PENERAPAN STRATEGI MARKETING MIX UPAYA MENINGKATKAN JUMLAH FUNDING PADA BMT MADANI SEPANJANG

ABSTRAKMasalah pada perekonomian mengakibatkan banyak spekulan nakal menjalankan aksinya, menjadikan lembaga keuangan mikro syariah harus mengulurkan tangannya dalam memberikan perhatian pada permasalahan tersebut. Baitul Maal Wat Tamwil sebagai lembaga keuangan mikro syariah turut andil dalam menyatukan masyarakat yang memiliki kelebihan dana dengan masyarakat yang membutuhkan dana. BMT Madani Sepanjang hadir membantu perekonomian masyarakat dengan menghimpun dana (funding) dari shahibul maal dalam rangka meningkatkan dananya untuk kepentingan masyarakat membutuhkan dana. Untuk mengetahui bagaimana BMT Madani Sepanjang meningkatkan jumlah fundingnya, penelitian ini berfokus pada penerapan strategi marketing mix upaya meningkatkan jumlah funding pada BMT Madani Sepanjang. Dalam peningkatan funding, BMT Madani Sepanjang menggunakan strategi marketing mix 4P. Metode penelitian yang digunakan adalah kualitatif deskriptif. Data yang didapatkan melalui observasi secara langsung, wawancara, dokumen, serta validasi data menggunakan triangulasi sumber, triangulasi teknik dan triangulasi waktu. Hasil dari penerapan strategi marketing mix upaya meningkatkan jumlah fundingnya, BMT Madani telah menerapkannya dengan baik, sehingga pada pertumbuhan jumlah fundingnya yang baik dapat banyak memberikan bantuan dalam kegiatan penyaluran dana kepada masyarakat yang kekurangan dana, agar tehindar dari spekulan nakal. Dalam hal ini diharapkan BMT Madani Sepanjang dapat terus meningkatkan kualitasnya terutama dalam kegiatan strategi promosinya, agar usahanya dapat terus berkembang dengan baik.Kata Kunci: Baitul Maal Wat Tamwil, Bauran Pemasaran, Penghimpunan Dana. ABSTRACTProblems in the economy resulted in many rogue speculators carrying out their actions, making Islamic microfinance institutions have to stretch their hands in paying attention to these problems. Baitul Maal Wat Tamwil as a sharia microfinance institution contributes to uniting people who have excess funds with people who need funds. BMT Madani Sepanjang is here to help the community's economy by raising funds (funding) from Shahibul Maal in order to increase its funds for the benefit of the community in need of funds. To find out how BMT Madani Sepanjang increases the amount of funding, this study focuses on implementing a marketing mix strategy in an effort to increase the amount of funding at BMT Madani Sepanjang. In increasing funding, BMT Madani Sepanjang uses a 4P marketing mix strategy. The research method used is descriptive qualitative. Data obtained through direct observation, interviews, documents, and data validation using source triangulation, technical triangulation and time triangulation. As a result of the implementation of the marketing mix strategy in an effort to increase the amount of funding, BMT Madani Sepanjang has implemented it well, so that a good growth in the amount of funding can provide a lot of assistance, in channeling funds to people who lack funds, so as to avoid rogue speculators. In this case, it is hoped that BMT Madani Sepanjang can continue to improve its quality, especially in its promotional strategy activities, so that its business can continue to develop well.Keywords: Baitul Maal Wat Tamwil, Marketing Mix, Funding. DAFTAR PUSTAKAAnisa, I. N., & Oktafia, R. (2021). Penerapan strategi marketing mix dalam meningkatkan jumlah funding dan lending di BMT Harapan Ummat Sidoarjo. 4(1), 113–126. DOI: https://doi.org/10.25299/jtb.2021.vol4(1).6597Desy D. S. N., M. R. M. (2020). Strategi bauran pemasaran 4P dalam menentukan sumber modal usaha syariah pedagang pasar di Sidoarjo, 6(3).Kementerian Agama RI. (2020). Al-Qur’an Surat Al-Baqarah ayat 278. Jakarta: Kemenag RI.Laita, A., & Renny, M. (2020). Strategi optimalisasi penghimpunan dana nasabah bagi perkuatan permodalan di BMT Mawaddah Kantor Cabang Pandaan Pasuruan. Al-Mustashfa: Jurnal Penelitian Hukum Ekonomi Islam, 5(2), 171–182.Latifah, F. N., Maika, M. R., & Ariyanti, N. (2019). PKM Geo UMKM Desa Kenongo. Jurnal Pemberdayaan: Publikasi Hasil Pengabdian Kepada Masyarakat, 3(3), 259–266.Lisdawami, I. M. (2017). Pengembangan produk funding KSPPS BMT Amanah Ummah Jawa Timur. Jurnal Ekonomi Syariah Teori Dan Terapan, 4(11), 889–901.Marcelina, J., & Tantra, B. (2016). Pengaruh marketing mix (7P) terhadap keputusan pembelian pada guest house di Surabaya. Jurnal Hospitality dan Manajemen Jasa, 5(2), 1–16.Mardani. (2015). Aspek hukum lembaga BMT. Surabaya: Prenadamedia Grup.Moleong, L. J. (2014). Metodologi penelitian kualitatif edisi revisi. Bandung: Rosda.Muawanah. (2019). Peran BMT Global Madani Indonesia dalam penanaman nilai entrepreneur mahasiswa ES (Ekonomi Syariah) Institut KH. Adul Halim Pacet Mojokerto. AL-‘ADALAH: Jurnal Syariah Dan Hukum Islam, 4(1), 86–97.Nugrahani, F. (2014). Metode penelitian kualitatif dalam penelitian pendidian bahasa. Solo: Cakra Book.Pandia, & Frianto. (2012). Manajemen dana dan kesehatan bank. Jakarta: Rineka Cipta.Samsuri, A. (2017). Marketing mix sebagai strategi meningkatkan jumlah nasabah pada perbankan syari’ah. 1(1). DOI: https://doi.org/10.30762/wadiah.v1i1.1274Selang, C. A. (2013). Bauran pemasaran (Marketing Mix) pengaruhnya terhadap loyalitas konsumen pada Fresh Mart Bahu Mall Manado. 1(3), 71–80.Shidiq, U., & Choiri, M. (2019). Metode penelitian kualitatif di bidang pendidikan. Ponorogo: CV. Nata Karya.Tyas., & Mega, A. (2014). Pengaruh bauran pemasaran terhadap niat menjadi mitra perspektif Islam pada BMT Beringharjo Cabang Madiun. Jurnal Ekonomi Syariah Teori dan Terapan, 1(7), 487-505. DOI: http://dx.doi.org/10.20473/vol1iss20147pp487-505Yulia, & Dima. (2020). Faktor-faktor penyebab kurangnya minat masyarakat menabung di BMT Masyarakat Madani Sumatera Utara (Studi kasus masyarakat tembung pasar IX). Skripsi tidak dipublikasikan. Medan: Universitas Muhammadiyah Sumatera Utara.

