International Journal of

ADVANCED AND APPLIED SCIENCES

EISSN: 2313-3724, Print ISSN: 2313-626X

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 Volume 10, Issue 3 (March 2023), Pages: 119-129

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 Original Research Paper

 Surviving amidst pandemic: Indonesian Islamic microfinance experience

 Author(s): 

 Fauzul Hanif Noor Athief 1, *, Aminudin Ma’ruf 1, Faris Shalahuddin Zakiy 2

 Affiliation(s):

 1Department of Islamic Economic Laws, Universities Muhammadiyah Surakarta, Surakarta, Indonesia
 2Faculty of Islamic Business and Economics, Walisongo State Islamic University, Semarang, Indonesia

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 * Corresponding Author. 

  Corresponding author's ORCID profile: https://orcid.org/0000-0002-4784-904X

 Digital Object Identifier: 

 https://doi.org/10.21833/ijaas.2023.03.016

 Abstract:

The purpose of this study is to investigate the Indonesian Islamic microfinance institutions' (IMFIs) condition, and their strategies to survive and to explore their contribution during the pandemic by combining and synthesizing the result of all previous studies. To achieve that goal, this research uses a systematic literature review method by mining all data available which in addition makes this paper different from other previous works. This enables us to provide a deeper, broader, and more comprehensive understanding of the topic. Google Scholar is set as the database for three reasons. This research found that Indonesian IMFIs are affected by the pandemic and classified into three categories based on the severity of the impact: Severely hit, affected yet stable, and IMFIs that grow during the pandemic. Indonesian IMFIs had in total 6 types of strategies to survive during the pandemic: Active and passive approaches, common and innovative schemes, as well as persuasive and administrative activities. The study also found the contributions of Indonesian IMFIs during the pandemic and classified them into two categories financial and non-financial contributions. This research is unique by delivering comprehensive non-segregated data and well-synthesized condition of IMFIs in entire Indonesia during the pandemic. The results of this study give policymakers a fundamental ground to develop proper policy in fostering IMFIs after the pandemic. IMFI practitioners should also take benefit from the results by mirroring, modifying, or improving the strategies to face future economic turbulences.

 © 2022 The Authors. Published by IASE.

 This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

 Keywords: COVID-19, Islamic microfinance, Indonesia, Strategy, Systematic literature review

 Article History: Received 17 September 2022, Received in revised form 14 December 2022, Accepted 14 December 2022

 Acknowledgment 

This research was supported by the Ministry of Religious Affairs of Indonesia with grant number B-808.1.1/DJ.I/Dt.I.III/11/2022.

 Compliance with ethical standards

 Conflict of interest: The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article.

 Citation:

 Athief FHN, Ma’ruf A, and Zakiy FS (2023). Surviving amidst pandemic: Indonesian Islamic microfinance experience. International Journal of Advanced and Applied Sciences, 10(3): 119-129

 Permanent Link to this page

 Figures

 Fig. 1 

 Tables

 Table 1 Table 2 Table 3 Table 4

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