Mudharabah Linked Waqf: Inovasi Model Pembiayaan Berkelanjutan untuk UMKM

2021 ◽  
Vol 3 (1) ◽  
pp. 102-118
Author(s):  
Rifaldi - Majid
Keyword(s):  
Small And Medium Enterprises ◽  
Risk Mitigation ◽  
Cash Flows ◽  
Real Sector ◽  
Scientific Journals ◽  
Sustainable Business ◽  
News Reports ◽  
Incentive Compatible ◽  
Financial Products ◽  
Medium Enterprises

This study aims to formulate an innovative financing model and sustainable business assistance through the mudharabah linked waqf scheme. The method used is descriptive qualitative in the form of reviewing scientific journals, books, official news, reports and related regulations which are analyzed by content analysis. Mudharabah linked waqf is an innovation and integration of financing to Micro, Small, and Medium Enterprises (MSMEs) where the composition of the source of funds comes from commercial funds and cash waqf funds managed by Koperasi Syirkah Berkah Bersama (KSBB) through a collaboration with Indonesian Muslim Entrepreneurs Community (KPMI) chapter Surabaya. Funds will be channeled to low-risk MSME projects recommended by KPMI Surabaya with a duration of fewer than six months. The surplus of cash waqf will be distributed to social, education, economy, and da’wah activities in the form of sustainable business development and fiqh muamalah assistance by KPMI Surabaya, and the rest distributed as an incentive to reduce Murabaha margins for startups. Risk mitigation is carried out through collateral requirements, guarantor, incentive-compatible contract applications to determine cash flows and related parties in the project, as well as post-project financial audits. This model has implications for strengthening the roles of KSBB and KPMI Surabaya in encouraging literacy, inclusion, and innovation in deepening sustainable Islamic financial products, in order to strengthen the economy of ummah in the real sector

scholarly journals A Systematic Literature Review on Sustainability in Family Firms

2021 ◽  
Vol 13 (7) ◽  
pp. 3824
Author(s):  
Carla Curado ◽  
António Mota
Keyword(s):  
Construction Industry ◽  
Social Inclusion ◽  
Family Firms ◽  
Small And Medium Enterprises ◽  
Futures Studies ◽  
Sustainable Business ◽  
Bottom Line ◽  
Medium Enterprises ◽  
Corporate Social ◽  
Market Pressures

In this study, we explore the research published from 2015 to 2020 on the importance of family firms (FFs) to sustainability. Our results come from a content analysis of 28 studies on this topic. Further, they deal with small and medium enterprises (SMEs) in the construction industry in Italy and Spain. These studies mainly follow a quantitative approach with data from a survey. This study’s main contribution regards the identification of three sorts of aspects associated to sustainability in FFs which match the three pillars of the triple bottom line approach that supports sustainable business development: social inclusion, economic development, and environmental protection. Our findings show that the family’s religiosity, reputation, and image play relevant roles in the FFs’ adoption of sustainable practices. Moreover, the CEO and their successor’s choices also have consequences for sustainability. These studies demonstrate how the family’s control, its values, and the industry influence the adoption of corporate social responsibility (CSR) practices. FFs go green by adopting eco-innovation to adapt to the constantly changing environment and market pressures. We acknowledge the limitations of the study. We offer advice to colleagues when developing future futures studies to address the influence of cultural differences between FFs and non-FFs and suggest they perform comparative analyses. This research could lead to further investigation of the effects of other variables that may influence sustainability in the context of FFs.

scholarly journals From Barriers to Enablers: The Role of Organizational Learning in Transitioning SMEs into the Circular Economy

2021 ◽  
Vol 13 (3) ◽  
pp. 1021
Author(s):  
Sara Scipioni ◽  
Meir Russ ◽  
Federico Niccolini
Keyword(s):  
Organizational Learning ◽  
Circular Economy ◽  
Business Models ◽  
Small And Medium Enterprises ◽  
Sustainable Business ◽  
Fine Grained ◽  
Contextual Elements ◽  
Transfer And Retention ◽  
Multi Level ◽  
Medium Enterprises