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Consumer Knowledge and Decisions Becoming Customer Islamic Microfinance Institutions

Jihbiz jurnal ekonomi keuangan dan perbankan syariah ◽

10.33379/jihbiz.v4i1.857 ◽

2020 ◽

Vol 4 (1) ◽

pp. 70-92

Author(s):

Intan Qurratulaini

Keyword(s):

Financial Institutions ◽

Research Method ◽

Profit Sharing ◽

Islamic Banking ◽

Consumer Knowledge ◽

Microfinance Institutions ◽

Calculation Results ◽

Microfinance Institution ◽

Islamic Microfinance ◽

The Many

This study aims to determine the effect of consumer knowledge about Islamic banking on the decision to become a customer at a Sharia Microfinance Institution (LKMS). A research method is a quantitative approach, where data is obtained through questionnaires (questionnaires), interviews, and documentation. After the data was obtained, the researcher analyzed it using regression analysis. Partial calculation results show that consumer knowledge about Islamic banking influences the decision to become a customer. One of the toughest challenges that many LKMS are now facing is the many accusations that LKMS is just conventional financial institutions with a sharia label added. LKMS consumers, becoming customers only want to secure their money or because of the profit-sharing offered by LKMS so that they can facilitate their economic path, besides that, they are also interested in the Islamic label or sharia system developed by the LKMS but in detail, they do not understand the process of implementing the sharia, but whether One's knowledge of sharia in the LKMS is a factor in the decision to become an interesting customer for further investigation.

