JRSSEM 2022, Vol. 01, No. 11, 1804 1815
E-ISSN: 2807 - 6311, P-ISSN: 2807 - 6494
DOI : 10.36418/jrssem.v1i11.161 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
THE CUSTOMER PROTECTION OF BAITUL MAAL WA
TAMWIL (BMT) ON ECONOMIC LAW PERSPECTIVE
Wery Gusmansya
1*
Wahyu Abdul Jafar
2
1,2
State Islamic University Of Fatmawati Sukarno, Bengkulu
e-mail: werygusmansyahh12@iainbengkulu.ac.id
1
, wahyujafar@iainbengkulu.ac.id
2
*Correspondence: werygusmansyahh12@iainbengkulu.ac.id
Submitted: 27 May 2022, Revised: 05 June 2022, Accepted: 15 June 2022
Abstract. This study aims to comprehensively determine the customer protection of Baitul Maal
Wa Tamwil (BMT) from an economic law perspective. This study is a literature review, which uses a
normative juridical approach. The data collection technique used in this research is the
documentation technique. At the same time, the analytical technique used in this study is
descriptive qualitative, where the author will describe the data related to Baitul Maal Wa Tamwil
(BMT) in detail and then do an inductive analysis using the perspective of economic law. After
conducting in-depth research, it was concluded that customers who deposit funds at Baitul Maal
Wa Tamwil (BMT) do not receive guarantees from the government (because no law regulates it) if
there is a crisis in BMT. Therefore, if a Baitul Maal Wa Tamwil (BMT) goes bankrupt, then based on
the Civil Code (KUH Perdata), customers who deposit funds in Baitul Maal Wa Tamwil (BMT) are in
the same position as concurrent creditors. As a concurrent creditor, the right to get a refund must
be shared with other creditors after the Baitul Maal Wa Tamwil (BMT) assets are used to settle the
obligations of the Baitul Maal Wa Tamwil (BMT) to the preferred creditor.
Keywords: Baitul Mal Wa Tamwil (BMT); customer protection; economic law.
Wery Gusmansya, Wahyu Abdul Jafar | 1805
DOI : 10.36418/jrssem.v1i11.161 https://jrssem.publikasiindonesia.id/index.php/jrssem/index
INTRODUCTION
Developing banking using sharia
principles, better known as Islamic banks or
Islamic microfinance institutions (LKMS) in
Indonesia, is not a new thing. However,
since 1992, sharia-based financial
institutions have emerged that prohibit the
concept of interest (riba) in their
operations. An important factor behind the
birth of Islamic banks and Islamic
microfinance institutions is the strict
prohibition of Riba in the Al-Qur'an. Riba is
an additional taking, both in buying and
selling transactions and lending and
borrowing in vanity or contrary to the
principle of muamalah in Islam. One of the
Islamic microfinance institutions in a
cooperative is Baitul Maal wat Tamwil
(BMT). Baitul Maal wat Tamwil (BMT) is a
sharia financial institution that operates
using a combination of the concept of
"Baitul tamwil and Baitul maal" with its
operational target focusing on the Small
and Medium Enterprises (SME) sector.
Through the Ministry of Cooperatives
and SMEs, the government said the
development of BMT performance
nationally developed very significantly. The
BMT Cooperative Business is a business
targeted at the lower class according to the
provisions of the regulations. The number
of company employees who have been
fired recently has made the Baitul Maal wat
Tamwil (BMT) business even more
challenging to increase demand for
products and services.
Figure 1. Number of BMT Established
Every Year
Based on the survey, the establishment
of BMT in these three areas of Java shows
almost the same pattern, where the
establishment of BMT significantly
occurred during periods of the financial
crisis, namely 1998, 2004, and 2009. This
fact supports the belief that micro-small
businesses with the resilience to crises
proliferate at times of crisis, encouraging
microfinance institutions to grow and
develop. Especially for 1998, this fact is also
supported by data where the government,
through several related departments, rolled
out several microfinance institution
development programs to open up the
broadest possible access to capital for the
people in running micro-small businesses.
This program aims to anticipate a decline in
economic performance from a decline in
economic growth and an increase in
unemployment due to the crisis (Sakti,
2013); (Mau & Ulyukaev, 2015); (Razmi,
Rapetti, & Skott, 2012); (Shahbaz, Van
Hoang, Mahalik, & Roubaud, 2017);
(Rafindadi & Ozturk, 2016).
However, the development of this BMT
was not followed by Precise regulation and
the legal basis. BMT has distinctive
characteristics when compared to other
existing financial institutions, because in
addition to having a commercial mission
(Baitut Tamwil) it also has a social mission
1806 | The Customer Protection of Baitul Maal Wa Tamwil (BMT) on Economic Law Perspective
(Baitul Maal), therefore BMT can be said to
be a new type of microfinance institution.
