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Hj. Kassim, Salina
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Economics, Econometrics & Finance Social Sciences

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AR-RAHNU AS A SOURCE OF FINANCIAL SUSTAINABILITY FOR WOMEN MICRO-ENTREPRENEURS IN MALAYSIA Nik Azman, Nik Hadiyan; Hj. Kassim, Salina
Journal of Islamic Monetary Economics and Finance Vol 2 No 2 (2017)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (6077.304 KB) | DOI: 10.21098/jimf.v2i2.654

Abstract

Muslims in Malaysia had practiced ar-rahnu for fulfilling their financial need, especially for emergency purposes since early 1990s. The pioneer of ar-rahnu in Malaysia is Muassasah Gadaian Islam Terengganu (MGIT) in January 1992, followed by the Kelantan Capitalization Berhad (PKB) in March 1992. Both of these Islamic pawn centres are among the earliest exponents to the Islamic pawn scheme in Malaysia. Ar-rahnu is an increasingly popular financing option among micro-entrepreneurs in Malaysia, particularly women micro-entrepreneurs. Women micro-entrepreneurs play a vital role in the Malaysian economy and could be considered as the backbone of the industrial development in Malaysia. This study examines the role of ar-rahnu as a source of financial stability for women micro-entrepreneurs. 600 questionnaires were distributed at three states in Malaysia which are Kelantan, Terengganu and Kedah. Then, this study used SPSS and SEM Amos to analyses the data for 600 respondents (women micro-entrepreneurs) in Malaysia. In essence, this study finds that shariah compliancy, locality, service charges, collateral and customer satisfaction has positive and significant impact towards the use of ar-rahnu. The study also found use of ar-rahnu has significant impact towards financial self-sufficiency for women micro-entrepreneurs.
AN INNOVATIVE FINANCING INSTRUMENT TO PROMOTE THE DEVELOPMENT OF ISLAMIC MICROFINANCE THROUGH SOCIALLY RESPONSIBLE INVESTMENT SUKUK Khouildi, Mohamed Yassine; Hj. Kassim, Salina
Journal of Islamic Monetary Economics and Finance Vol 4 No 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (363.281 KB) | DOI: 10.21098/jimf.v4i2.935

Abstract

Socially responsible investment (SRI) sukuk has a high potential to be an innovative financing mechanism for Islamic microfinance. This paper explores the possibility of implementing SRI sukuk for raising funds to support the microfinance industry and to promote financial inclusion. It also aims to identify the associated issues and challenges in implementing the SRI sukuk for microfinance purpose. The paper uses qualitative research method through a thorough review of existing literature, archives, and library research related to the area of social, sustainable and responsible investment sukuk, Islamic microfinance and their related issues. The SRI sukuk has a high potential to be developed as innovative shariah-compliant mechanism as shown by Malaysian experience in issuing the SRI sukuk to develop socially-related projects including the educational and green energy sectors. The paper also highlights and learn from the successful experience of the European Bank for Reconstruction and Development in issuing the first microfinance bonds. The findings from this study provide inputs to the relevant stakeholders in implementing new financial tools to develop the social sector, especially Islamic microfinance in helping the poor and assist them to become economically independent. New innovative tools for raising funds in microfinance is highly needed to achieve sustainability of the microfinance industry. Type of paper: Research paper
AR-RAHNU AS A SOURCE OF FINANCIAL SUSTAINABILITY FOR WOMEN MICRO-ENTREPRENEURS IN MALAYSIA Nik Azman, Nik Hadiyan; Hj. Kassim, Salina
Journal of Islamic Monetary Economics and Finance Vol. 2 No. 2 (2017)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v2i2.654

