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All Journal El-Barka: Journal of Islamic Economics and Business AL-IKTISAB: Journal of Islamic Economic Law
Amin Wahyudi
UIN Kiai Ageng Muhammad Besari Ponorogo
Economics, Econometrics & Finance Social Sciences

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Learning from the Bangladeshi Islamic Microfinance Model for Sharia Microfinance Development in Indonesia Adinda Rizqi Nur Azizah; Amin Wahyudi; Raisha Salisa Ahmad
El-Barka Journal of Islamic Economics and Business Vol. 8 No. 2 (2025)
Publisher : El-Barka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/elbarka.v8i2.12329

Abstract

The extreme institutional fragmentation of Indonesia's 4,500+ BMT units has led to an inability to achieve economies of scale despite serving 3.7 million customers with assets of Rp 16 trillion, while the Bangladesh centric bank model (RDS-IBBL) serves 520,000 members with high efficiency but at the expense of social closeness, creating a trade-off of efficiency versus embeddedness that requires systematic investigation. The research uses a comparative qualitative method by analyzing academic literature 2008-2025, institutional reports (UNDP, Bangladesh Bank, OJK, LAZ), and regulatory documents through comparative descriptive analysis of six dimensions with multi-source triangulation validity. Empirical findings show that the Bangladesh bank-centric model achieved a recovery rate of >95% and increased the income of 72% of participants, while the Indonesian community-based model had a recovery rate of 85-90% but was resilient during the 1997-1998 crisis, with a dominance of 70-80% in both countries, explained five factors: transaction cost economics, extreme information asymmetry, institutional path dependency, regulatory constraints, and customer preference for certainty. The theoretical contribution validates the path dependency theory that institutional design shaped by historical trajectories is different (the legacy of the Grameen Bank versus the tradition of mutual cooperation) and rejects the assumption of convergence by proving persistent diversity that is context-dependent. The policy implications include five recommendations: a national apex body BMT for shared services while preserving local autonomy; Sharia Microfinance Academy with a target of 5,000 certified professionals in 5 years; harmonization of OJK regulations, Ministry of Cooperatives, Ministry of Religion; dual-track financing strategy to increase PLS proportion from <20% to 40% in 5 years; and the Structured Waqf Zakat Microfinance Integration Model Graduated Approach (70-80% Mustahiq to become muzakki in 2-3 years), requires a national coordination framework to transform the MFI ecosystem from atomistic fragmented to networked professionals to contribute optimally to the SDGs.
Risk Mitigation Effectiveness in Takaful and Conventional Insurance: : A Claims Ratio Comparison in Indonesia Haya Nabila; Amin Wahyudi; Syahruddin
El-Barka Journal of Islamic Economics and Business Vol. 9 No. 1 (2026)
Publisher : El-Barka

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Abstract

This study analyzes the effectiveness of risk mitigation in Takaful (Islamic insurance) and conventional insurance in Indonesia during the 2020–2024 period, employing a comparative quantitative approach grounded in risk management theory and insurance effectiveness indicators, as measured by the claims ratio. Secondary data were obtained from the Financial Services Authority (Otoritas Jasa Keuangan/OJK), the Indonesian Sharia Insurance Association (Asosiasi Asuransi Syariah Indonesia/AASI), and the Indonesian Life Insurance Association (Asosiasi Asuransi Jiwa Indonesia/AAJI). The data were analyzed using a quantitative descriptive method and comparative ratio analysis, comparing claims ratios between Takaful and conventional insurance to examine the effect of premium growth and claims ratios on risk-mitigation effectiveness. The findings indicate that conventional insurance demonstrates greater premium stability and more effective claims management than Takaful. Meanwhile, Takaful exhibits considerable growth potential but continues to face challenges, including low market penetration, fluctuating claims ratios, and suboptimal efficiency in risk management. These findings suggest that strengthening Islamic financial literacy, enhancing product innovation, improving industry governance, and reinforcing regulatory frameworks are critical factors in improving the effectiveness of risk mitigation and the competitiveness of Indonesia's Takaful industry. Theoretically, this study contributes to the literature on risk management and financial intermediation theory by establishing the claims ratio as an empirical indicator of risk-mitigation effectiveness; practically, it offers an evidence-based reference for regulators, industry associations, and Takaful operators in formulating policies to strengthen the stability and competitiveness of Indonesia's Sharia insurance industry.
Sharia Governance in the Digital Financial Ecosystem: OJK Regulation and DSNMUI Fatwa: Sharia Governance Yuliana Siti Sholaika; Amin Wahyudi; Miftah Pahlevi
AL-IKTISAB: Journal of Islamic Economic Law Vol. 9 No. 2 (2025): AL-IKTISAB: Journal of Islamic Economic Law, Vol. 9 No. 2 November 2025
Publisher : University of Darusssalam Gontor

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Abstract

This research discusses sharia governance in the digital financial ecosystem, which is experiencing rapid development in line with the transformation of technology-based financial services. Digital financial services are currently facing new challenges in terms of sharia governance, particularly between OJK regulation and DSN-MUI fatwa. DSN-MUI Fatwa No. 117/2018 emphasizes that digital platforms function as representatives (wakalah), while POJK No. 10/2022 provides space for platforms to act as digital business operators with authority over system management, algorithms, and fee setting. This difference in construction has the potential to give rise to dual functions of platforms that lead to digital hilah practices that can weaken sharia principles. This research aims to analyze the gap between OJK regulation and DSN-MUI fatwa in the application of sharia governance in the digital finance ecosystem and to formulate a model for strengthening sharia governance that is adaptive to technological developments. This research method uses library research on legislation, OJK regulation, DSN-MUI fatwa, and relevant scientific articles. The results of the research show that there are three main gaps, namely in the aspects of the position and authority of digital platforms, algorithmic transparency in determining fees and financing, and mechanisms for monitoring sharia compliance in the digital world. This research provides solutions in the form of harmonizing regulations between OJK regulation and the DSN-MUI fatwa to strengthen the role of DPS based on algorithmic audits and to develop a digital sharia governance framework as a standard for sharia governance in the digital finance sector that is more comprehensive and responsive to technological developments. The findings of this research are expected to have important implications for regulators, industry, and sharia supervisors in building a digital financial ecosystem that is not only innovative but also trustworthy, fair, and oriented towards public interest.
Co-Authors Adinda Rizqi Nur Azizah Haya Nabila Miftah Pahlevi Raisha Salisa Ahmad Syahruddin Yuliana Siti Sholaika