing at BMT Hira Tanon According to the Fatwa of DSN MUI NO.47/DSN MUI/II/2005 (Case Study at BMT Hira Tanon Sragen). (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Wahyuni, E. & Maulidia, S. (2020). Analysis of non performing financing (NPF) murabahah handling with mitigation of risk in Islamic financial institutions at KJKS BMT Al-Makmur Cubadak Lima Kaum, Flatland. Istikhlaf: Islamic Journal of Economics, Banking & Management, 2(1), 14–35. https://doi.org/10.51311/istikhlaf.v2i1.219.
Wediawati, B., Effendi, N., Herwany, A., & Masyita, D. (2018). Sustainability of Islamic microfinance in Indonesia: a holistic approach. Academy of Strategic Management Journal, 17(3).
Wiradhian, S. P. (2018). Strategy for Handling Problematic Micro Financing (Murabahah) in Islamic Financial Institutions (Case Study of KSPPS BMT Surya Madani, Boyolali). (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Yani, Y. S. (2018). Fines for Default on Murabahah Financing at BMT Assyafi’iyah Berkah Nasional Pekalongan Branch Judging from Sharia Economic Law. (Undergraduate Thesis, IAIN Metro, Metro, Indonesia).
Yulianto, M. A. (2018). Seasonal Financing Marketing Strategy With Rahn Contract at BMT Marhamah Kertek Wonosobo Branch. (Undergraduate Thesis, UIN Walisongo, Semarang, Indonesia).
Anggraini, Z. P. (2019). Analysis of Maturity Financing on Murabahah Contracts at KSPPS BMT Nur Insan Mandiri Sukoharjo. (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Arifah, O. N. (2017). Analysis of troubled mudharabah financing at BMT Mitra Hasanah Semarang. Jurisprudence, 7(1), 40–46.
Aryani, S. W. (2015). Problematic financing analysis study at BMT Al-Fattah Pati. (Undergraduate Thesis, UIN Walisongo, Semarang, Indonesia).
Aspiranti, T., Nu’man, A. H., Nugraha, Y. D., Amaliah, I., & Mafruhat, A. Y. (2021). The role of government policy in boosting the Islamic microfinance institutions performance in Indonesia. Amwaluna: Jurnal Ekonomi dan Keuangan Syariah, 5(1), 136–154. https://doi.org/10.29313/amwaluna.v5i1.6935.
Azahra, R. & Muchlisin, S. (2015). Comparison of BMT functions as baitul maal and baitul tamwil (study of five BMTs in Bogor Regency). Jurnal Syarikah, 1(2), 83–90. https://doi.org/10.30997/jsei.v1i2.261.
Bhinekawati, R. (2021). Synergizing Islamic microfinance institution with village owned enterprise initiative: a holistic approach for village development. El-Qist: Journal of Islamic Economics and Business (JIEB), 11(1), 1–16. https://doi.org/10.15642/elqist.2021.11.1.1-16.
Faradilla, C., Muhammad, A. & Shabri, M. (2017). The effect of murabahah, istishna, ijarah, mudharabah and musyarakah financing on the profitability of Islamic commercial banks in Indonesia. Journal of Masters in Accounting, 6(3), 10–18.
Fatimah, S. & Suharto, T. (2020). Implementation of supervision and guidance of troubled murabahah financing at KSPPS BMT Husnul Aulia Ciledug. Banco: Journal of Islamic Banking and Management, 2(1), 81–94. https://doi.org/10.35905/banco.v2i1.1001.
Fikruddin, T. & Mufid, F. (2015). Strategy for handling murabahah financing risks in BMTs in Demak Regency. Equilibrium, 3(2), 255–270.
Habibi, A. (2019). Analysis of Troubled Murabahah Financing Strategy Analysis at KJKS BMT Berkah Al-Fath Mulia Pati. (Undergraduate Thesis, UIN Walisongo, Semarang, Indonesia).
Hassan, M. K., Alshater, M. M., Hasan, R., & Bhuiyan, A. B. (2021). Islamic microfinance: A bibliometric review. Global Finance Journal, 49. https://doi.org/10.1016/j.gfj.2021.100651.
Hidayah, K., Daud, D., Zainal, N., & Ibrahim, S. S. (2021). Effectiveness of musharakah financing in empowering small micro enterprises. Estudios de Economia Aplicada, 39(10), 1–14. https://doi.org/10.25115/eea.v39i10.5847.