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Akad Tijarah Dalam Praktek Di Lembaga Keuangan Mikro Syariah - BMT

SERAMBI: Jurnal Ekonomi Manajemen dan Bisnis Islam ◽

10.36407/serambi.v2i1.142 ◽

2020 ◽

Vol 2 (1) ◽

pp. 15-28

Author(s):

Nandang Ihwanudin ◽

Handri Handri ◽

Deden Gandana Madjakusumah ◽

M Munir Asrori

Keyword(s):

Case Studies ◽

Trade Agreement ◽

Profit Sharing ◽

Business Practices ◽

Microfinance Institutions ◽

Literature Reviews ◽

Microfinance Institution ◽

Islamic Microfinance

Purpose- Akad tijarah as a form of trade agreement has several types, in which needs to be adjusted to each necessity. It is important for related parties to understand what and how akad ijarah works. This article analyses how far the contribution of an Islamic microfinance institution (LKMS) nowadays, considering there are nash (Al-Qur’an and Al-Hadits) and also fatwa the national sharia council (DSN) MUI. Methods- Case studies and literature reviews are used to evaluate sharia business practices in BMT. Findings- Sharia microfinance institutions, in this case, BMT TUMANG, have carried out sharia principles in practice, especially for tijarah agreements with documents in the form of SOM and SOP as well as financing contracts (agreements), both in the principle of sale and profit-sharing. Implications/Limitations- This study is limited to one branch of the BMT so it cannot describe the overall practice carried out in other regions.

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Sharia Hybrid Contract Compliance of Islamic Microfinance Institutions in Jepara Regency

EkBis Jurnal Ekonomi dan Bisnis ◽

10.14421/ekbis.2020.4.2.1272 ◽

2020 ◽

Vol 4 (2) ◽

pp. 441

Author(s):

Mahmudatus Sa’diyah ◽

Asep Gugun Gumilar ◽

Edi Susilo

Keyword(s):

Content Analysis ◽

Field Research ◽

Analysis Approach ◽

Microfinance Institutions ◽

Hybrid Products ◽

Contract Compliance ◽

Microfinance Institution ◽

Islamic Microfinance

The purpose of this study was to examine the sharia compliance of the Hybrid Contract of the Syriah Microfinance Institution (LKMS) in Jepara Regency. This type of research is a Field Research, using a content analysis approach; to interpret data not as a series of physical events, but as symbolic symptoms to reveal the meaning contained in a text, and the understanding of the message presented. The research object selected was BMT in Jepara Regency which applies contract and unique hybrid products, namely BMT Mitra Muamalah (Mitramu) which has the product "Gold Pawn" and BMT Harapan Bersama (HARBER) which has a Musyarakah Mutanaqishah (MMq) product. The results showed that the Musyarakah Mutanaqishah (MMq) financing agreement at BMT Harapan Bersama (HARBER) Jepara was in accordance with the DSN-MUI fatwa NO: 73 / DSN-MUI / XI / 2008. Rahn's contract which is run by BMT Mitra Muamalah Jepara is in accordance with the DSN-MUI Fatwa Number: 25 / DSN-MUI / III / 2002, and Fatwa DSN-MUI Number: 26 / DSN-MUI / III / 2002.. Weak internal and external supervision at Cooperative entities, the implementation of hybrid contracts in the field is prone to deviations and falling to "Riba".

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Innovation of Risk Mitigation Model for Islamic Equaty-Based Financing in Islamic Microfinance Institutions in Indonesia

SHS Web of Conferences ◽

10.1051/shsconf/202112410004 ◽

2021 ◽

Vol 124 ◽

pp. 10004

Author(s):

Muhammad Pisol Bin Mat Isa ◽

Naelati Tubastuvi ◽

Sri Wahyuni ◽

Maran Marimuthu ◽

Ridhuan Tony ◽

...

Keyword(s):

