ISSN: 2222-6990
Open access
Indonesia is a Muslim-majority country with a middle-high level of economic growth supported by micro-scale enterprises. The initiative of the financial services authority to establish and supervise micro waqf banks aimed at channelling micro business financing originating from Islamic social finance is expected to open up business and employment opportunities. This research is essential to ensure micro waqf bank customers develop businesses that require new job creation due to financing their businesses managing. Research contribution for micro waqf banks uses the job creation strategy by developing micro-scale enterprises. The difference in this study regarding the previous micro waqf bank is a job creation strategy for customers in micro-scale enterprises. The research aims to determine the strategy of micro waqf banks for job creation in micro-scale enterprises in Banten Province, Indonesia. The research method uses qualitative and quantitative with a descriptive approach. Primary data sources were obtained from managers and heads of weekly halaqah (halmi) micro waqf banks with interviews by purposive sampling and secondary data from the literature. In contrast, data analysis used the Strength, Weakness, Opportunity, and Threat (SWOT) technique analysis. Research has found that increasing new customers for micro waqf banks is accompanied by an increase in business financing every year, so there is potential for developing new businesses and the need for additional workers in the informal sector. The SWOT analysis calculations show the Internal Factor Evaluation (IFE) score of 1.725 strengths and 1.530 weaknesses during the External Factor Evaluation (EFE) score of 2.213 opportunities and 1.244 threats. Hence, utilising Strength and Opportunity (SO) is the strategic priority. The research implications use the strengths and opportunities that bind to micro waqf banks for job-creating opportunities.
Alrifai, T. (2015). Islamic Finance and the New Financial System. Wiley.
Aransyah, M. F., Noor, M., & Abdullah, A. H. (2022). Policy analysis of micro Waqf banks in Indonesia. Jurnal Perspektif Pembiayaan Dan Pembangunan Daerah, 10(2), 63–74. https://doi.org/10.22437/ppd.v10i2.12876
Arinta, Y. N., Nabila, R., Al Umar, A. U., Alviani, A. W., & Inawati, Y. (2020). Eksistensi Bank Wakaf Mikro Dan Implikasinya Terhadap Kesejahteraan Masyarakat Dalam Perspektif Islam. Jurnal Ilmiah Ekonomi Islam, 6(2), 372–378. https://doi.org/10.29040/jiei.v6i2.1124
Bank Wakaf Mikro. (2019). Booklet Bank Wakaf Mikro 2019. In Booklet Bank Wakaf Mikro. http://lkmsbwm.id/file-bwm/Booklet_BWM_Publik_Sept_2019.pdf
Benbekhti, S. E., Boulila, H., & Bouteldja, A. (2021). Islamic Finance, Small and Medium Enterprises and Job Creation in Turkey: An Empirical Evidence (2009-2017). International Journal of Islamic Economics and Finance (IJIEF), 4(SI), 41–62. https://doi.org/10.18196/ijief.v4i0.10490
Cahyaningrat, L., & Mongid, A. (2022). Micro Waqf Bank?: Combination of Microfinance and Community Development in Islamic Finance. https://doi.org/10.4108/eai.15-9-2021.2315201
Cray, A., Nguyen, T., Pranka, C., Schildt, C., Sheu, J., & Whitcomb, E. R. (2011). Job Creation: A Review of Policies and Strategies (No. 105–11; June 2011, Issue 105).
Creswell, J. W. (2014). Research Design: Qualitative, Quantitative and Mix Methods Approach. Sage Publications.
Darmawan, A. Z., Aini, A. D. N., Dahlan, D., Idris, D. M. I., Wardhani, D. H., Nazar, J. K., Azhar, G. H. A., Hutagalung, Miranda Hasanah, R., Lestari, T. P., & Setio, Shandy Primanda Nugraha, Wahyu Ega Nasser, Z. (2021). Sharia Economy and Finance Report 2021. In Bank Indonesia.
