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All Journal Buletin Al-Turas Al-Iqtishad : Jurnal Ilmu Ekonomi Syariah (Journal of Islamic Economics) Islam Futura Nurani: Jurnal Kajian Syariah dan Masyarakat Journal of Accounting and Investment Jurnal Al-Ijtimaiyyah Jurnal Ilmiah Ekonomi Islam Jurnal Ilmiah Peuradeun JURNAL LENTERA : Kajian Keagamaan, Keilmuan dan Teknologi Majalah Ilmiah Bijak Iqtishodia: Jurnal Ekonomi Syariah International Journal of Zakat (IJAZ) Al-Adyan: Journal of Religious Studies CASHFLOW : CURRENT ADVANCED RESEARCH ON SHARIA FINANCE AND ECONOMIC WORLDWIDE Al-Istinbath: Jurnal Hukum Islam Jurnal Pemberdayaan Masyarakat Al-bank: Journal of Islamic Banking and Finance
Desmadi Saharuddin, Desmadi
Syarif Hidayatullah State Islamic University of Jakarta
Religion Arts Humanities Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Social Sciences

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When Zakat is Not Enough: Designing an Islamic Blended Microfinance Model for Asnaf Entrepreneurship Kamil, Faisal Arief; Said, Muhammad M.; Saharuddin, Desmadi; Hidayah, Nur
International Journal of Zakat Vol 11 No 1 (2026): International Journal of Zakat
Publisher : Center of Strategic Studies (PUSKAS) BAZNAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37706/ijaz.v11i1.795

Abstract

PurposeThis study aims to develop an integrated financing model to strengthen the economic empowerment of asnaf in Indonesia and to address structural weaknesses in current zakat-based empowerment practices. Design/Methodology/ApproachThe study uses a qualitative conceptual and comparative approach. It analyzes existing zakat empowerment practices and synthesizes three theoretical frameworks. These frameworks are the microfinance schism between institutionalist and welfarist perspectives, institutional logics, and the Pentahelix collaboration model. FindingsThe study identifies a key paradox. National data show a link between entrepreneurship growth and poverty reduction, yet the share of zakat allocated to productive empowerment declined to 5.1 percent in 2025 Semester 1. Zakat institutions continue to prioritize short-term charitable programs. The main challenges include weak integration between zakat and waqf, limited long-term mentoring, and tension between market efficiency and socio-religious obligations to serve high-risk asnaf. To respond, the study proposes the Islamic Blended Microfinance Model. This model positions zakat and waqf as first-loss capital to absorb risk and enable Islamic microfinance institutions to mobilize commercial financing for asnaf who are currently unbankable. Research limitations/implicationsThe study is conceptual and does not test the model empirically. Future research can apply the model in pilot programs and evaluate its impact on income growth, business sustainability, and graduation from mustahik to muzakki. Practical implicationsThe model offers a clear policy blueprint for BAZNAS, BWI, and Islamic microfinance institutions to shift from charity-based disbursement toward structured capacity-building and risk-sharing financing schemes. Social implicationsThe proposed model strengthens the role of Islamic social finance in sustainable poverty reduction. It supports inclusive entrepreneurship and expands access to financing for vulnerable groups who are excluded from formal financial systems. Originality/valueThis study introduces an original integrative model that connects zakat, waqf, and Islamic microfinance within a blended finance and Pentahelix governance framework. It contributes a new conceptual foundation for aligning Islamic social finance with long-term development and empowerment goals.
The Role of Islamic Microfinance Institutions in Supporting MSME Digital Transformation in Indonesia Sari, Lili Puspita; Saharuddin, Desmadi; Said, Muhammad
Iqtishodia: Jurnal Ekonomi Syariah Vol. 11 No. 1 (2026): March
Publisher : Universitas Al-Qolam Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35897/iqtishodia.v11i1.2362

Abstract

Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in Indonesia’s economy by contributing significantly to employment and national economic growth. However, many MSMEs still face structural challenges, particularly limited access to financing and low digital readiness. In the era of digital economy expansion, Islamic microfinance institutions have the potential to support MSME digital transformation through inclusive and Sharia-compliant financial services. This study aims to analyze the role of Islamic microfinance institutions in supporting the digitalization of MSMEs in Indonesia.  This research employs a descriptive qualitative approach using a literature review method. Data were collected from academic journals, government reports, and policy documents sourced from databases such as Google Scholar and national journal repositories. The selected literature was analyzed using content analysis through data reduction, categorization, and thematic interpretation. The findings show that Islamic microfinance institutions contribute to MSME digitalization by expanding access to Sharia-compliant financing, providing business mentoring, and improving managerial and digital capacities of MSME actors. However, challenges remain, including limited capital, low digital literacy, and technological constraints. Islamic microfinance institutions play a strategic role in supporting inclusive and sustainable MSME digitalization in Indonesia.
Co-Authors Abouagila, Alaa Mustafa Abdelmaksud Ade Sofyan Mulazid Ali Rama Alimin ANGGRAINI, RR. TINI Azhari Akmal Tarigan Bahar, Muchlis Bahrul Yaman Bukhari Bukhari Dwi Yunanto, Dwi Euis Amalia Fahlefi, Rizal Fauzan, Hemmy HUSNI SHABRI Husnul Fatarib Ilda Hayati, Ilda Inayatul Chusna Ismail JAMILA, SITI Kamil, Faisal Arief Karimullah, Suud Sarim Lena Farsiah Lestari, Riski Eka Lili Puspita Sari Makhsus, Makhsus Meiria, Endah Meirison Meirison, Meirison Mistarija, Mistarija Muhammad Ridho MUHAMMAD SAID Muhammad Yafiz, Muhammad Muhammadi, Qasem Nazar, Zerly Nur Hidayah Nurbaidah, Siti Umi Paripurna, Danial Rahmat Hidayat Rosdialena Said, Muhammad M. Suhendra Suhendra Wiradifa, Riyantama Wiwik Handayani