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All Journal Journal of Indonesian Economy and Business Journal of Islamic Monetary Economics and Finance
Yulizar D. Sanrego
Institute for Research and Community Empowerment (IRCE) TAZKIA University College of Islamic Economics
Economics, Econometrics & Finance

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THE EFFECT OF SOCIAL CAPITAL ON LOAN REPAYMENT BEHAVIOR OF THE POOR (A Study on Group Lending Model (GLM) Application In Islamic Microfinance Institution) Sanrego, Yulizar D.; Antonio, M. Syafi’i
Journal of Indonesian Economy and Business Vol 28, No 2 (2013): May
Publisher : Journal of Indonesian Economy and Business

Show Abstract | Download Original | Original Source | Check in Google Scholar

Abstract

Market failures in the financial system may be indicated by the absence of opportunitiesfor the poor to get financial services. This also happens in the practice of Islamicbanking. For this reason it is popping up a lot of non-market institutions - Islamic MicrofinanceInstitutions (IMFi) is one of them - which tried to cover up the weaknesses ofbanking practices. However, the development IMfi is not effective in alleviating povertyand not much different behavior from most banks. In turn, appear Islamic Microfinancebasedgroups in the hope of further empowering the poor and ensure that financialservices can be viable and able to repay their loans with three main approaches thatimplemented simultaneously; (1) spiritual approach (2) financial approach and (3) socialapproach. This study wanted to prove empirically that Islamic Microfinance -based groupscan ensure that the poor deserve to get financial services and are able to repay their loanon time. Using Structural Equation Model the study proved that Social Capital valueswhich embedded within the Islamic Microfinance-based groups influence the behavior ofthe poor in repaying their debts. As a policy recommendation, Islamic Bank shouldconsider to prefer Islamic Microfinance-based groups as partners in the realization oftheir linkage program for the poor so that poverty alleviation program can be optimallyimplemented.Keywords: Social Capital, Group Lending Model (GLM), Repayment Behavior
THE ROLE OF ISLAMIC CAPITAL MARKET FOR MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMES) THROUGH SYNERGY OF MUTUAL FUND AND VENTURE CAPITAL INSTITUTION Sanrego, Yulizar D.
Journal of Islamic Monetary Economics and Finance Vol 3 No 1 (2017)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (5613.106 KB) | DOI: 10.21098/jimf.v3i1.711

Abstract

It is worldly known that one of the main obstacles which is often faced by the micro, small, and medium enterprises (MSMEs) practitioners is the ability to access sources of funding. At the time where the absorption of banking credit to MSMEs is still very limited, the role of sharia capital market is considered as an alternative to support this limitation. Expanding the role of sharia capital market finds it moment when Indonesia Finance Service Authority (FSA) issued regulations that provide space for the capital market to also active in real sector businesses. In accordance with the FSA Rules N0.37/2014, mutual fund (unit trust) in the form of Collective Investment Contract (CIC) - Limited Investment/ Participation Fund (LPF) has the objective to pave the way for mutual fund investors to make direct investments in real investments. The proposed model that might be realized to smoothen the intermediary role of sharia capital market to the development of MSMEs is through the hybrid model that might linking mutual fund/investment manager and corporate, particularly venture capital. Using Analytical Network Process (ANP) approach this paper indicates that with the value of rater agreement 1.0, the research found that there are four main cluster problems which become an obstacle the proposed model, namely: (a) the reputation of mutual fund/investment manager; (b) investment grade rating of corporate (venture capital); (c) risk appetiate of investor as shahib al-mal; and (d) government regulation. Policy recommendation that might become solution, according to the value of rater agreement 1.0 is sequentially as follow, namely: (a) fully support from government; especially for a relatively new mutual fund with no experience in the capital markets industry; (b) Corporate (venture capital) should be able to offer Islamic Microfinance Finance Institutions (IMFIs) and MSMEs that have good business feasibility to the mutual fund/investment manager as well as investor; (c) the government should be able to guarantee legal certainty in the context of protection, including advocacy for investors; and last but not least (d) There is an extremely hope that investors could change their investment behavior paradigm, from risk averse to risk taker.
THE ROLE OF ISLAMIC CAPITAL MARKET FOR MICRO, SMALL, AND MEDIUM ENTERPRISES (MSMES) THROUGH SYNERGY OF MUTUAL FUND AND VENTURE CAPITAL INSTITUTION Sanrego, Yulizar D.
Journal of Islamic Monetary Economics and Finance Vol. 3 No. 1 (2017)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v3i1.711

Abstract

It is worldly known that one of the main obstacles which is often faced by the micro, small, and medium enterprises (MSMEs) practitioners is the ability to access sources of funding. At the time where the absorption of banking credit to MSMEs is still very limited, the role of sharia capital market is considered as an alternative to support this limitation. Expanding the role of sharia capital market finds it moment when Indonesia Finance Service Authority (FSA) issued regulations that provide space for the capital market to also active in real sector businesses. In accordance with the FSA Rules N0.37/2014, mutual fund (unit trust) in the form of Collective Investment Contract (CIC) - Limited Investment/ Participation Fund (LPF) has the objective to pave the way for mutual fund investors to make direct investments in real investments. The proposed model that might be realized to smoothen the intermediary role of sharia capital market to the development of MSMEs is through the hybrid model that might linking mutual fund/investment manager and corporate, particularly venture capital. Using Analytical Network Process (ANP) approach this paper indicates that with the value of rater agreement 1.0, the research found that there are four main cluster problems which become an obstacle the proposed model, namely: (a) the reputation of mutual fund/investment manager; (b) investment grade rating of corporate (venture capital); (c) risk appetiate of investor as shahib al-mal; and (d) government regulation. Policy recommendation that might become solution, according to the value of rater agreement 1.0 is sequentially as follow, namely: (a) fully support from government; especially for a relatively new mutual fund with no experience in the capital markets industry; (b) Corporate (venture capital) should be able to offer Islamic Microfinance Finance Institutions (IMFIs) and MSMEs that have good business feasibility to the mutual fund/investment manager as well as investor; (c) the government should be able to guarantee legal certainty in the context of protection, including advocacy for investors; and last but not least (d) There is an extremely hope that investors could change their investment behavior paradigm, from risk averse to risk taker.
Co-Authors M. Syafi’i Antonio