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All Journal Martabe : Jurnal Pengabdian Kepada Masyarakat Jesya (Jurnal Ekonomi dan Ekonomi Syariah) Jurnal Pengabdian kepada Masyarakat Nusantara Journal of Islamic Economics Lariba Journal of Islamic Economic Laws
Maf'ula, Faricha
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Religion Agriculture, Biological Sciences & Forestry Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Law, Crime, Criminology & Criminal Justice Social Sciences

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Journal : Journal of Islamic Economic Laws

 1 
How Does the Performance of Islamic Microfinance Institutions Affect the Welfare of SMEs?: Empirical study of BTM Mulia Babat Hakimi, Fifi; Maf'ula, Faricha; Syahidin, M. Ramizal
Journal of Islamic Economic Laws Vol. 7 No. 02 (2024): July
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v7i02.6148

Abstract

This study aims to assess the direct and indirect effectiveness of Islamic microfinance services, particularly financing products, in enhancing the welfare of small and medium-sized entrepreneurs (SMEs) in Lamongan, with Baitul Tamwil Muhammadiyah (BTM) Mulia Babat as the case study. The partial least square-structural equation modeling method is used in this quantitative study, examining data from 52 respondents, where the respondent data are BTM Mulia Babat business financing customers. The findings of this study found that Islamic microfinance services and business assistance directly have a positive impact on SMEs' increase in income. However, Islamic microfinance services and business assistance indirectly do not impact SMEs' welfare. Despite the increase in SMEs' income, it directly impacts SMEs' welfare. The novelty of this study is to identify the effectiveness of Islamic microfinance institutions in improving the welfare of SMEs. This study presents evidence of the impact of Islamic microfinance institutions on the welfare of micro and medium entrepreneurs. It can encourage more Islamic microfinance programs to offer feasible Islamic microfinance services as an alternative to boosting SMEs in the regions. This study's empirical implications and findings highlight the importance of business assistance from Islamic MIFs as business financing providers to support businesses.
A Comparative Study of Financial Distress in Sharia-Listed Transportation and Logistics Companies: Insights from the Altman Z - score Model During and After COVID-19 Syahidin, Muhammad Ramizal; Hakimi, Fifi; Maf'ula, Faricha; Kusumaningtyas, Dita Pratiwi; Assadam, Elvina
Journal of Islamic Economic Laws Vol. 9 No. 01 (2026): January
Publisher : Universitas Muhammadiyah Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.23917/jisel.v9i01.11964

Abstract

This study aims to analyze and compare the financial distress conditions of transportation and logistics sector issuers listed on the Sharia Securities List (Daftar Efek Syariah/DES) using the Altman Z-Score model during and after the COVID-19 pandemic (2021–2024). The novelty of this research lies in the selected period and research object. Employing a quantitative approach, the study examines quarterly financial reports of 14 issuers listed on the Indonesia Stock Exchange (BEI). Data analysis includes descriptive statistics, the Kolmogorov-Smirnov normality test, and the Wilcoxon Signed Rank difference test. The results reveal no statistically significant difference in financial distress levels between the pandemic and post-pandemic periods. Most issuers remained in the Altman Z-Score “red zone,” indicating persistently high bankruptcy risk. Nevertheless, these Sharia-compliant issuers demonstrated considerable financial resilience by consistently maintaining interest-based debt below 45% of total assets in accordance with DES criteria. Government stimulus policies and effective risk management practices further reinforced their stability. This study enriches the Islamic capital market literature by evidencing the relative resilience of Sharia-compliant companies amid prolonged crisis.
Co-Authors Adzar Muttaqin, Ganda Puji Alaudin, Anggraeni wulandari Arrozi, Fakhrudin Assadam, Elvina Gultom, Rifyal Zuhdi Hakimi, Fifi Indriani, Silvia Dwi Kusumaningtyas, Dita Pratiwi Mafruudloh, Naajihah Praama, Muhammad Rhievo Ramadhani, Akbar Sari, Mei Amanda Syahidin, M. Ramizal Syahidin, Muhammad Ramizal Trisnandita, Pyngkan Ussholikhah, Nisa