Indarti, Y. R. (2019). Analysis of the Implementation of Prudential Principles on the Prevention of Problematic Financing Risks in Murabahah Financing Products in an Islamic Perspective (Study on BMT Fajar Metro). (Undergraduate Thesis, UIN Raden Intan Lampung, Bandar Lampung, Indonesia).
Khariroh, D. (2020). Problematic Financing Handling Strategy for Mudhorobah and Murabahah Financing at BMT Sahara Kauman Tulungagung. (Undergraduate Thesis, UIN Sayyid Ali Rahmatullah Tulungagung, Tulungagung, Indonesia).
Kusumastuti, D. R. (2018). Analysis of Troubled Murabahah Financing at BMT Anda Karanggede Branch Office. (Undergraduate Thesis, IAIN Salatiga, Salatiga, Indonesia).
Laila, N., Salleh, M. C. M., Rusydiana, A. S., & Sukmaningrum, P. S. (2021). a survey on Islamic economics and finance literatures indexed by scopus Q1 via thematic analysis approach. Review of International Geographical Education Online, 11(4), 453–468.
Langit, D. S. (2019). Implementation of the Murobahah Financing Agreement and its Problem Resolution (Case Study at BMT Al-Karomah in Jatipurno). (Undergraduate Thesis, Universitas Muhammadiyah Surakarta, Sukoharjo, Indonesia).
Mahmudah, A. N. (2019). Analysis of the Causes of Problematic Murabahah Financing and its Solution (Case Study on BMT Mandiri Sejahtera Dukun Gresik). (Undergraduate Thesis, UIN Maulana Malik Ibrahim, Malang, Indonesia).
Mansori, S., Kim, C. S. & Safari, M. (2015). A Shariah perspective review on islamic microfinance. Asian Social Science, 11(9), 273–280. https://doi.org/10.5539/ass.v11n9p273.
Martiana, A. & Rahmanto, M. (2021). Islamic microfinance and poverty alleviation in Indonesia: a systematic review of the evidence. Islamic Studies, 60(4), 431–444.
Maslihatin, A., & Riduwan. (2018). Murabahah financing analysis and problem solutions at BMT Rizky Barokah Talun Magelang Branch. Jurnal Maps (Manajemen Perbankan Syariah), 1, 15–30.
Mawardi, I., Widiastuti, T., Al Mustofa, M. U., & Prasetyo, A. (2020). Do Indonesian Islamic microfinance institutions need lender of the last resort?. Al-Uqud : Journal of Islamic Economics, 4(2), 235. https://doi.org/10.26740/al-uqud.v4n2.p235-249.
Mirzaqon, A. (2018). Literature study regarding the theory and practice of expressive writing counseling library. BK UNESA Journal, 1, 1–8.
Muhtarom, M. (2016). Reformulasi peraturan hukum lembaga keuangan mikro syariah di Indonesia. Profetika: Jurnal Studi Islam, 17(1), 90–102. https://doi.org/10.23917/profetika.v17i01.2103.
Obaidullah, M. (2015). Enhancing food security with Islamic microfinance: Insights from some recent experiments. Agricultural Finance Review, 75(2), 142–168. https://doi.org/10.1108/AFR-11-2014-0033.
Padmantyo, S., Irawati, Z., Murwanti, S., Sulton, A. S., & Sholahuddin, M. (2020). The role of spiritual leadership models in supporting poverty alleviation programs (study at baitul mal wat tamwil). BENEFIT: Jurnal Manajemen dan Bisnis, 5(1), 15–30.
Pinarto, J. (2018). Analysis of Manager’s Leadership Style on Problematic Murabahah Financing (Study at Baitul Maal Wat Tamwil Assyafiiyah Kc Pringsewu). (Undergraduate Thesis, UIN Raden Intan Lampung, Bandar Lampung, Indonesia).
Prasetyawan, R. (2019). Implementation of DSN-MUI Fatwa NO. 17/DSN-MUI/IX/2000 and NO. 47/DSN-MUI/II/2005 on Sanctions for Defaulting Customers in Murabahah Contracts at BMT Nurul Barokah Sambi Boyolali. (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Putri, F. C. (2019). Mitigation Analysis for Handling Problematic Murabahah Financing at BMT Taruna Sejahtera Bringin Branch. (Undergraduate Thesis, IAIN Salatiga, Salatiga, Indonesia).
Rohman, P. S., Fianto, B. A., Ali Shah, S. A., Kayani, U. N., Suprayogi, N., & Supriani, I. (2021). A review on literature of Islamic microfinance from 2010-2020: lesson for practitioners and future directions. Heliyon, 7(12). https://doi.org/10.1016/j.heliyon.2021.e08549.
Safitri, E. N. (2018). Analysis of the Factors that Cause Default and its Resolution on Murabahah Products (Study on BMT Mitra East Lampung). (Undergraduate Thesis, UIN Raden Intan Lampung, Bandar Lampung, Indonesia).
Said, M. S., Annuar, H. A., & Hamdan, H. B. (2019). An investigation into the financial sustainability of Islamic Saving, Credit Cooperative Society (SACCOS) in Tanzania. International Journal of Ethics and Systems, 35(2), 242–259. https://doi.org/10.1108/IJOES-11-2018-0159.
Sari, D. W. (2020). Default Settlement Mechanism for Murabahah Financing at BMT Al-Hikmah Karangjati Branch According to DSN-MUI Fatwa No. 47/DSN-MUI/II/2005. (Undergraduate Thesis, IAIN Salatiga, Salatiga, Indonesia).
Sentikawati, T. (2018). Analysis of Supervision Implementation in an Effort to Minimize Problematic Murabahah Financing at KSPPS BMT Al-Hikmah Ungaran Timur Branch. (Undergraduate Thesis, UIN Walisongo, Semarang, Indonesia).
Sholahuddin, M. & Yunitasari, V. (2019). The role of baitul mal wat tamwil for the economic recovery of customers victims of echo in Changewarno Klaten. BENEFIT: Jurnal Manajemen dan Bisnis, 14(2), 9–25.
Sudrajat, V. & Rachmawati, L. (2019). Analysis of troubled murabahah financing strategy analysis in suppressing the NPF level number 07/per/dep.6/iv/2016 on BMT Madani Throughout. Journal of Islamic Economics, 2(2), 50–61.
Suryani, S. (2018). Mechanism for Settlement of Troubled Murabahah Financing at BMT KBE Colomadu Sejahtera in terms of DSN-MUI Fatwa NO. 47/48/49 DNK-MUI/II/2005. (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Susila, I. (2007). Microfinance institution efficiency analysis. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi Dan Pembangunan, 8(2), 223. https://doi.org/10.23917/jep.v8i2.1043.
Tisdell, C. & Ahmad, S. (2018). Microfinance: economics and ethics. International Journal of Ethics and Systems, 34(3), 372–392. https://doi.org/10.1108/IJOES-02-2018-0028.
Utami, S. O. (2020). Strategy for Resolving Troubled Murabahah Financing at BMT Hira Tanon According to the Fatwa of DSN MUI NO.47/DSN MUI/II/2005 (Case Study at BMT Hira Tanon Sragen). (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Wahyuni, E. & Maulidia, S. (2020). Analysis of non performing financing (NPF) murabahah handling with mitigation of risk in Islamic financial institutions at KJKS BMT Al-Makmur Cubadak Lima Kaum, Flatland. Istikhlaf: Islamic Journal of Economics, Banking & Management, 2(1), 14–35. https://doi.org/10.51311/istikhlaf.v2i1.219.
Wediawati, B., Effendi, N., Herwany, A., & Masyita, D. (2018). Sustainability of Islamic microfinance in Indonesia: a holistic approach. Academy of Strategic Management Journal, 17(3).
Wiradhian, S. P. (2018). Strategy for Handling Problematic Micro Financing (Murabahah) in Islamic Financial Institutions (Case Study of KSPPS BMT Surya Madani, Boyolali). (Undergraduate Thesis, IAIN Surakarta, Surakarta, Indonesia).
Yani, Y. S. (2018). Fines for Default on Murabahah Financing at BMT Assyafi’iyah Berkah Nasional Pekalongan Branch Judging from Sharia Economic Law. (Undergraduate Thesis, IAIN Metro, Metro, Indonesia).
Yulianto, M. A. (2018). Seasonal Financing Marketing Strategy With Rahn Contract at BMT Marhamah Kertek Wonosobo Branch. (Undergraduate Thesis, UIN Walisongo, Semarang, Indonesia).