Business Strategy ◽

Financial Institution ◽

Risk Mitigation ◽

Structured Interview ◽

Payment System ◽

Business Failure ◽

Microfinance Institutions ◽

Microfinance Institution ◽

Islamic Microfinance ◽

Selection Of

Islamic Microfinance institution (MFI) funded either by government or private financial institutions are playing an instrumental role in discharging business fund to the eligible micro entrepreneurs (ME). The potential of micro entrepreneurs to succeed in their business is always becoming a central issue, this is due to the ability to manage the business strategy in a sustainable manner. The fund transacted in micro financing industry is small in term of quantity, therefore it also generates small profit to both parties MFI and ME, it may not be profitable in the eye of financial institution such as bank or Microfinance institution such as Baitul Mal wa Tamwil, moreover the financing risk is always high because some of the financing given without proper risk mitigation could lead into financial failure. The above reasons have influenced most of the MFIs’s decision to abstain from providing equity-based financing, where the concept very much suitable and workable to bring out the groups of MEs from poverty list in comparison to debt-based financing. Equity-based financing require bigger commitment and intervention from MFI in business in term of coaching, training and managing cash flow of the business. Islamic equity-based financing is about profit and loss sharing (PLS) financing. Where both parties have to bear financial consequences in the event of business failure. The failure in business would cause non-performing financing (NPF) to the financial institution and could effect the financial position for that particular year of report. The continuous NPF to the MFI can risk the company future plan. Thus, this study aimed to explore the mechanism of risk mitigation for equity-based financing which can be adopted by Islamic microfinance institutions around the would. The mechanism used to suggest in area of governance, selection of entreprenuer, financing arrangement, payment system and business business sectors. The study applied content analysis to collect the history data of equity-based financing as offered by BMT and MFIs in Indonesia, the data informed researcher on the success and failure story, the study also applied structured interview with managers who are responsible on risk mitigation. The study found that BMT and MFIs in Indonesia are well-organized, the governance and selection of entreprenuer are palying significant role while the payment system which includes the collatoral against any negligence posits an effective way in mircofinance mitigation model.

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Implementation of Marketing Mix Strategies in Dealing with Business Competition in The Islamic Economy’s Perspective

Academia Open ◽

10.21070/acopen.4.2021.2160 ◽

2021 ◽

Vol 4 ◽

Author(s):

Septya Rifki Ayunda Paramesta ◽

Masruchin

Keyword(s):

Qualitative Research ◽

Social Media ◽

Research Method ◽

Business Owners ◽

Marketing Mix ◽

Physical Evidence ◽

The Face ◽

Marketing Mix Strategy ◽

Place Promotion

An important marketing strategy is carried out by a business so that it does not lag behind its competitors, of course it must be carried out in accordance with marketing in Islamic sharia. In the face of competition, Martabak Terangbulan Bogasari Bandung implements a marketing mix strategy. This research uses case study qualitative research method. Data collection techniques used through interviews, observation, documentation and questionnaires. The informants of this research are business owners, supervisors, outlet employees and consumers of Martabak Terangbulan Bogasari Bandung. The results of this study, the marketing mix strategy applied by Martabak Terangbulan Bogasari Bandung in the face of competition includes product strategy, price, place, promotion, people (employees), process and physical evidence. These strategies include making quality products, providing menu variants, setting affordable prices, strategic outlet locations, opening branch outlets, promoting on social media and offering purchases through Gofood. The marketing mix strategy used by Martabak Terangbulan Bogasari Bandung is not in accordance with Islamic sharia. The discrepancy can be seen from the behavior of employees who smoke while serving purchases.

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Financial and Social Performances of Islamic Microfinance Service Provider With Mobile Banking

International Journal of Financial Research ◽

10.5430/ijfr.v10n5p181 ◽

2019 ◽

Vol 10 (5) ◽

pp. 181

Author(s):

Afifa Malina Amran ◽

Intan Salwani Mohamed ◽

Sharifah Norzehan Syed Yusuf ◽

Nabilah Rozzani

Keyword(s):

Social Performance ◽

Accounting Information ◽

Standard Of Living ◽

Mobile Banking ◽

Microfinance Institutions ◽

Accounting Information System ◽

Qualitative Approaches ◽

Islamic Financial Institutions ◽

Microfinance Institution ◽

Islamic Microfinance

In Malaysia, Islamic microfinance institutions (IMFIs) are part of Islamic financial institutions and have been established to provide Islamic microfinance products (interest free loans). Their aim is to promote trade activities among Islamic microfinance recipients in improving their standard of living. Information and data gathered can be used as evidence to prove that Islamic microfinance has traits that provide a support system for the poorest of the poor. This study hence intends to investigate the application of technology by Islamic microfinance institutions within a context of its accounting information system through the usage of mobile banking. This study is conducted using qualitative approaches via interviews to obtain in depth understanding of mobile banking usage at an Islamic microfinance institution. Financial data, as well as data on the total number of loan recipients (sahabats) is referred by the study in investigating another aspect of social performance in terms of vicegerency and accountability of the IMFI. Extensive application of vicegerency concept in explaining the findings is parallel to Shari'ah Foundation for Accountants in outlining characteristics of Muslim accountants in preventing them from doing prohibited actions.

