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All Journal Laa Maisyir Jurnal Ekonomi Islam Jurnal Ilmiah Ekonomi Islam Tazkia Islamic Finance and Business Review Al-Muzara'ah Journal of Islamic Economic Laws JURNAL MANAJEMEN (EDISI ELEKTRONIK) Islaminomics: Journal of Islamic Economics, Business and Finance Journal of Humanities and Social Studies Ad-Deenar: Jurnal Ekonomi dan Bisnis Islam Journal of Islamic Monetary Economics and Finance International Journal of Zakat (IJAZ) Kasaba: Jurnal Ekonomi Islam Al-Kharaj: Jurnal Ekonomi, Keuangan & Bisnis Syariah JIIP (Jurnal Ilmiah Ilmu Pendidikan) RESLAJ: RELIGION EDUCATION SOCIAL LAA ROIBA JOURNAL Diversity: Jurnal Ilmiah Pascasarjana Riwayat: Educational Journal of History and Humanities Journal of Islamic Economic Laws Al-Infaq : Jurnal Ekonomi Islam
Qurroh Ayuniyyah
Universitas Ibn Khaldun Bogor
Religion Arts Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Mathematics Public Health Social Sciences Other

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Prospects and Challenges of Musharakah and Musharakah Mutanaqisah Financing in Islamic Microfinance: Case Studies of Indonesia and Malaysia Norma Md Saad; Qurroh Ayuniyyah
AL-MUZARA'AH Vol. 14 No. 1 (2026): AL-MUZARA'AH (January 2026)
Publisher : Department of Islamic Economics, IPB University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29244/jam.14.1.103-119

Abstract

Musharakah, a unique Islamic mode of financing, involves joint contributions of capital and labor by both financier and entrepreneur. This profit and loss sharing (PLS) contract is considered one of the most ideal Islamic financing models, embodying the principles of cooperation and partnership. A specific application of this model is the diminishing partnership contract, known as Musharakah Mutanaqisah (MM). This study explores the implementation of musharakah and MM in Islamic microfinance through a qualitative comparative case study of two institutions: Bank Pembiayaan Rakyat Syariah (BPRS) Amanah Ummah Bogor, Indonesia, and Entrepreneurship Development Program (i-Taajir) under the Centre for Islamic Economics IIUM-CIMB Islamic Bank, Malaysia. Data were collected through interview, financial reports, institutional documents, and secondary sources, and analyzed thematically. The findings reveal that while both institutions apply musharakah-based financing to empower micro-entrepreneurs, they face challenges related to risk management, regulatory frameworks, and limited client understanding. Managerial implications suggest the need for better financial literacy programs, internal capacity building, and policy support to optimize musharakah implementation in microfinance settings. This study offers recommendations for enhancing the sustainability and operational effectiveness of equity-based Islamic financing models in the microfinance sector.
Co-Authors Abdi Ridho, Muhammad Abdul Husenudin Ahmad Faisal Ahmad Juwaeni Ahmad Nur Ahsan Akhmad Affandi Mahfudz Alfani, Mufti Maula Alfarisi, Muhammad Fadilah Ali Fikri, Muhammad Amir Tengku Ramly Andika Purnama Ariffin, Muhammad Irwan Armen, Rio Erismen Arsyad, Adnan Ataul Huq Pramanik Cece Sulaeman* Didin Hafidhuddin MS DZAKY EL KEMAL, SAIEV Egi Agustian Rahmat Sukendar Eko Saputra Eko Saputra ERISMEN ARMEN, RIO Fakrikha, Yuni Yulia Hafidhudin, Didin Hambari, Hambari Hari Irawan Hari Susanto Harifuddin, Didin Hendri Tanjung Hilman Hakiem Ibdalsyah Ibdalsyah Imam Suyuthi Imron, Sulkan Irawan Putra, Hari Irfan Syauqi Beik Irsyad, Adnan Juwaeni, Ahmad Kemal, Saiev Dzaky El Lelih Amaliatushalihah M Zaaf Fadzlan Rabbani Garamatan Mabruroh, Mabruroh Mohamed Aslam Mohamed Haneef Mufti Maula Alfani Muhammad Abdi Ridha Muhammad Ali Fikri Muhammad Irwan Ariffin Nazrol Kamil Bin Mustaffa Kamil Norma Md Saad Norma Md Saad Norma Md. Saad Nur Hasan, Ahmad Nursechafia Nursechafia Nursechafia, Nursechafia Perdana, Feby Rizki Pramanik, Ataul Huq Purnama, Andika Purnamasari, Lise Qadryani, Sitti QOLBI, NURUL Ricardo, Rico Rico Ricardo Rio Erismen Armen RIZAL, RIZALUDDIN Rizqan Al Muhaimin RUDIANTO, SOFIAN Rudianto, Sofiyan Saad, Norma Md. Saiev Dzaky El Kemal Saputro, Cahyo Sodik Sodik, Sodik Sofiyan Rudianto Sofiyan Rudianto Sujanu Harto Mulyono Sulaeman, Cece Sulkan Imron Trisiladi Supriyanto Trisiladi Supriyanto, Trisiladi Wahyu Rahman Wahyu Wahyu Yasir, Sulaeman Yudi Saeful Rizal, Yulia Fakrikha, Yuni Yuliati, Ety Yuni Yulia Fakrikha Yusup, Yusup Zaid, Zaid