Product and Distribution Channel Innovation to Enhance the Growth of Islamic Financing Companies in Indonesia

Ridho  Mufti; Nurwahidin; Mulawarman  Hannase

doi:10.55927/fjsr.v3i12.12629

Authors

Ridho Mufti Universitas Indonesia
Nurwahidin Universitas Indonesia
Mulawarman Hannase Universitas Indonesia

DOI:

https://doi.org/10.55927/fjsr.v3i12.12629

Keywords:

Islamic Finance, Halal Lifestyle, Islamic Refinancing

Abstract

Indonesia, with a Muslim majority population of 87.4% and a growing trend of halal lifestyle, presents a significant opportunity for the growth of Islamic financing companies. However, the market share of Islamic financing companies remains stagnant at 5-6%, despite a significant increase in public awareness of halal products. This study aims to develop product and distribution channel innovations to enhance the competitiveness of Islamic financing companies. The research focuses on refinancing products based on the al-bai’ contract within the framework of musyarakah mutanaqishah (MMQ), which are flexible and relevant to the needs of millennials and MSMEs. Additionally, the study proposes innovations in distribution channels through the integration of financing simulations into corporate websites and mobile applications. The research methodology employs a descriptive qualitative approach, using primary data from DSN-MUI fatwas and secondary data from OJK reports. The findings indicate that Islamic refinancing innovation with al-bai’ in the MMQ framework can provide a practical solution to current limitations of Islamic products while supporting broader Islamic financial inclusion. Digital distribution channels will enhance accessibility and convenience for target markets. Implementing these recommendations is expected to expand the market share of Islamic financing companies and address the evolving needs of society

Downloads

Download data is not yet available.

References

Al Yozika, Ferlangga & Nurul Khalifah (2017). Pengembangan Inovasi Produk Keuangan Dan Perbankan Syariah Dalam Mempertahankan Dan Meningkatkan Kepuasan Nasabah, Edunomika, Vol 01, No 02, Hal 100-107

Alimusa, La Ode dkk. (2023). Factors Determining Indonesian Muslim Behavior in Purchasing Halal Food: A Preliminary Study. Etikonomi, Volume 22(2), Hal 263 – 276

Biro Hukum dan Komunikasi Publik, Kemenparterian Pariwisata dan Tim Komunikasi Pemerintah Kemkominfo (2016). Menangkan WHTA (World Halal Tourism Award) untuk Pariwisata Indonesia di Mata Dunia. Diakses dari https://www.kominfo.go.id/index.php/content/detail/8385/menangkan-whta-world-halal-tourism-award-untuk-pariwisata-indonesia-di-mata-dunia/0/artikel_gpr

Bungin, Burhan. (2004). Metodologi Penelitian Kualitatif. Jakarta: PT RajaGrafindo Persada, 2004, Cet. III.

Fadilah, Tri Nur dkk. (2020). Tingkat Pengetahuan dan Produk Halal dalam Keputusan Pembelian Makanan Halal, JBK: Jurnal Bisnis & Kewirausahaan, Volume 18 Issue 1

Fatwa DS-MUI No. 73/DSN-MUI/XI/2008 tentang Musyarakah Mutanaqishah

Fatwa DSN-MUI No. 08/DSN-MUI/IV/2000 tentang Pembiayaan Musyarakah

Fatwa DSN-MUI No. 17/DSN-MUI/IX/2000 tentang Sanksi atas Nasabah Mampu yang Menunda-nunda Pembayaran

Fatwa DSN-MUI No. 43/DSN-MUI/VIII/2004 tentang Ganti Rugi (Ta’widh)

Fatwa DSN-MUI No. 89/DSN-MUI/XII/2013 tentang Pembiayaan Ulang (Refinancing) Syariah

Fatwa DSN-MUI No.71/DSN-MUI/VI/2008 tentang Sale and Lease Back

Fatwa DSN-MUI No.85/DSN-MUI/XII/2012 tentang Janji (Wa’ad) Dalam Transaksi Keuangan dan Bisnis Syariah

Illahyana, Rheesty (2021). Perilaku Konsumsi Produk Halal Pada Mahasiswa Fakultas Ekonomi dan Bisnis (FEB) Universitas Bengkulu. (Skripsi, Institut Agama Islam Negeri (IAIN) Bengkulu). Diakses dari https://acesse.dev/nWP0E

Imaningsih, E. S., Nawangsari, L. C., Saratian, E. T. P., & Wibowo, M. W. (2022). Green Management. Media Edu Pustaka, Jakarta.

Kementerian Agama Republik Indonesia. (2013). Survei Perilaku Komunitas Muslim Perkotaan Dalam Mengonsumsi Produk Halal.

Kementerian Agama Republik Indonesia. (2022). Jumlah Penduduk Menurut Agama, Satu Data Kemenag, https://satudata.kemenag.go.id/dataset/detail/jumlah-penduduk-menurut-agama

Kementerian Pemberdayaan Perempuan dan Perlindangan Anak RI & Badan Pusat Statistik. (2018). Profil Generasi Milenial Indonesia.

Komite Nasional Ekonomi dan Keuangan Syariah. (2023). Indonesia Peringkat Pertama Destinasi Wisata Halal Terbaik Dunia, Diakses dari https://kneks.go.id/berita/569/indonesia-peringkat-pertama-destinasi-wisata-halal-terbaik-dunia?category=1

Moeloeng, Lexy. J. (2001). Metode Penelitian Kualitatif, Bandung: PT. Remaja Rosda Karya.

