Sharia Micro Financing Role in Developing MSME Businesses in Rural Community Life
DOI:
https://doi.org/10.15642/turath.2024.1.2.156-171Keywords:
Sharia Micro Financing, , MSME Business Development, , Rural CommunitiesAbstract
Sharia microfinancing has a significant role in the development of Micro, Small and Medium Enterprises (MSMEs) in the lives of rural communities. In the midst of limited access to conventional financial institutions which often charge high interest rates, sharia microfinance offers a fairer and more affordable solution with the principles of mudharabah and musyarakah based on profit sharing, without charging interest (riba). This study examines the opportunities created by sharia microfinancing for MSMEs in rural areas to develop their businesses, increase business capacity, and have a positive impact on the local economy and social welfare of rural communities. Through qualitative research involving interviews with MSME players and managers of sharia financing institutions, it was found that sharia microfinancing helps MSME players access more affordable and sustainable capital. This article also identifies the need to improve education and expand access to sharia microfinance services so that they can more effectively encourage the growth of MSMEs and advance a more inclusive and sustainable rural economy. Thus, sharia microfinancing has the potential to become one of the main pillars of economic empowerment in rural areas.
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