ISLAMIC MICROFINANCE INITIATIVES TO ENHANCE SMALL AND MEDIUM ENTERPRISES IN INDONESIA: From Historical Overview to Contemporary Situation

Antonio, Muhammad Syafii

doi:10.15642/jiis.2011.5.2.313-334

Cited by 12 publications

(17 citation statements)

References 3 publications

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“…On the other hand, there are seven optimization algorithms that were developed in this package that was constructed from many previous studies (see [48] for details). However, this study limits the optimization algorithms to five, namely the ABC [14], FPA, GSA [36], IFA [19], and PSO [57][58][59][60]. The optimization of these algorithms mainly used the centroid approach that was developed by Runkler and Katz [61], and then this approach was implemented into FGWC [19,30,31,62] so that it could be used to produce a controllable parameter solution.…”

Section: The National Labour Force Survey (Sakernas)mentioning

confidence: 99%

Micro, Small, and Medium Enterprises’ Business Vulnerability Cluster in Indonesia: An Analysis Using Optimized Fuzzy Geodemographic Clustering

Caraka

Kurniawan²,

Nasution³

et al. 2021

Sustainability

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The COVID-19 pandemic has caused effects in many sectors, including in businesses and enterprises. The most vulnerable businesses to COVID-19 are micro, small, and medium enterprises (MSMEs). Therefore, this paper aims to analyze the business vulnerability of MSMEs in Indonesia using the fuzzy spatial clustering approach. The fuzzy spatial clustering approach had been implemented to analyze the social vulnerability to natural hazards in Indonesia. Moreover, this study proposes the Flower Pollination Algorithm (FPA) to optimize the Fuzzy Geographically Weighted Clustering (FGWC) in order to cluster the business vulnerability in Indonesia. We performed the data analysis with the dataset from Indonesia’s national socioeconomic and labor force survey (SUSENAS and SAKERNAS). We first compared the performance of FPA with traditional FGWC, as well as several known optimization algorithms in FGWC such as Artificial Bee Colony, Intelligent Firefly Algorithm, Particle Swarm Optimization, and Gravitational Search Algorithm. Our results showed that FPAFGWC has the best performance in optimizing the FGWC clustering result in the business vulnerability context. We found that almost all of the regions in Indonesia outside Java Island have vulnerable businesses. Meanwhile, in most of Java Island, particularly the JABODETABEK area that is the national economic backbone, businesses are not vulnerable. Based on the results of the study, we provide the recommendation to handle the gap between the number of micro and small enterprises (MSMEs) in Indonesia.

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Section: The National Labour Force Survey (Sakernas)mentioning

confidence: 99%

Micro, Small, and Medium Enterprises’ Business Vulnerability Cluster in Indonesia: An Analysis Using Optimized Fuzzy Geodemographic Clustering

Caraka

Kurniawan²,

Nasution³

et al. 2021

Sustainability

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“…Within the Islamic finance framework, money should be utilised to create real economic value and only a return on investment in sharia-allowable commercial activities can be earned. Therefore, as an alternative to 'riba', the profit and loss sharing (PLS) arrangements are held as an ideal mode of financing in Islamic microfinance (Alaro & Alalubosa, 2019;Antonio, 2011).…”

Section: The Development Of Islamic Microfinance Institutions In Nigeriamentioning

confidence: 99%

Exploring the Advancement and Roles of Islamic Microfinance Institutions in Microenterprise Development in Nigeria

Maishanu¹,

Khalid²

2020

IJIM

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This paper discusses the advancement and roles of microfinance institutions, specifically Islamic microfinance institutions in microenterprise development in Nigeria. Microfinance institutions play a key role in financial inclusion and microenterprise development, especially in developing countries. The key aim of microfinance initiatives is to eradicate poverty by providing access to a wide range of financial products and services for those who are financially excluded. The emergence of microfinance in Nigeria appears to be promising, as these institutions support Nigerians of average or poor means by improving their living conditions. However, the nature and conditions of the schemes do not satisfy the sensitivities and requirements of a substantial number of people including poor Muslims who need funding but are unable to take advantage of conventional microfinance services, as loan conditions are seen as being contradictory to Islamic teachings. Islamic microfinance, therefore, can alleviate poverty through the development of microenterprises.

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“…It helps to reduce the vulnerability of the poor and increase economic empowerment by creating new employment opportunities (Wilson, 2012a). It incorporates charity and Zakah with micro-finance for the betterment of the poorest of the poor (Antonio, 2011). There are two types of micro-finance models, namely, mainstream and alternative.…”

Section: Introductionmentioning

confidence: 99%

Islamic banking and finance: potential approach for economic sustainability in China

Sarker

Khatun

Alam

2019

JIMA

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Purpose The purpose of this paper is to explore the unique aspects of Islamic finance and its role in economic development. It also explores the suitability of Islamic finance in China. Design/methodology/approach The paper explores the potential of Islamic banking and finance for economic sustainability in China. This study adopts the content analysis approach and focuses on various aspects of finance. Moreover, a critical investigation has been done by using various indicators of a new finance system adoption by considering the economic, cultural, religious and political aspects of China. Findings The study reveals that China already tested Islamic finance on a pilot basis in Ningxia, China. China is suitably positioned to adopt Islamic finance for its economic development. It also reports that Islamic finance will be more helpful to implement One Belt One Road initiative of China, as the Gulf and Arab Islamic finance-based countries are the major partners of China. This study analyzes Islamic micro-finance literature and proposes suitable measures for adoption in China. Practical implications Despite some limitations, the findings have a large implication on Islamic financing in general. It will be helpful to researchers and practitioners to understand the Islamic finance model for implementing it in a new environment. Social implications This study analyzes the demand, rules and regulations, related challenges and potential of launching Islamic banking and finance in China. Originality/value This study analyzes the demand, rules and regulations, related challenges and potential of launching Islamic banking and finance in China. The paper fills a gap to the existing literature on Islamic finance uniqueness, challenges and opportunities from the perspective of a non-Muslim country.

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ISLAMIC MICROFINANCE INITIATIVES TO ENHANCE SMALL AND MEDIUM ENTERPRISES IN INDONESIA: From Historical Overview to Contemporary Situation

Cited by 12 publications

References 3 publications

Micro, Small, and Medium Enterprises’ Business Vulnerability Cluster in Indonesia: An Analysis Using Optimized Fuzzy Geodemographic Clustering

Micro, Small, and Medium Enterprises’ Business Vulnerability Cluster in Indonesia: An Analysis Using Optimized Fuzzy Geodemographic Clustering

Exploring the Advancement and Roles of Islamic Microfinance Institutions in Microenterprise Development in Nigeria

Islamic banking and finance: potential approach for economic sustainability in China

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