Social Funding Programs in Non-Depository Credit Cooperatives: A Perspective on Positive Law and Sharia Principles

Authors

  • Ahmad Imam Hambali Universitas Muhammadiyah Surakarta
    Indonesia
  • Aisha Bahaaeldin Eprahim Ali Al-Azhar University
    Egypt

DOI:

https://doi.org/10.23917/ijoel.v1i1.3439

Keywords:

social funding, Islamic cooperative, non-depository cooperative

Abstract

The aim of this study is to investigate the social funding scheme used by non-depository lending cooperatives to satisfy the monetary demands of their patrons. This theme is of great importance for discussion as, historically, no established plan has been implemented to meet these financial needs, especially considering that non-depository lending cooperatives do not support financial lending transactions. Traditional lending and borrowing models have typically been linked with deposit and loan-based cooperatives. This study uses a qualitative descriptive methodology with a normative approach. The primary data sources are transaction records from the cooperatives and their members, while secondary data sources include significant journal articles and books. The study reveals that the optimal social funding program for non-depository lending cooperatives to fulfill the financial requirements of their members is a blended scheme involving qardhul hasan and mudharabah protocols. The maximum permissible loan is equal to 50% of the member's overall pension savings, while the loan tenure must not surpass five years. These loan conditions take account of potential credit and operational hazards. From a theological standpoint, social funding aligns with the commendable teachings of Islam as outlined in the Quran and Sunnah. Exploring the beneficial legal aspects applicable to Indonesia, social funding is an integral part of the Indonesian identity and has been present for centuries, predating the proclamation of the Indonesian state on August 17, 1945. This is enshrined in the Republic of Indonesia's 1945 Constitution, Article 33, Paragraphs (1) and (2). Article 33, paragraph (1), states that the economy is structured as a collective effort based on the principle of family unity. Paragraph (2) stipulates that the state must control industries that are vital to the country and essential for the welfare of the public.

Downloads

Download data is not yet available.

References

Asubonteng, Samuel, and Yusheng Kong, 'The Role of Bank Value in Cash Holdings of Banks in Ghana', European Journal of Business and Management Research, 6.1 (2021), 57–62 <https://doi.org/10.24018/ejbmr.2021.6.1.677>

Bank Indonesia, 'Laporan Ekonomi Dan Keuangan Syariah 2021', Angewandte Chemie International Edition, 6(11), 951–952., 2021, 5–24

Chalimah, Claudia Villahi, 'Model Penjelas Keputusan Berdonasi Melalui Layanan Pendanaan Berbasis Financial Technology (Crowdfunding)', Universitas Islam Indonesia, 2018, 1–47 <https://doi.org/10.1051/matecconf/201712107005>

Chusmeru, Masrukin, and Sri Pangestuti, 'Koperasi Pondok Pesantren Sebagai Pemberdayaan Ekonomi Santri', Prosiding Seminar Nasional Dan Call for Papers "Pengembangan Sumber Daya Perdesaan Dan Kearifan Lokal Berkelanjutan VII", 5.November (2017), 990–98

Fadli, Muhammad Rijal, 'Memahami Desain Metode Penelitian Kualitatif', Humanika, 21.1 (2021), 33–54 <https://doi.org/10.21831/hum.v21i1.38075>

Fasa, Muhammad Iqbal, and Suharto Suharto, 'Yuyun Oktarina.2021.Peran LKS Terhadap UMKM Pada Masa Pandemi', Holistic Journal of Management Research, 6.2 (2021), 15–29

Fatchurohman, Fatchurohman, Wilda Nugraismia, Tri Wahyuni, and Fahmi Medias, 'Penyelesaian Sengketa Nasabah Wanprestasi Ekonomi Syariah Di Pengadilan Agama Magelang', Indonesian Journal of Islamic Literature and Muslim Society, 3.1 (2019), 91 <https://doi.org/10.22515/islimus.v3i1.1423>

Fauzi, Muhamad, Rahmat Dahlan, and Muhammad Syamanhudi, 'The Role of Green Economy on Micro Waqf Bank Customers as Farmer in Banten Province', Al Tahrir; Jurnal Pemikiran Islam, 22.2 (2022), 273–94 <https://doi.org/http://dx.doi.org/10.21154/altahrir.v22i2.4729>

Hervina, Hervina, 'Eksistensi Dan Peran Koperasi Jasa Keuangan Syariah Di Kalimantan Timur', Fenomena, 11.2 (2019), 119–42 <https://doi.org/10.21093/fj.v11i2.1802>

Ismail, Syarof Nursyah, 'Jurnal Ilmu Pendidikan Dan Ekonomi Jurnal Ilmu Pendidikan Dan Ekonomi', Jurnal Ilmu Pendidikan Dan Ekonomi, 5.1 (2020), 112–14

Kementrian Koperasi Dan Usaha Kecil Dan Menengah Republik Indonesia, Peraturan Menteri Koperasi Dan Usaha Kecil Dan Menengah Republik Indonesia Nomor 09 Tahun 2018 Tentang Penyelenggaraan Dan Pembinaan Perkoperasian (Indonesia, 2018), pp. 1–92

Melati, Ica, and Ayu Zildana, 'Modernisasi Manajemen Koperasi Pondok Pesantren Syarifuddin Wonorejo Lumajang Dalam Menjawab Tantangan Di Era Industri 4 . 0', 3.1 (2023)

Nasihin, Fikri Zainun, 'Pengaruh Aktivitas Makro Sosial Dan Aktivitas Mikrososial Terhadap Sistim Multi Level Syari'ah Financing (MLSF) Dan Dampaknya Terhadap Minat Investasi Jama'ah Pada PT. Rijan Dinamis Selaras (RDS) Pacet Mojokerto', FADZAT Jurnal Ekonomi Syariah, 1.1 (2020), 25–37 <https://doi.org/10.58787/fdzt.v1i1.3>

