Sharia Knowledge and Funding Utilization of Sharia Cooperatives Member

Abstract

Sharia-based cooperatives are becoming a trend in society and are being used as an alternative to financing community businesses. Since usury are strictly prohibited in Islam, Sharia-based cooperatives arise from the transformation between existing cooperative systems. It was established to improve the welfare of its members in accordance with the Islamic principle. This study aims to describe the knowledge and funding utilization of Shariah corporative members in Painan. Data collected from this study by surveying sharia cooperative members. The result of this study shows that most of the Shariah cooperatives members don't comprehend the Sharia-based cooperatives. Its member not fully utilize the facilities that provide in the sharia based financial institution. Findings, informs that the members join and utilize Shariah financing because of the important word, "Sharia"

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

“…Soemitra (2018) defines a sharia cooperative as a microfinance institution operated based on a profit-sharing system to improve the economy and welfare of its members to elevate the dignity and worth and defend the members' interests of the needy and poor (Soemitra, 2018). Meanwhile, Baharudin defines a sharia cooperative as a cooperative with the implementation of sharia financial principles both from an organizational and operational perspective, as well as the principles of collecting, distributing, and distributing business results that comply with sharia provisions to improve the welfare of its members (Honesty et al, 2021). The philosophy of the sharia cooperative represents the realization of economic democracy with the spirit of kinship.…”