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All Journal Indonesian Journal of Islamic Economics and Finance
Desi Elisa Fitri
Universitas Islam Negeri Sumatera Utara
Economics, Econometrics & Finance Social Sciences

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The Role of Islamic Pawnshops in Expanding Financial Access for Low-Income Communities Through Microfinancing with Murabahah and Mudharabah Contracts in Binjai City Desi Elisa Fitri; Waizul Qarni; Nurul Inayah
Indonesian Journal of Islamic Economics and Finance Vol. 6 No. 1 (2026)
Publisher : Institut Agama Islam Sunan Giri Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37680/ijief.v6i1.9707

Abstract

This study examines how Islamic pawnshops (Pegadaian Syariah) in Binjai City employ a dual-contract microfinance model combining murabahah and mudharabah to advance financial inclusion among low-income and unbanked communities. Using a qualitative descriptive approach, data were gathered through in-depth interviews with four purposively selected informants (two institution employees and two financing customers), supplemented by institutional documentation and triangulation. Three key findings emerge. First, Pegadaian Syariah functions as a bridging institution, providing accessible financing that conventional banks cannot easily reach, as evidenced by consistent annual customer growth of 20–30%. Second, murabahah dominates the financing portfolio due to its transparency and fixed-installment structure, while mudharabah is deployed selectively for profit-sharing partnerships with clients whose businesses demonstrate stability a differentiation that reflects risk-sharing theory in Islamic finance. Third, financing access produces measurable welfare improvements increased inventory, income growth, and business expansion though income volatility and administrative barriers remain constraints. The study’s primary contribution is an empirically grounded dual-contract inclusion model applicable to local Islamic financial institutions. Practical implications are offered for institutional strategy, financial literacy programming, and regional policy on Islamic microfinance.
Co-Authors Nurul Inayah Waizul Qarni