Fauzi, M., Junaedi, & Mahmudin. (2023). Does Micro Waqf Bank Avoid Loan Shark Practices? Keeping On Indigent Productive Business. International Economic and Finance Review (IEFR), 2(1), 1–29. https://doi.org/https://doi.org/110.56897/iefr.v2i1.23 p-ISSN:
Fauzi, M., Mahmudin, M., & Haq, F. F. (2023). Halal assurance climate creation in processing products for micro waqf bank customers. Journal of Enterprise and Development (JED), 5(1s), 1–17. https://doi.org/https://doi.org/10.20414/jed.v5i1s.6915
Fauzi, M., Saputra, A., & Syarifudin, E. (2022). Konsep Kesejahteraan Sosial Lakatosian dalam Perspektif Maqashid Shariah. Islamic Review?: Jurnal Riset Dan Kajian Keislaman, 2(2), 167–184. https://doi.org/10.35878/islamicreview.v11.i2.468
Fellner, W. J., & Goehmann, B. (2020). Human needs, consumerism and welfare. Cambridge Journal of Economics, 44, 303–318. https://doi.org/10.1093/CJE/BEZ046
Fitri, W. (2021). Sharia Compliance in Micro Waqf Bank Business Activities?: A Study of Protection of Consumer’s Spiritual Rights. Law Reform, 17(1), 107–120. https://doi.org/https://doi.org/10.14710/lr.v17i1.37556
Hamdi, B., & Candra, D. (2022). The Impact Of MSME Waqf On Economic Recovery During The Covid-19 Pandemic: Case Study Of Global Waqf-ACT. Jurnal Ilmiah Ekonomi Islam, 8(02), 1229–1236.
Hanim, L., & Noorman, M. (2018). UMKM (Usaha Mikro, Kecil, & Menengah) & Bentuk-Bentuk Usaha. UNISSULA PRESS.
Hasiba, F. F., Sukmaningrum, P. S., Zusak, M. B. F., Mahmudah, S. N., & Ajija, S. R. (2021). The Strategies for Developing Micro Waqf Bank in Indonesia. Review of International Geographical Education Online, 11(4), 271–285. https://doi.org/10.33403/rigeo.800644
Jatmika, R. T. D. (2016). Masalah yang dihadapi Usaha Kecil Menengah di Indonesia. Studi Ekonomi Syariah, 2(6), 1–13.
Kholidah, N., & Hakim, M. R. (2018). Peluang dan Tantangan Pengembangan Usaha Mikro Kecil Menengah (UMKM) Dari Berbagai Aspek Ekonomi. Jurnal Ilmiah Manajemen Dan Bisnis, 2(1), 181–197.
Yeng, K. S., Osman, A., Haji-Othman, Y., & Safizal, M. (2015). E-commerce adoption among small and medium enterprises (SMEs) in Northern Malaysia. Mediterranean Journal of Social Sciences, 6(5), 37–43. https://doi.org/10.5901/mjss.2015.v6n5p37
KNKS. (2019). Rekomendasi Kebijakan Strategi Pengembangan Keuangan Mikrosyariah Di Indonesia (1st ed.). KNKS. https://www.knks.go.id/storage/upload/1579667043-Strategi Pengembangan Keuangan Mikro Syariah Di Indonesia (Rekomendasi Kebijakan) - KNKS.pdf
Malik, A. M., & Ashraf, B. (2019). Islamic Banks’ Financing and Employment Generation: The Case of Punjab, Pakistan. Journal of Islamic Business and Management (JIBM), 09(01), 217–228. https://doi.org/10.26501/jibm/2019.0902-014
Nawawi, Z. M., Soemitra, A., & Mahfuzah. (2022). Women Economic Empowerment Through Sharia Micro-Finance Institutions in Indonesia: A Qualitative Research. Iqtishadia, 15(2), 255–272.