To contribute to small and medium enterprises’ (SMEs) sustainable transition into the circular economy, the study proposes the activation of organizational learning (OL) processes—denoted here as multi-level knowledge creation, transfer, and retention processes—as a key phase in introducing circular business models (CBMs) at SME and supply chain (SC) level. The research employs a mixed-method approach, using the focus group methodology to identify contextual elements impacting on CBM-related OL processes, and a survey-based evaluation to single out the most frequently used OL processes inside Italian construction SMEs. As a main result, a CBM-oriented OL multi-level model offers a fine-grained understanding of contextual elements acting mutually as barriers and drivers for OL processes, as possible OL dynamics among them. The multi-level culture construct—composed of external stakeholders’, SC stakeholders’, and organizational culture—identify the key element to activate CBM-oriented OL processes. Main implications are related to the identification of cultural, structural, regulatory, and process contextual elements across the external, SC, and organizational levels, and their interrelation with applicable intraorganizational and interorganizational learning processes. The proposed model would contribute to an improved implementation of transitioning into the circular economy utilizing sustainable business models in the construction SMEs.

scholarly journals Challenges Facing Financial Inclusion Due to the COVID-19 Pandemic

2020 ◽  
Vol 3 (2) ◽  
pp. 50
Author(s):  
Tea Kasradze
Keyword(s):  
Low Income ◽  
Small And Medium Enterprises ◽  
Financial Inclusion ◽  
Financial Resources ◽  
Financial Products ◽  
The Poor ◽  
Wide Range ◽  
Medium Enterprises ◽  
The Impact ◽  
Poor Population

Financial inclusion is often considered as an access to financial resources for the wide public and small and medium-sized businesses, although it is a much broader concept and includes a wide range of access to quality financial products and services, including loans, deposit services, insurance, pensions and payment systems. Mechanisms for protecting the rights of consumers of financial products and services are also considered to be subject to financial inclusion. Financial inclusion acquires great importance during the pandemic and post-pandemic period. The economic crisis caused by the pandemic is particularly painful for low-income vulnerable population. A large part of the poor population who were working informally has lost source of income due to lockdown from the pandemic. Remittances have also been reduced / minimized, as the remitters had also lost jobs and are unable to send money home. Today, when people die from Coronavirus disease, it may be awkward to talk about the financial side of a pandemic, but the financial consequences can be far-reaching if steps are not taken today to ensure access to and inclusion of financial resources. The paper examines the impact of the pandemic on financial inclusion and the responses of the governments and the financial sectors to the challenge of ensuring the financial inclusion of the poor population and small and medium enterprises.

scholarly journals RISK MITIGATION FOR SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) IN THE MIDDLE OF VOLATILITY IN THE WORLD’S ECONOMY CONDITION

2021 ◽  
Vol 4 (1) ◽  
pp. 34-39
Author(s):  
Gresika Bunga Sylvana
Keyword(s):  
Business Processes ◽  
Small And Medium Enterprises ◽  
Risk Mitigation ◽  
The Great Depression ◽  
The World ◽  
National Leaders ◽  
World Economic ◽  
Economy Condition ◽  
Medium Enterprises ◽  
The Impact

ABSTRACT Indonesia's economic growth in the first quarter of 2020 of 2.97% was released by the Central Statistics Agency (BPS). It is undeniable, that number is the lowest growth rate in the last 19 years. We understand that the economic disruption caused by the COVID-19 pandemic did occur in various parts of the world. A significant economic slowdown is a big task for many national leaders. Some world economic experts even mention that the disruption of the economy due to this pandemic can resemble the effects of the Great Depression of 1930 ago. If we review the impact of the COVID-19 pandemic which has caused extraordinary disruption in the economic field, it is seen that Micro, Small, and Medium Enterprises (MSMEs) are a sector that is quite severe. Basically, the concept of risk management is not commonly used in SMEs business processes. This is because, in general, the resources owned by SMEs are quite limited. However, in this paper I want to illustrate at least there are simple concepts that can be applied by SMEs.

Islamic Financing Effects on Small Medium Enterprises Competitiveness

2021 ◽  
Vol 1 (1) ◽  
pp. 100-113
Author(s):  
Adedeji Saidi Adelekan
Keyword(s):  
Financial Services ◽  
Small And Medium Enterprises ◽  
Practical Implication ◽  
Least Square ◽  
Islamic Finance ◽  
Business Practices ◽  
Sustainable Business ◽  
Product Price ◽  
Medium Enterprises ◽  
The Impact

Islamic financing has been identified as an alternative to conventional financial services. However, the extent to which the Islamic financing model could drive small and medium enterprises' (SMEs) competitiveness has been a significant concern in the existing literature. Hence, this study investigates the impact of Islamic financing on SMEs' competitiveness.Adopting the survey research design, the study investigated 400 SME owners/managers in the Southern part of Nigeria. The study employed the ordinary least square regression in the analysis of data. The result establishes that Islamic finance is a significant driver of SMEs' competitiveness. The results specifically reveal that Islamic finance is critical in driving product price, customer experience, and quality of products. The practical implication of Islamic finance may reduce its operational cost since it comes at a no-interest rate while giving room for more innovative prices and customer-centric products at competitive prices. SMEs are to leverage on the opportunities provided by Islamic finance for them to adopt sustainable business practices 

Knowledge Management in Small and Medium Enterprises

2015 ◽  
pp. 1-20 ◽  
Author(s):  
Neeta Baporikar
Keyword(s):  
Knowledge Management ◽  
Supply Chains ◽  
Intellectual Capital ◽  
Small And Medium Enterprises ◽  
Physical Capital ◽  
Sustainable Business ◽  
Multinational Organizations ◽  
Technological Advances ◽  
Knowledge Intensive ◽  
Medium Enterprises

Today, success and worth of a business depend more on intellectual capital than physical capital. Hence, knowledge that exists within an organization is a sustainable source of competitive advantage, which makes Knowledge Management (KM) a critical input in the growth of any organization and more so in the case of Small and Medium Enterprises (SMEs). Even though much has been researched and written on the subject of knowledge management in large and multinational organizations, very little focus and research has been done on KM in SMEs. Globalization of supply chains, rapid technological advances, superior returns on intellectual capital, and the growing importance of knowledge-intensive industries make KM a strategic tool in the growth and success of all businesses. Access and integration of SMEs with regional, national, and international supply chains require bridging the gaps between the requirements of supply chains and efficiency of SMEs' KM systems. KM-enabled SMEs are essential for competitive and sustainable growth. Hence, a judicious approach for KM in SMEs is a must in the current scenario. The overall mission of this chapter is to aid researchers in recognizing and understanding the knowledge management spectrum for small and medium enterprises in a globalized world. This would be indispensable for successful goal attainment and sustainable business in a contemporary complex economy.

scholarly journals Underlying structures of risk response measures among small and medium contractors in South Africa

2020 ◽  
Vol 20 (1) ◽  
Author(s):  
Berenger Yembi Renault ◽  
Justus Ngala Agumba ◽  
Nazee Ansary
Keyword(s):  
South Africa ◽  
Factor Model ◽  
Small And Medium Enterprises ◽  
Risk Mitigation ◽  
Risk Avoidance ◽  
Risk Response ◽  
Response Measures ◽  
The One ◽  
Medium Enterprises ◽  
Structured Questionnaire

Although attention has been given to the measures used to respond to risk in the construction industry (CI), there is limited literature that scrutinizes underlying structures of risk response measures (RRMs) especially among small and medium enterprises (SMEs). This study, therefore, presents findings from an exploratory factor analysis (EFA) of RRMs. A positivist paradigm was adopted to collect empirical raw data from 181 conveniently sampled respondents in Gauteng, South Africa (SA), using a structured questionnaire. The results support the extant literature and empirically established the structural composition of risk response by two constructs. The construct with emerged measures was termed trailing measures while the one with popular measures was termed leading measures of risk response. However, the study yielded a two-factor model with all the six items supposed to measure risk response. Based on the results obtained, it seems that risk avoidance and risk mitigation are reliable measures for measuring risk response. This study could thus serve as a reference for the accurate measurement of risk response and for the development of agreed responses for each risk, including an appropriate strategy and specific responses to implement the chosen strategy. The study was limited to the CI and to a lesser extent, construction SMEs in Gauteng; hence the findings cannot be generalized to all SMEs in SA.

scholarly journals Implementing TRIZ with Supply Chain Management in New Product Development for Small and Medium Enterprises

Processes ◽  
2021 ◽  
Vol 9 (4) ◽  
pp. 614
Author(s):  
Yun-Sheng Lin ◽  
Mingchih Chen
Keyword(s):  
Supply Chain ◽  
New Product Development ◽  
Small And Medium Enterprises ◽  
Value Added ◽  
New Product ◽  
Sustainable Business ◽  
Chain Management ◽  
Business Operation ◽  
Medium Enterprises ◽  
Value Added Products

Due to the impact of globalization, the competition between enterprises has become fierce and led the supply chains of many industries to be reorganized. One of the consequences is that the operation of many small and medium enterprises (SMs) had become very difficult. Hence, many of SMEs in Taiwan have gone bankrupt and some of them have moved to other places where they have lower production costs, in order to survive; this not only hollowed out the industries but also disconnected the supply chains in their mother countries. Because Taiwan’s SMEs are generally poor in innovation, this study explored the implementation of the theory of inventive problem-solving (TRIZ) with alignment of new product development (NPD) and supply chain management (SCM) to strengthen the innovation and productivity of new products, so that SMEs can refer to its use to aid sustainable business operation. We considered an SME in Taiwan as a case to study and investigate the strategies that it employed to achieve survival and sustainability. By examining the practical applications of the NPD of the case company, which was based on the TRIZ and NPD SCM alignment, we found that value-added products may be created despite unfavorable industry environments, by implementing and coordinating the TRIZ and three product-related variables, namely innovating, modularity, and variety. This study explored practical alternatives for SMEs to develop various value-added products that meet customers’ changing requirements and succeed in competitive markets to achieve a sustainable business operation. Considering SMEs are crucially important to the economic equality and development of countries and that SMEs may only survive for a short time when operating in changing supply chain environments, this study can be used as a reference for the management of SMEs and future academic research in related fields.

scholarly journals Sharia Banking’s Profit Loss Finance in the Context of ASEAN Economic Community

2016 ◽  
Vol 1 (1) ◽  
pp. 113
Author(s):  
Mardhiyatur Rosita Ningsih
Keyword(s):  
Moral Hazard ◽  
Product Information ◽  
Small And Medium Enterprises ◽  
Economic Community ◽  
Incentive Compatible ◽  
Result Show ◽  
Asean Economic Community ◽  
Medium Enterprises

The paper aims to analyze the problems of profit and loss sharing financing is conducted through literature and interviews with funding customers, islamic bankers and entrepreneurs. The result show that profit oriented, lack of trust in the abilities of partners, moral hazard, mismanagement and lack of syariah product information. So, give Incentive for funding customers, incentive compatible constraint, involved effort in spiritual and intellectual expected may help small and medium enterprises to face ASEAN Economic Community. Keywords: ASEAN Economic Community, profit and loss sharing financing, small and medium enterprises

scholarly journals Problems and Prospects of SMEs Loan Management: A Study on Mercantile Bank Limited, Khulna Branch

1970 ◽  
Vol 5 (2) ◽  
pp. 38-52 ◽  
Author(s):  
SM Akterujjaman
Keyword(s):  
Economic Development ◽  
Industrial Production ◽  
Small And Medium Enterprises ◽  
Modern Technology ◽  
Financial Products ◽  
Doing Business ◽  
The World ◽  
Medium Enterprises ◽  
Formal Procedures ◽  
Sme Financing

SMEs all over the world have been playing a crucial role in promoting economic development as well as industrial production. SME financing has been identified as a major obstacle to SME growth. Unfortunately, the issue seems to be as unresolved as it always has been. Though the majority of the issues are with the SME themselves, the banks also have major issues in designing financial products for the SMEs. This study tries to find out the underlying problems from the bank’s perspective. The major findings are related to the high interest and loan duration rates, reasons for SMEs relatively informal way of doing business in contrast to bank’s formal procedures and prerequisites, bank’s relative inexperience in this field. They are also related to the bank’s lack of perspective, the viability and benefits of cluster unity, approach to informal loan takers and non-usage of modern technology and accounting procedures. The recommendations were provided based on the analysis and findings.Key words: Small and Medium Enterprises (SMEs); Financing; Loan; Technology; Cluster.DOI: http://dx.doi.org/10.3329/jbt.v5i2.9934  Journal of Business and Technology (Dhaka) Vol. 5(2), July-December, 2010 38-52

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