Abstract

Muslims in Malaysia had practiced ar-rahnu for fulfilling their financial need, especially for emergency purposes since early 1990s. The pioneer of ar-rahnu in Malaysia is Muassasah Gadaian Islam Terengganu (MGIT) in January 1992, followed by the Kelantan Capitalization Berhad (PKB) in March 1992. Both of these Islamic pawn centres are among the earliest exponents to the Islamic pawn scheme in Malaysia. Ar-rahnu is an increasingly popular financing option among micro-entrepreneurs in Malaysia, particularly women micro-entrepreneurs. Women micro-entrepreneurs play a vital role in the Malaysian economy and could be considered as the backbone of the industrial development in Malaysia. This study examines the role of ar-rahnu as a source of financial stability for women micro-entrepreneurs. 600 questionnaires were distributed at three states in Malaysia which are Kelantan, Terengganu and Kedah. Then, this study used SPSS and SEM Amos to analyses the data for 600 respondents (women micro-entrepreneurs) in Malaysia. In essence, this study finds that shariah compliancy, locality, service charges, collateral and customer satisfaction has positive and significant impact towards the use of ar-rahnu. The study also found use of ar-rahnu has significant impact towards financial self-sufficiency for women micro-entrepreneurs.
AN INNOVATIVE FINANCING INSTRUMENT TO PROMOTE THE DEVELOPMENT OF ISLAMIC MICROFINANCE THROUGH SOCIALLY RESPONSIBLE INVESTMENT SUKUK Khouildi, Mohamed Yassine; Hj. Kassim, Salina
Journal of Islamic Monetary Economics and Finance Vol. 4 No. 2 (2018)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v4i2.935

Abstract

Socially responsible investment (SRI) sukuk has a high potential to be an innovative financing mechanism for Islamic microfinance. This paper explores the possibility of implementing SRI sukuk for raising funds to support the microfinance industry and to promote financial inclusion. It also aims to identify the associated issues and challenges in implementing the SRI sukuk for microfinance purpose. The paper uses qualitative research method through a thorough review of existing literature, archives, and library research related to the area of social, sustainable and responsible investment sukuk, Islamic microfinance and their related issues. The SRI sukuk has a high potential to be developed as innovative shariah-compliant mechanism as shown by Malaysian experience in issuing the SRI sukuk to develop socially-related projects including the educational and green energy sectors. The paper also highlights and learn from the successful experience of the European Bank for Reconstruction and Development in issuing the first microfinance bonds. The findings from this study provide inputs to the relevant stakeholders in implementing new financial tools to develop the social sector, especially Islamic microfinance in helping the poor and assist them to become economically independent. New innovative tools for raising funds in microfinance is highly needed to achieve sustainability of the microfinance industry. Type of paper: Research paper
Proposing an Integrated Islamic Microfinance Model in Alleviating Poverty and Improving the Performance of Microenterprises in Indonesia Hawariyuni, Weni; Hj. Kassim, Salina
Journal of Accounting Research, Organization and Economics Vol 2, No 2 (2019): JAROE, Vol.2 No.2 August 2019
Publisher : Universitas Syiah Kuala

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24815/jaroe.v2i2.14630

Abstract

Objective This study proposes an integrated Islamic microfinance model in alleviating poverty and improving the performance of microenterprises based on a case study of Indonesia, by focusing specifically on BRI Microbanking.Design/methodology This study adopts the exploratory study to construct the integrated Islamic microfinance with the purpose to alleviate poverty and enhance the business performance of enterprises.Results As Islamic microfinance is known widely due to the high demand from Muslim countries. Since, it plays a crucial role effectively in alleviating poverty and developing the business performance on enterprises, particularly on microenterprises. Presently, many scholars attempted to build a successful Islamic microfinance model by using Islamic financing instruments such as mudarabah, musyarakah, and murabahah. This study attempts to build an integrated Islamic microfinance model by using BRI Syariah Micro as a case study. It is expected that this integrated Islamic microfinance model can enrich existing models in terms of social and economic aspects.Originality/Value This research concentrates on proposing an integrated Islamic microfinance model based on the case study of BRI Syariah Microbanking. There seems to be a gap in the literature on the actual implementation of integrated Islamic microfinance in the world. The study highlights major factors to be emphasized to ensure the effectiveness of proposing an integrated Islamic microfinance model for BRI Syariah micro banking to alleviate poverty and to improve the performance of microenterprises.
Co-Authors Khouildi, Mohamed Yassine Nik Azman, Nik Hadiyan Weni Hawariyuni, Weni