From the previous ones. Some BMT
take the legal form of Cooperatives, but this
is still an option, not a requirement. BMT
can be established in the form of a Non-
Governmental Organization (KSM), or it can
also be a combined legal entity.
Since its inception, the legality of Baitul
Maal wat Tamwil (BMT) has not existed; it is
just that many BMT choose cooperative
legal entities. Therefore, BMT is subject to
cooperative rules, namely Law No.25 of
1992 concerning Cooperatives which has
been changed to Law No. 17 of 2012.
However, since the existence of Law No. 1
of 2013 concerning Microfinance
Institutions (MFIs), the institutional status
of BMT legal entities has become a
particular problem that burdens BMT. Most
of the existing BMT are cooperative legal
entities with small and medium scale
businesses, and the business scope covers
several cities/districts, even across
provinces. However, with the regulation of
BMT as an MFI as stated in Law no. 1 of
2013, the breadth of BMT business
coverage is limited. BMT must transform
into a bank to expand its business to other
cities/regencies.
The impact of this new regulation has
made it difficult for many BMT to develop,
and even some BMT have gone bankrupt
and have to return money from their
customers. For example, the BMT Fi
Sabilillah in Wonogiri, BMT Perdana Surya
Utama in Malang, BMT Global Insani in
Cirebon, BMT Amanah Ray in Medan, BMT
Insan Bina Mandiri in Banyumas, BMT Dana
Mulya Syariah in Lampung, BMT Lestari
Muamalat in Tegal and other cases. These
cases are generally about depositors who
have difficulty taking their deposits, BMT
administrators who run away because of
cases of embezzlement of funds or fraud,
the number of which is not tiny, up to tens
of billions. Bankruptcy in BMT caused many
legal problems if it was not resolved
correctly and adequately. Based on this
fact, the writer is interested in conducting a
study related to the protection of Baitul
Maal wat Tamwil (BMT) customers from the
perspective of economic law.
METHODS
This study is a literature review, which
uses a normative juridical approach. The
data collection technique used in this
research is the documentation technique.
At the same time, the analytical technique
used in this study is descriptive qualitative,
where the author will describe the data
related to Baitul Maal Wa Tamwil first in
detail and then do an inductive analysis
using the perspective of economic law.
RESULTS AND DISCUSSION
A. The Understanding Of Baitul Maal
Wa Tamwil
In language, baitul mal means a
house of funds, and baitul tamwil
means a business house. Baitul mal was
developed based on a history of its
development, namely from the
prophet's time to the middle ages of
Islamic development. From the
description of BMT above, it is
explained that BMT is an elementary
institution as an Islamic financial
institution in activating the increase in
Wery Gusmansya, Wahyu Abdul Jafar | 1807
the development of community
economic activities based on sharia
laws in every activity and activity. a
comprehensive understanding can be
drawn that BMT is a business
organization that also acts as a social
center. The social role of the BMT
institution can be seen in the definition
of baitul maal, while the business role
of BMT can be seen from the definition
of baitul tamwil.
Baitul Maal Wat Tamwil (BMT)
functions to collect and distribute funds
to the public like banks or other
financial institutions. BMT was founded
with the idea of flexibility in reaching
the lower classes of society, namely
small people's economic institutions
because most of them are small traders
who cannot take advantage of credit
facilities from conventional banks to
develop their businesses, is due to the
complex procedures of conventional
banks and weaknesses possessed by
small traders and small entrepreneurs
in terms of management, marketing,
and guarantees which are essential
factors for bank assessment.
Sharia microfinance institution has
different characteristics From similar
financial institutions. However, it
specifically has the following
characteristics:
1. Business-oriented, seeking mutual
profit, increasing The maximum
economical utilization for members
and society.
2. Not a social institution, but valuable
for the effective collection and
administration of zakat, infaq, and
alms funds for the welfare of the
people.
3. Grown from the bottom based on
the participation of the Surrounding
community.
B. History and Legal Basis of Baitul Maal
Wa Tamwil
The development of BMT in
Indonesia began with establishing Bank
Muamalat Indonesia (BMI) in 1992,
which in practice BMI in its operational
activities are based on sharia values.
After establishing BMI, the opportunity
arose to establish banks with sharia
principles, but the operationalization of
BMI did not reach small and medium-
sized businesses. Thus, efforts emerged
to establish banks and microfinance
institutions, such as Sharia People's
Financing Banks (BPRS) and BMT, which
aimed to overcome operational barriers
in the regions. This condition is the
background for the emergence of BMT
to reach local communities to remote
rural areas. The development of BMT
itself results from an initiative from the
Small and Medium Business Incubation
Center (PINBUK), which is a working
body formed by the Small and Medium
Business Incubation Foundation
(YINBUK). YINBUK itself was formed by
the General Chairperson of the
Indonesian Ulema Council (MUI), the
General Chairperson of the Association
of Indonesian Muslim Intellectuals
(ICMI), and the President Director of
Bank Muamalat Indonesia (BMI)
(Mursiad, 2018).
