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All Journal Jurnal Ekonomi & Keuangan Islam El-Barka: Journal of Islamic Economics and Business Etihad: Journal of Islamic Banking and Finance Journal of Islamic Economic and Business Research
Zakariyah, Habeebullah
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Religion Humanities Economics, Econometrics & Finance Social Sciences

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Qualitative Study on the Factors Affecting the Occurrence of Agency Problem in Microenterprise Financing in Baitul Maal wa Tamwil Martiana, Andri; Kassim, Salina; Zakariyah, Habeebullah; Siti Raihanun
Journal of Islamic Economic and Business Research Vol. 4 No. 2: December 2024
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jiebr.v4i2.323

Abstract

Baitul Maal wa Tamwil (BMT), a financial cooperative organization, managed by people, can provide informal funding for households. However, the agency problem poses challenges for financial institutions operating in that micro sector, as financiers may struggle to monitor borrower characteristics, efforts, or profitability, leading to inefficiencies in the microcredit market. Further research is needed to determine the root causes of these problems. Empirical investigations show that the recommended methodology has not been effective, indicating a need for better methodological amendments and critical reevaluation. This study investigates factors affecting agency problems in microenterprise financing using a qualitative approach. The study involved 49 participants from eight selected BMTs, academics, and regulators, who were interviewed, observed, and analyzed for in-depth understanding. Data verification was done through triangulation, and reliability was ensured through transcript review, accurate codes, and continuous comparison with codes using NVivo. According to the study's findings, member behavior, incomplete financial analysis, lack of human resources, poor communication, Sharia compliance concerns, and lack of Islamic financial literation led to agency problem in BMT. The formation of this issue is predominantly due to poor management, inadequate levels of assistance, and incompetent management. The study reveals that issues in BMT microenterprise finance are primarily due to poor management, inadequate assistance, and incompetence. The problem is exacerbated by member behavior, incomplete financial analysis, lack of human resources, poor communication, Sharia compliance concerns, and lack of Islamic financial literacy. The study recommends adopting agency theory, increasing operational efficiency, strengthening member education, and managing compliance concerns. Practical suggestions include improving regulatory frameworks and training programs.
Challenges Hindering Islamic Microfinance Banks’ Sustainable Financial Inclusion: A Case of Al-Hayat Microfinance Bank in Ogun State, Nigeria Salaudeen, Adnan Opeyemi; Zakariyah, Habeebullah
El-Barka Journal of Islamic Economics and Business Vol. 5 No. 1 (2022)
Publisher : El-Barka

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/elbarka.v5i1.3930

Abstract

Microfinance is regarded as an effective technique of poverty alleviation since it provides access to financial resources that can assist in poverty reduction by increasing financial involvement and empowerment. However, despite the fact that microfinance banks account for the vast bulk of the market in Nigeria, with over 800, their contribution to the country’s economy is less than 1%. Additionally, the primary objective of poverty eradication has not been accomplished. Thus, existing research has positioned Islamic microfinance institutions as a viable tool for poverty alleviation in Nigeria. However, Islamic microfinance banks in Nigeria continue to witness minimal development. This research investigates the challenges hindering the development of Islamic microfinance banks in Nigeria. Semi-structured interviews were used to collect data for this study. In addition, data reduction, coding, integration, and visualisation steps are implemented to analyse data effectively. The finding shows that several regulatory issues, such as licence procedures requiring paid-up capital, are some challenges. Likewise, awareness, misconceptions, and acceptance remain significant hindrances faced by IMFBs in Nigeria. Additionally, IMFBs face some in-house challenges, such as a lack of Islamic fintech, convenient access to the unbanked community, and human capital. Consequently, the study recommends that stakeholders in the Nigerian financial system launch public awareness campaigns about the significance of Islamic microfinance banks in promoting financial inclusion and reducing poverty.
Risk Management Framework in Zakat-Based Islamic Microfinance Mahadi, Nur Farhah; Hasan, Aznan; Noor, Azman Mohd; Zakariyah, Habeebullah
Etihad: Journal of Islamic Banking and Finance Vol. 5 No. 1 (2025)
Publisher : UIN Kiai Ageng Muhammad Besari Ponorogo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21154/etihad.v5i1.12120

Abstract

Introduction: This study explores the potential of utilizing zakat funds or their proceeds for microfinance initiatives by developing a robust risk management framework. The framework aims to ensure prudential use of zakat resources and align with Islamic ethical and operational principles to enhance the effectiveness of zakat-based microfinance in promoting socioeconomic empowerment. Research Methods: A qualitative approach is employed to analyze the use of Islamic financial contracts such as qarḍ ḥasan, muḍarabah, musharakah, salam, and ijarah in managing portfolio risks within zakat-based microfinance institutions. Results: The findings indicate that a structured risk management framework improves the financial stability and accountability of zakat-based microfinance institutions. It provides clear parameters for prudential management and helps safeguard zakat funds against potential losses. Conclusion: This study proposes a practical framework that helps zakat institutions balance financial sustainability with their mission of socioeconomic empowerment, enhancing transparency and resilience in zakat-based microfinance.
Asymmetric information issues in micro-business financing of Baitul Maal wa Tamwil Martiana, Andri; Kassim, Salina; Zakariyah, Habeebullah
Jurnal Ekonomi & Keuangan Islam Volume 10 No. 1, January 2024
Publisher : Faculty of Economics, Universitas Islam Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20885/JEKI.vol10.iss1.art5

Abstract

Purpose – Despite its potential advantages, poverty interferes with economic progress in developing countries, obstructing small and medium-sized businesses from obtaining external financial assistance via Islamic microfinance. This study explores the problems related to asymmetric information in the context of funding microbusinesses in Baitul Maal wa Tamwil (BMT), with the goal of improving our understanding of the risks associated with financing in Islamic microfinance institutions, namely BMTs.Methodology – This research utilized a qualitative approach and content analysis to study BMTs in Indonesia, involving academics, practitioners, and voluntary participants. The sample size was adequate for achieving data saturation.Finding – This study demonstrates that there might be asymmetric information during the execution of contracts, leading to deviant behavior by BMT management and partners. The study additionally identified the risk characteristics present in Islamic MFIs, emphasizing the necessity for implementing novel lending mechanisms, such as group lending and individual collateralized loans. Implication – This study underscores the importance of resolving the substantial administrative overheads associated with these institutions. It is advisable to utilize additional research methods such as interviews, observations, and documentation to augment the depth of the research and engage a varied array of individuals for a comprehensive collection of information.Originality – Studies of Islamic microfinance in Indonesia have examined its performance, obstacles, and experience. However, empirical data on agency problems such as moral hazard and asymmetric knowledge are lacking. For optimal BMT operating efficiency and Shariah compliance, it is essential to comprehend these challenges.
Co-Authors Aznan Hasan Mahadi, Nur Farhah Martiana, Andri Noor, Azman Mohd Salaudeen, Adnan Opeyemi Salina Kassim Siti Raihanun