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All Journal Proceeding of The International Conference on Economics, Accounting, and Taxation
M. Sholeh Wafie
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Strengthening Risk Governance Model of Islamic Microfinance Institutions Based on Maqashid al-Syariah: A Multi-Case Study of BMT Failures in Indonesia M. Sholeh Wafie; Slamet Slamet
Proceeding of the International Conference on Economics, Accounting, and Taxation Vol. 3 No. 1 (2026): Proceeding of the International Conference on Economics, Accounting, and Taxati
Publisher : Asosiasi Riset Ekonomi dan Akuntansi Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61132/iceat.v3i1.266

Abstract

This study analyzes risk governance failures in Islamic Microfinance Institutions (LKMS) using the maqashid al-shariah framework, grounded in Auda’s (2008) systems approach. A multi-case study was conducted at BMT Global Insani Cirebon, which recorded losses of IDR 77 billion, and BMT Mitra Umat Pekalongan, with losses of IDR 50 billion. Together, these cases represented 76% of total BMT losses in Indonesia during 2015–2024. Data were collected through in-depth interviews with eight key informants, document analysis, and direct observation. The findings identified three mutually reinforcing components of risk governance failure: weak institutional governance, unstructured risk identification, and unplanned risk mitigation. These weaknesses indicate inadequate integration of Islamic principles into institutional risk management practices. Based on the findings, a strengthening model was developed comprising three interconnected pillars: Institutional Legitimacy, Supervisory Epistemology, and Substantive Regulation. Each pillar is grounded in the dimensions of maqashid al-shariah and emphasizes institutional accountability, effective supervision, and regulatory compliance. The model provides a framework for strengthening risk governance and promoting sustainable, accountable, and Sharia-compliant LKMS.
Co-Authors Slamet Slamet