Muhammad. (2005). Metodologi Penelitian ekonomi: Teori dan Aplikasi. Jakarta: PT Raja Grafindo Persada

Otoritas Jasa Keuangan (2022). Survei Nasional Literasi dan Inklusi Keuangan, Siaran Pers, Nomor 82.

Otoritas Jasa Keuangan (2023). Statistik IKNB Syariah, April.

Otoritas Jasa Keuangan dan Badan Pusat Statistik (2024). Survei Nasional Literasi dan Inklusi Keuangan, Siaran Pers, Nomor 106.

Otoritas Jasa Keuangan. (2019). Survei Nasional Literasi & Inklusi Keuangan, Diakses dari ojk.go.id

Putro, D. H. ., Nurwahidin, Hannase, M. ., Nafis, M. C. ., Nur Fatwa, & Muttaqin, M. I. . (2024). Contextualization of Ushul Fiqh in Muamalah and Modern Banking: Sharia Solutions in the Global Economic System. International Journal of Integrative Sciences, 3(11), 1243–1254. https://doi.org/10.55927/ijis.v3i11.12424

Putro, D. H., Nurwahidin, N., & Saratian, E. T. P. (2024). The Influence of Celebrity Endorsement, Green Brand Image and Green Product Quality on Decisions to use Sharia Banking Product. Journal of Finance and Business Digital, 3(1), 69–84. https://doi.org/10.55927/jfbd.v3i1.8602

Ramli, Y., Saratian, E. T. P., Soelton, M., & Setiawan, M. (2019, November). Riba Prohibition for The Community Economic Sustainability. In ICCD (Vol. 2, No. 1, pp. 612-615).

Saratian, E. T. P., & Arief, H. (2018, December). Sharia Banking Towards Sustainable Finance in Palm Oil Industry. In ICCD (Vol. 1, No. 1, pp. 589-601).

Saratian, E. T. P., Arief, H. ., Oktaviar, C. ., Marlapa, E. ., & Soelton, M. . (2024). Advancing the Financial Inclusion with Profit Sharing Scheme for the Sustainability of Indonesian MSMEs. Indonesian Journal of Society Development, 3(3), 105–112. https://doi.org/10.55927/ijsd.v3i3.9884

SARATIAN, E. T. P., ARIEF, H., RAMLI, Y., PERMANA, D., & SOELTON, M. (2022, December). Sharia Financial Inclusion As The Catalyst For The Sustainability Of The Indonesian Msmes. In Iccd (Vol. 4, No. 1, pp. 237-243).

SARATIAN, E. T. P., ARIEF, H., RAMLI, Y., PERMANA, D., & SOELTON, M. (2023, November). Introduction of Sharia Financing Contracts For The Indonesian Msmes. In ICCD (Vol. 5, No. 1, pp. 296-301).

SARATIAN, E. T. P., ARIEF, H., SOELTON, M., VIZANO, N. A., & MUGIONO, M. (2019, November). Dinar and Dirham; Sustainable Money for Sustainable Society. In ICCD (Vol. 2, No. 1, pp. 517-521).

Saratian, E. T. P., Aysa, I. R., & Sudiana, U. (2024). Sustainable Finance: Nurturing Your Savings and the Planet. Journal of Economic, Bussines and Accounting (COSTING), 7(4), 8757-8762.

Saratian, E. T. P., Aysa, I. R., & Sudiana, U. (2024). The Effect of Implementing Sharia Principles in the Financial Industry on Economic Stability: Case Study at Bank BTPN Syariah. Al Urwah: Sharia Economics Journal, 2(01), 50-57.

Saratian, E. T. P., Mulyowahyudi, A., & Kurniasih, A. (2019). Kajian Penerapan Blue Ocean Strategy Pada Pembiayaan Sindikasi Skim Musyarakah Mutanaqishah. Jurnal Ilmiah Manajemen Bisnis, 5(01).

Saratian, E. T. P., Soelton, M., Mugiono, M., & Muhtadin, M. (2019, November). Knowledge of “Maghrib”(Maysir, Gharar And Riba) For The Halal Transaction Of The Community. In ICCD (Vol. 2, No. 1, pp. 33-37).

Sihombing, L., Saratian, E. T. P., Soelton, M., Permana, D., & Noermijati, N. (2019). FULL RESERVE REQUIREMENT BANKING SYSTEM FOR THE COMMUNITY ECONOMIC SUSTAINABILITY. ICCD, 2(1), 542 - 545. https://doi.org/10.33068/iccd.Vol2.Iss1.265

SOELTON, M., RAMLI, Y., PERMANA, D., MARTAWIREJA, A. E., NURHAYATI, M., SARATIAN, E. T. P., & ARIEF, H. (2021, October). Increasing Smes Social Impact With Baitul Maal Wat Tamwil. In ICCD (Vol. 3, No. 1, pp. 52-56).

Ulum, Fahrur (2014). Inovasi Produk Perbankan Syariah Indonesia, Al-Qanun, Vol 17, No. 1, Hal 33-59

Undang-Undang (UU) Nomor 20 Tahun 2008 tentang Usaha, Mikro, Kecil dan Menengah, Kemenkeu.com

Wasito, Herman. (1993). Pengantar Metodologi Penelitia : Buku Panduan Mahasioswa. Jakarta: PT Gramedia Pustaka Utama

Yuswohadi dkk. (2014). Marketing to the Middle Class Moslem, Gramedia Pustaka Utama, Jakarta