Nelly, Roos, Harianto Harianto, M.Shabri Abd.Majid, Marliyah Marliyah, and Rita Handayani, 'Studi Empiris Perkembangan Crowdfunding Syariah Di Indonesia', Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 4.5 (2022), 1283–97 <https://doi.org/10.47467/alkharaj.v4i5.926>

Nkuna, Onelie, Angella Faith Lapukeni, Paxon Kaude, and Grant Kabango, 'The Role of Commercial Banks on Financial Inclusion in Malawi', Open Journal of Business and Management, 06.04 (2018), 813–32 <https://doi.org/10.4236/ojbm.2018.64061>

Ofori, Emmanuel, and Kenichi Kashiwagi, 'Impact of Microfinance on the Social Performance of Local Households: Evidence from the Kassena Nankana East District of Ghana', Sustainability (Switzerland), 14.10 (2022) <https://doi.org/10.3390/su14106002>

Purwanti, Ani, Metode Penelitian Hukum - Teori & Praktek, ed. by Tika Lestari, Pertama (Surabaya: CV. Jakad Media Publishing, 2020)

Safitri, Nurul, 'Analisis Kinerja Keuangan Koperasi Syariah (Studi Kasus Pada Koperasi Serba Usaha Ja ' Far Medika Syariah Matesih)', Fakultas Ekonomi Dan Bisnis Universitas Muhammadiyah Surakarta, 2019, 1–11

Seck, Ousmane, 'IRTI Policy Paper Series Islamic Microfinance Experience in a Secular State: Case of Benin', 2017

Sholikhah, Miatri, and Dian Marjayanti, 'Social Entrepreneurship, Nila Satria Banyumas Cooperative, Canvas Perspective on Islamic Business and Economic Models', Perisai : Islamic Banking and Finance Journal, 5.1 (2021), 25 <https://doi.org/10.21070/perisai.v5i1.1261>

Sitanggang, March Hot Asi, 'Memahami Mekanisme Crowdfunding Dan Motivasi Berpartisipasi Dalam Platform Kitabisa.Com', E Journal UNDIP, 23.3 (2018), 1–11

Soemitra, Andri, Kusmilawaty, and Tri Inda Fadhila Rahma, 'The Role of Micro Waqf Bank in Women's Micro-Business Empowerment through Islamic Social Finance: Mixed-Method Evidence from Mawaridussalam Indonesia', Economies, 10.7 (2022) <https://doi.org/10.3390/economies10070157>

Suprandi, Dedi, 'Peran Koperasi Syariah Bengkulu Berjamaah Dalam Pengembangan Mini Market 212 Mart Di Kota Bengkulu' (Institut Agama Islam Negeri (IAIN), 2019) <https://doi.org/.1037//0033-2909.I26.1.78>

Suyuthi, Imam, Didin Hafidhuddin, and Qurroh Ayuniyyah, 'Implementasi Prinsip-Prinsip Ekonomi Islam Dalam Kemandirian Ekonomi Pesantren', Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah, 5.5 (2022), 2204–15 <https://doi.org/10.47467/alkharaj.v5i5.1916>

Syamsiyah, Nur, Annisa Martina Syahrir, and Is Susanto, 'Peran Koperasi Syariah Baitul Tamwil Muhammadiyah Terhadap Pemberdayaan Usaha Kecil Dan Menengah Di Bandar Lampung', Al Amin: Jurnal Kajian Ilmu Dan Budaya Islam, 2.1 (2019), 63–73 <https://doi.org/10.36670/alamin.v2i1.17>

Wilantini, Cici', and Fadllan Fadllan, 'Equity Crowdfunding Dan Usaha Mikro Kecil Menengah: Kajian Equity Crowdfunding Sebagai Instrumen Pendanaan UMKM Syariah', El-Qist: Journal of Islamic Economics and Business (JIEB), 11.1 (2021), 82–97 <https://doi.org/10.15642/elqist.2021.11.1.82-97>

Yesuf, A J, 'Islamic Economics and Finance in Sudan: An Overview', Research Center for Islamic Economics (IKAM) Reports, November, 2017 <https://ikam.org.tr/images/publications/02_arastirma_raporu_4EN.pdf>

Yuliana, Rr. Retno Rizki Dini, 'Sinergi Lembaga Teknologi Finansial Dan Koperasi Dalam Pemanfaatan Teknologi Finansial Oleh Usaha Mikro, Kecil, Dan Menengah Di Ntb', Jurnal Ekonomi Pembangunan, 27.1 (2019), 53–66 <https://doi.org/10.14203/jep.27.1.2019.53-66>

Zaluchu, Sonny Eli, 'Di Dalam Penelitian Agama', Jurnal, 4 (2020), 28–38

Zayanie, Jehan Maya, Ahsana Fitria, and Rosidatul Kamariah, 'Bank Wakaf Mikro and Creative Economics in Pesantren Buntet', Shirkah: Journal of Economics and Business, 4.2 (2019) <https://doi.org/10.22515/shirkah.v4i2.269>

Downloads

Submitted

2023-12-07

Published

2023-12-07

How to Cite

Hambali, A. I., & Ali, A. B. E. (2023). Social Funding Programs in Non-Depository Credit Cooperatives: A Perspective on Positive Law and Sharia Principles. Indonesian Journal of Islamic Economic Law, 1(1), 50–59. https://doi.org/10.23917/ijoel.v1i1.3439

Issue

Section

Articles