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All Journal International Journal of Islamic Business and Economics (IJIBEC) Academica: Journal of Multidisciplinary Studies
Mutmainah Mutmainah
Universitas Islam Negeri Palangka Raya
Religion Humanities Economics, Econometrics & Finance Education Environmental Science Social Sciences Other

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Comparative Analysis of Sharia and Conventional Peer-to-Peer Lending for MSMEs Mutmainah Mutmainah; Tri Hidayati
Academica: Journal of Multidisciplinary Studies Vol. 9 No. 1 (2025): January-June 2025
Publisher : Universitas Islam Negeri Raden Mas Said Surakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22515/academica.v9i1.13577

Abstract

Objective: This study aims to comparatively analyze the differences in risks, costs, and social impacts between Sharia and conventional Peer-to-Peer (P2P) lending on Micro, Small, and Medium Enterprises (MSMEs). Method: The research adopts a library research approach by utilizing secondary data obtained from the Financial Services Authority (OJK), academic literature, and various scholarly journals related to fintech and Islamic finance. Result: The findings indicate that conventional P2P lending operates under a fixed interest-based system, in which credit risk is fully borne by the borrower, whereas Sharia P2P lending applies profit-and-loss sharing and risk-sharing principles through contracts such as mudharabah, musyarakah, or wakalah bil ujrah. The cost structure in the Sharia system is more flexible as it does not involve elements of riba, while the conventional system imposes fixed interest rates that may place a financial burden on MSMEs. From a social perspective, P2P lending plays a significant role in expanding access to financing for MSMEs that are not yet served by formal financial institutions. Conclusion: The Sharia model is considered more equitable as it emphasizes partnership, transparency, and economic justice in accordance with Islamic values. Therefore, Sharia P2P lending functions not only as an alternative financing mechanism but also as an instrument for sustainable and socially just economic empowerment.
Empowering the People’s Economy through MSMEs: Evidence from East east Kotawaringin, Central Kalimantan Indonesia Mutmainah Mutmainah; Muzalifah Muzalifah; Abdul Helim; Mawar Ardiansyah
International Journal of Islamic Business and Economics (IJIBEC) Vol 9 No 2 (2025): Volume 9 Nomor 2 Tahun 2025
Publisher : Universitas Islam Negeri K.H. Abdurrahman Wahid Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.28918/ijibec.v9i2.12052

Abstract

This study aims to analyze the role of Micro, Small, and Medium Enterprises (MSMEs) in empowering the people’s economy in East Kotawaringin Regency, Central Kalimantan, from the perspective of Islamic economics, particularly based on Surah An-Nisa (4:29). The research employs a qualitative descriptive-analytical approach using library research and supported by limited semi-structured interviews with MSME actors, local government officials, and community religious leaders. Data were analyzed through content and thematic analysis to integrate normative Qur’anic principles with empirical findings. The findings reveal that MSMEs play a strategic role in economic empowerment through employment creation, income generation, and poverty reduction. Optimization can be achieved through human resource development, access to sharia-compliant financing, digital marketing expansion, technological innovation, and halal product certification. Qur’anic values emphasize justice, transparency, mutual consent, and sustainability in economic activities. MSME empowerment grounded in Islamic principles contributes not only to regional economic growth but also to ethical and inclusive development, strengthening the people’s economy in a sustainable manner.
Co-Authors Abdul Helim Mawar Ardiansyah Muzalifah Muzalifah Tri Hidayati