Article Per Year (5 Year)
p-Index From 2019 - 2024
0.23
P-Index
This Author published in this journals
All Journal STUDIA ISLAMIKA
Hyung-Jun Kim
(SCOPUS ID: 56981633200) Department of Cultural Anthropology, Kangwon National University
Religion Education

Published : 1 Documents Claim Missing Document
Claim Missing Document
Check
Articles

Found 1 Documents
Search

 1 
What Makes Islamic Microfinance Islamic? A Case of Indonesia’s Bayt al-Māl wa al-Tamwīl Hyung-Jun Kim; Bambang Hudayana
Studia Islamika Vol 29, No 1 (2022): Studia Islamika
Publisher : Center for Study of Islam and Society (PPIM) Syarif Hidayatullah State Islamic University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.36712/sdi.v29i1.17862

Abstract

This article highlights the weaknesses in the formalistic approach to Islamic finance which deals mainly with shariah compliance. This research examines religious elements  that consist in the operations of the Indonesian Islamic microfinance institution by criticizing it for the costs of transactions, the composition of contracts, and the procedures for murābaḥah (working capital finance). Acknowledging that shariah principles were compromised  to some extent, the BMT’s employees did not question the Islamic character and identity of the BMT.  Highlighting their commitments to improving the economic conditions of the Muslim community, active involvement in charity and socio-religious works, business practices caring for the unfortunate people, and their Islamic networks, the employees believe that the BMT has implemented Islamic values. For them, Islamic finance is not only attributed to sharia compliance, but it must also contain a wide range of religious tendencies and practices. By stressing the importance of the aspirations and commitments of Muslim activists, this paper widens the discussion of how to vitalize Islamic finance.
Co-Authors Bambang Hudayana