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AN EMPIRICAL STUDY OF ISLAMIC MICROFINANCE PERFORMANCE FOR POOR FAMILY: MAQASHID AL-SHARIA PERSPECTIVE

AFEBI Islamic Finance and Economic Review ◽

10.47312/aifer.v3i01.253 ◽

2020 ◽

Vol 3 (01) ◽

pp. 46

Author(s):

Aas Nurasyiah

Keyword(s):

Performance Measurement ◽

Quantitative Research ◽

Research Result ◽

Microfinance Institutions ◽

Family Economy ◽

The Family ◽

Microfinance Institution ◽

Sample Technique ◽

Islamic Microfinance ◽

Technical Effort

This research motivated by Islamic Microfinance performance measurement which still adopting on the performance measurement of microfinance in general that limited to the measurement of material. Therefore, efforts urgently needed to introduce more holistic measurement in assessing the performance of Islamic Microfinance based on tawheed principle. Thus, this study aims to measure the performance of Islamic Microfinance institutions based on Maqashid Al-Sharia. This research method uses quantitative approach with descriptive quantitative research design, which measures variables based on certain indicators. The location of the research is KOPMU-DT as one of the Islamic Microfinance institutions located in Bandung. The population of the study was the members KOPMU-DT wide-spread, among thousand people, but the withdrawal sample technique uses non-probability sampling with a sample of 100 members, based on the criteria that have been determined. Based on the research result, generally the members of KOPMU-DT increased living standards of the family economy and the performance of running micro-businesses. In Maqashid Al-Sharia perspective, the members experience a change in the principles of Ad-Din Al-Aql, A-nafs, An-Nasl and Al-Maal. However, among five principles, Al-Aql increases lower than other principles. In the future, to improve the performance of Islamic Microfinance, especially in KOPMU-DT, needs technical effort / business of accompaniment improvement to develop entrepreneurship from members. In addition, needs to give appreciation to the consistent members and disciplined in order to refund to add its financing to stimulate the operating business, without losing spiritual accompaniment to strengthen the achievement of Maqashid Al-Sharia of the empowerment members of Islamic Microfinance institution.Keywords: Islamic Microfinance, Maqashid Al-Sharia, Performance

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Islamic Micro Finance Melati: Sebuah Upaya Penguatan Permodalan bagi Pedagang Pasar Tradisional

Economica Jurnal Ekonomi Islam ◽

10.21580/economica.2017.8.1.1824 ◽

2017 ◽

Vol 8 (1) ◽

pp. 27

Author(s):

Sabirin Sabirin ◽

Dini Ayuning Sukimin

Keyword(s):

Management Strategy ◽

Microfinance Institutions ◽

Working Capital ◽

Traditional Markets ◽

Traditional Market ◽

Microfinance Institution ◽

Capital Financing ◽

Islamic Microfinance ◽

The Right ◽

Loan Shark

The purpose of this research is to examines Islamic Micro Finance Melati (Melawan Rentenir) in helping traders in traditional markets to avoid the practice of loan sharks. This article uses descriptive explorative approach by analyzing the right strategy in the management of islamic micro finance institution targeting especially for traders in traditional market in Indonesia. From this study obtained the following conclusions. First, the design of Islamic Micro Finance Melati in order to create an easy Islamic microfinance institution in providing capital financing is very suitable in overcoming the practice of loan shark. Second, working capital is channeled using a system of cooperation whereby the trader is obliged to return the principal and profit share of the profit. Third, the organizational structure and management patterns that are not complicated will make Islamic Micro Finance Melati is easy to realize. Fourth, the existence of Islamic Micro Finance Melati can be an example for other Islamic microfinance institutions in managing management strategy so that sharia microfinance institution can be the main choice for micro business actors.Tujuan penelitian ini untuk mengkaji Islamic Micro Finance Melati (Melawan Rentenir) dalam membantu pedagang di pasar tradisional dari praktik rentenir. Penelitian ini menggunakan pendekatan eksploratif deskriptif dengan menganalisis strategi yang tepat dalam pengelolaan lembaga keuangan mikro syariah yang menyasar para pedagang di pasar tradisional di Indonesia.Dari penelitian ini diperoleh kesimpulan: Pertama, desain Islamic Micro Finance Melati dalam rangka menciptakan lembaga keuangan mikro syariah yang mudah dalam memberikan pembiayaan permodalan sangat cocok dalam mengatasi praktik rentenir. Kedua, modal kerja yang disalurkan menggunakan sistem kerjasama dimana pedagang wajib mengembalian pokok dan bagi hasil dari keuntungan. Ketiga, struktur organisasi dan pola pengelolaan yang tidak rumit akan membuat Islamic Micro Finance Melati ini mudah untuk direalisasikan. Keempat, keberadaan Islamic Micro Finance Melati dapat menjadi contoh bagi lembaga keuangan mikro syariah lainnya dalam pengelolaan strategi pengelolaan sehingga lembaga keuangan mikro syariah dapat menjadi pilihan utama bagi pelaku usaha mikro.