OECD. (1997). Small Businesses, Job creation and Growth: Facts, Obstacles and Best Practices. In Small. Organisation for Economic Co-operation and Development. https://doi.org/10.1002/1098-240X(200006)23:3<246::AID-NUR9>3.0.CO;2-H
OJK. (2020). Roadmap Pengembangan Keuangan Syariah Indonesia 2017-2019. Otoritas Jasa Keuangan. https://www.ojk.go.id/id/kanal/syariah/berita-dan-kegiatan/publikasi/Documents/Pages/Roadmap-Pengembangan-Keuangan-Syariah-Indonesia-2017-2019/Roadmap 2017-2019(1).pdf
Pakkanna, M., Rasulong, I., Akhmad, & Wahjono, S. I. (2020). Microfinance institutions and women empowerment: Evidence in the rural areas of Tangerang, Indonesia. International Journal of Scientific and Technology Research, 9(2), 3994–3999.
Paramita, M., Aisyah, S., Thantawi, R. T., & Munawar, W. (2019). Local Government Policy Model on Developing Sharia Financing for Micro Small and Medium Enterprises in Bogor Indonesia. International Journal of Sciences: Basic and Applied Research (IJSBAR) International Journal of Sciences: Basic and Applied Research, 48(1), 126–135.
Qadariyah, L., & Permata, A. R. E. (2017). Peran Lembaga Keuangan Mikro Syariah Dalam Perekonomian Di Indonesia?: Studi Teoritik Dan Empirik. Dinar: Ekonomi Dan Keuangan Islam, 4(1), 10.
Quraisy, M., Sari, C. A., Hidayati, N., & Dewandaru, G. (2019). Laporan Perkembangan Ekonomi Syariah Daerah 2019-2020. In Komite Nasional Ekonomi dan Keuangan Syariah (KNEKS). https://knks.go.id/storage/upload/1608112995-Laporan Ekonomi Syariah Daerah 2019-2020.pdf
Rizzi, F., Pellegrini, C., & Battaglia, M. (2018). The structuring of social finance: Emerging approaches for supporting environmentally and socially impactful projects. Journal of Cleaner Production, 170, 805–817. https://doi.org/10.1016/j.jclepro.2017.09.167
Sanjaya, P., & Nuratama, P. (2021). Tata Kelola Manajemen & Keuangan Usaha Mikro Kecil Menengah. Cv. Cahaya Bintang Cemerlang.
Santoso, B. (2020). The Role of Micro, Small, and Medium Enterprises Toward Sustainable Development Goals Through Islamic Financial Institutions. 2nd Social and Humaniora Research Symposium, 409(SoRes 2019), 585–595.
https://doi.org/10.2991/assehr.k.200225.127
Sarsby, A. (2012). A Useful Guide to SWOT Analysis.
Simeon, N., & Lara, G. (2005). Understanding Micro and Small Enterprises Growth. In Usaid (Issue November). http://pdf.usaid.gov/pdf_docs/Pnady362.pdf
Suprapti, D. D., Ridho, F., & Kusuma, Y. (2020). Omnibus Law on Job Creation As a Means To Increase Investment Based on the Concept of Welfare State. International Journal of Business, Economics and Law, 23(1), 137–143.
Yasin, M. Z. (2020). The Role Of Microfinance In Poverty Alleviations: Case Study Indonesia. Airlangga International Journal of Islamic Economics and Finance, 3(2), 76–88. https://doi.org/https://doi.org/10.20473/aijief.v3i2.23879
Lowrey, Y. (2011). Estimating Entrepreneurial Jobs -Business Creation is Job Creation. In Advocacy, U.S. Small Business Administration (SBA).
https://advocacy.sba.gov/category/research/
In-Text Citation: (Fauzi et al., 2023)
To Cite this Article: Fauzi, M., Haji-Othman, Y., & Pakkanna, M. (2023). The Strategy of Micro Waqf Banks for Job Creation on Micro-Scale Enterprises in Indonesia. International Journal of Academic Research in Business & Social Sciences, 13(6), 306 – 321.
Copyright: © 2023 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode