Comparative Analysis of Agricultural Financing in Some Countries

Meutia, İnten; Adam, Mohamad; Vegirawati, Titin

doi:10.30993/tifbr.v11i1.134

Cited by 12 publications

(11 citation statements)

References 14 publications

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“…The importance of intention in the decision-making of the Islamic financial system is to achieve the consequential and utilitarian ethical standard goals of living a (Hayatu-daiyaban), good life for members of society. Al Nawawi [40] pointed out that the intention of Islamic financial institutions must be in tandem needs of the economic growth of society. In addition, Yahuza and Idris [41,42] reveal that cheating and unfair dealings, the unequal ratio in sharing the crop yield is attributed to non-compliance of shariah principles in financial agreements, including lack of policy framework for muzarah are all due to the lack of intention of Islamic financial institutions to adhere to partnership agreements in profit and loss business and economic activities.…”

Section: Discussionmentioning

confidence: 99%

Financing Agriculture in Nigeria: A Comparative Review of Roles Played by Private, Public, and International Financial Institutions and Agencies

Abdullahi¹,

Gupta²

2022

ujaf

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Financing agriculture in Nigeria from the perspective of both conventional and Islamic sources of finance has been faced with multi-dimensional challenges that impede the agricultural sector threatening sustainable agricultural production for food security. With a population size of 206 million and 70.8 million hectares of arable land, Nigeria is threatened with a high rate of unemployment, poverty, malnutrition, and social inequality. This can be related to the lack of access to finance by smallholder farmers in financial institutions. If access to financial institutions in critical sectors like agriculture and energy can be enhanced, then there will be an increased development in the overall value chain of the agricultural sector. This review paper is aimed at (1) Evaluating the current studies of the cause and effect by looking at the roles played by private, public, and international financial institutions and agencies and (2) Outlining the research gap in the literature with a focus on comparative study on financing agriculture in Nigeria. This study is based on a multi-dimensional theoretical approach (structural-functional, dependency theory, modernization theory, human needs theory, conflict and critical theories). The paper adopted the systematic literature review and reviewed 27 relevant source documents. Based on the review of the literature, the following major results emerged: Lack of macroeconomic policy, lack of access to finance, and bureaucratic bottleneck. The literature review revealed the challenges of financing agriculture and the effect on society based on results that emerged from the study. In addition, it also revealed the practical, evidence, theoretical, population, implementation, and methodological gaps that can lead to further research study. This comparative review study contributed to knowledge in expanding the existing literature on cause and effect by focusing on the roles played by private, public, and international financial institutions and agencies in financing agriculture using multi-dimensional theories and methods to find what the causes are, why they occur, what groups are affected, how they cope in the absence of funds, and what measures to apply to improve agricultural finance.

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Section: Discussionmentioning

confidence: 99%

Financing Agriculture in Nigeria: A Comparative Review of Roles Played by Private, Public, and International Financial Institutions and Agencies

Abdullahi¹,

Gupta²

2022

ujaf

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“…Such funding alternatives are driven by farmers' way to eliminate the complicated bureaucracies of banks and their high-interest rates. (Meutia, Adam, & Vegirawati, 2017). One of the reasons why banks have not provided intensive financing to agricultural entrepreneurs is an agricultural risk.…”

Section: Farming Scene Of Indonesiamentioning

confidence: 99%

“…The 3.32 non-performing loan from the agricultural industry is higher than the 3.18 NPL of the banking sector. (Meutia et al, 2017;Alazemi and Al Omari, 2020).…”

Section: Farming Scene Of Indonesiamentioning

confidence: 99%

Waqf based Islamic Fintech Model for Agriculture Sector of Indonesia

Khan¹,

Ghafoorzai²,

Patel³

et al. 2021

IJBEG

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This paper focuses on providing a waqf based Islamic fintech model that will work on the root cause of many problems faced by farmers such as, lack of farming equipment due to insufficient funds and other problems arising due to inadequacy of working capital. The paper is based on the qualitative method of study. Through the proposed model it is believed that the current challenges faced by farmers in Indonesia in the field of Agriculture, can be targeted and rectified as it aims basically on the root cause of the main problems, which are insufficient working capital and lack of equipment and other means of farming due to lack of funds and limited reach to financing sources. This study suggests the adoption of an integrated Waqf based Islamic fintech model which provides halal financing to the farmers for their need of working capital, and equipment. It also suggests intensifying the reach of financial institutions through vendors of farming equipment for financing the needs of farmers in rural areas.

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“…And if the muamalah is not in cash, it should be written as evidence so that there will be no disputes in the future (Ahmad Fauzi, 2021). Rahn is to make an item that has an asset value in the view of syara' (as a debt security) which makes it possible to take all or part of the debt from the item (Meutia et al, 2018).…”

Section: Introductionmentioning

confidence: 99%

Analysis of Sharia Economic Law on Vehicle Pawning in PT. Pegadaian (Persero) Cabang Bima, Nusa Tenggara Barat, Indonesia

Amrin

Priyono²,

Shofita³

2022

Talaa J. Islam. Financ.

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This study aimed to examine the concept and system of vehicle pawning with a review of Sharia economic law. The research used descriptive qualitative with the type of field research at the Pawnshop Branch Office of the City of Bima, West Nusa Tenggara Province. While the data collection techniques were interviews, observations and documentation with data analysis using data reduction, data presentation and conclusion. The results show that, first, the practice of vehicle pawning financing products at the Bima City Pawnshop is relatively easy and practical. The view of Islamic law on vehicle pawning practices at the Bima City Pawnshop is considered to be by Sharia principles because it does not contain 3 elements that are prohibited in the practice of vehicle pawning. Such as Gharar, Maysir, and Sury. Because the suitability of the application for pawning vehicles at the Bima City Branch can be seen in three things, namely the pillars, the legal requirements for the pawn, the costs and the mechanism for the settlement of collateral goods. And the practice of pawning vehicles at the Bima City Pawnshop is governed by the Fatwa of the National Sharia Council No.26/DSN-MUI/III/2002 concerning Rahn Emas or similar items such as Vehicles.

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Comparative Analysis of Agricultural Financing in Some Countries

Cited by 12 publications

References 14 publications

Financing Agriculture in Nigeria: A Comparative Review of Roles Played by Private, Public, and International Financial Institutions and Agencies

Financing Agriculture in Nigeria: A Comparative Review of Roles Played by Private, Public, and International Financial Institutions and Agencies

Waqf based Islamic Fintech Model for Agriculture Sector of Indonesia

Analysis of Sharia Economic Law on Vehicle Pawning in PT. Pegadaian (Persero) Cabang Bima, Nusa Tenggara Barat, Indonesia

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