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Business Model of Islamic Microfinance Institution: Indonesia Case

GATR Journal of Accounting and Finance Review (AFR) Vol. 4 (4) Oct-Dec 2019 - GATR Accounting and Finance Review ◽

10.35609/afr.2017.2.1(4) ◽

2017 ◽

Vol 2 (1) ◽

pp. 22-30

Author(s):

Imron Mawardi ◽

Tika Widiastuti ◽

Ari Prasetyo

Keyword(s):

Business Model ◽

Business Models ◽

Jel Classification ◽

Microfinance Institutions ◽

Social Functions ◽

Social Entity ◽

Organizational Orientation ◽

Microfinance Institution ◽

Islamic Microfinance

Objective - Islamic Microfinance Institutions (IMFIs) grown very rapidly in the last 10 years in Indonesia. On 2015, the number of IMFIs' reached more than 5,000. As a business and social entity, IMFIs has various business models, the way in providing services and manages the business to achieve its goals. This study aims to determine the business models of IMFIs. Methodology/Technique - This study uses qualitative approach by case study technique of Robert K. Yin. Subjects of this study are IMFIs in Indonesia that selected purposively with managers as a key informant. Findings - The result is the business model of IMFI is determined by eight elements, namely: organizational orientation, business and social functions, the source of capital and allocation, investors and customers, financing usage, types of contract, allocation technique, and membership. Novelty - The elements that determine IMFI, will form a business model of IMFI which determine how IMFI runs its business activities to achieve organization objective. Type of Paper Review Keywords: Islamic Microfinance Institution; Business Model; Social Function. JEL Classification: G21, L22.

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EFFORTS TO PROTECT CONSUMER’S SPIRITUAL RIGHTS IN ORGANIZING ISLAMIC MICROFINANCE INSTITUTIONS IN INDONESIA

Diponegoro Law Review ◽

10.14710/dilrev.5.2.2020.172-187 ◽

2020 ◽

Vol 5 (2) ◽

pp. 172-187

Author(s):

Hari Sutra Disemadi ◽

Ayup Suran Ningsih

Keyword(s):

Financial Institutions ◽

Research Method ◽

Microfinance Institutions ◽

Legal Basis ◽

Muslim Community ◽

Conceptual Approach ◽

Community Based ◽

Regulatory Policies ◽

Islamic Microfinance ◽

Legal Policies

Microfinance Institutions (MFIs) are part of non-bank financial institutions. In organizing, MFIs can be implemented with sharia principles, but not a few people who assume that this Sharia-based MFI is only a label to attract the sympathy of the Muslim community. Based on this, this study aims to determine the legal policies for the implementation of MFIs in Indonesia and to find out regulatory policies regarding sharia principles in the organization of MFIs as an effort to protect the spiritual rights of consumers. This study uses a normative juridical research method with a conceptual approach and a statutory approach. This study shows the legal basis for the organization of MFIs is Law Number 1 of 2013, POJK Number 14/POJK.05/2014, POJK Number 61/POJK.05/2015, and POJK Number 62/POJK.05/2015. The policy of regulating the application of sharia principles as an effort to protect the spiritual rights of consumers has also been regulated in the MFI Law and the implementing regulations namely POJK Number 62/POJK.05/2015 concerning Business Administration of MFIs which in the implementation of sharia-based MFIs must use mudharabah, musyarakah, murabahah, ijarah, salam, istishna, ijarah muntahiah bit tamlik or other contracts (akad) that do not conflict with sharia principles. The policy of applying sharia principles in organizing MFIs is intended to guarantee the protection of the spiritual rights of consumers from Islamic MFIs.

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