Legally, BMT is under the umbrella
of cooperatives, but the operating
system is not much different from
1808 | The Customer Protection of Baitul Maal Wa Tamwil (BMT) on Economic Law Perspective
Sharia Banks, so the products
developed in BMT are like those of
Sharia Banks. Meanwhile, Islamic banks
have a juridical basis in law on Islamic
banking, namely Law no. 21 of 2008
concerning Islamic banking, so that a
strong legal legitimacy was born there
as a shelter. Because it is a cooperative
legal entity, BMT must comply with Law
Number 25 of 1992 concerning
Cooperatives and Government
Regulation Number 9 of 1995
concerning the implementation of
savings and loan businesses by
cooperatives. It is also emphasized by
KEP.MEN Number 91 of 2004
concerning Sharia Financial Services
Cooperatives. This law serves as an
umbrella for the establishment of BMT
(Shari'ah Microfinance Institution)
(Muslim Tanjung & Novizas, 2021).
In Indonesia, policies regarding
cooperatives have existed for a long
time, along with the existence of
cooperatives. In 1958 the policy on
cooperatives was regulated in Law no.
79 of 1958. Law no. 79 of 1958 entitled
cooperative association. Then in 1965,
the policy on cooperatives was
renewed with the issuance of Law No.
14 of 1965 with the title Law on
Cooperatives. In 1992, changes were
made to the Cooperative Law,
specifically Law no. 25 of 1992, then in
2012, the Cooperative Law was again
amended in line with the development
of cooperative activities in Indonesia.
The birth of Law no. 17 of 2012
Regarding cooperatives, there are
many pros and cons because many
different things are tried to be
displayed to strengthen Indonesian
cooperatives. Among these differences.
Table 1. Differences in the Law on Cooperatives
No
POINT OF DIFFERENCE
Law No. 25 of 1992
Law No. 17 of 2012
1
Cooperatives as business entities and
legal entities
Cooperative as a legal entity
2
There is no consistency
Of words in describing the definition
of cooperatives, namely, on the other
hand, cooperatives are described as
business entities, but on the other
hand, cooperatives are described as
legal entities.
There is a word consistency that
describes the definition of a cooperative as
a legal entity
3
It does not explain more
the composition of capital owned by
cooperatives in terms of separating
the wealth of its members
describe more clearly
the composition of the capital owned by
cooperatives in terms of the separation of
the wealth of its members
4
Outline the Scope
Of Cooperatives Only Limited to the
Elaborating a broader definition which
States that cooperatives cover not only
Wery Gusmansya, Wahyu Abdul Jafar | 1809
Economic Sectors.
economic needs but also economic, social,
and cultural fields.
5
Describe the principles of
Cooperatives as guidelines adopted by
cooperatives.
It not only outlines
the cooperative principle as a guide for
carrying out operational activities but is also
guided by the values of
6
Elaborating the principles of
Cooperatives emphasize the nature of
the membership and management of
cooperatives and the remuneration of
the remaining business results
obtained.
Elaborating the cooperative principle
Places more emphasis on excellent service
as a cooperative principle and revises
remuneration from the remaining business
results obtained because this is not
considered a cooperative principle that
emphasizes the meaning of service.
7
outlines the definition
Of cooperatives based on the principle
of kinship.
does not describe the definition
of cooperatives based on the family
principle
One of the rules regarding the legal
entity status of BMT is the Decree of the
Minister of Home Affairs of the
Republic of Indonesia, Director General
of Regional Development Number
538/PKKN/IV/1997 dated April 14,
1997, concerning the Status of Legal
Entities for Sharia Financial Institutions.
According to these provisions,
alternatives to the legal entity status of
BMT include an Autonomous Business
Unit from an existing KUD (Village Unit
Cooperative), the KUD (Village Unit
Cooperative) itself, if the BMT is
financially and institutionally feasible,
or as an autonomous business unit
from a cooperative. Existing ones such
as pesantren cooperatives and sharia
savings and loan cooperatives.
BMT with cooperative legal entities
can obtain a business license from the
Ministry of Cooperatives and SMEs and
are included in the KJKS or Cooperative
JKS Unit. This is based on the Decree of
the Minister of Cooperatives and SMEs
Number 91/Kep/M.KUKM/IX/2004
concerning Guidelines for
implementing Sharia Financial Services
Cooperative Business Activities (KJKS).
BMT incorporated as cooperatives can
engage in financing, investment, and
savings following sharia principles. The
business activities of KJKS and UJKS
Cooperatives include
withdrawing/collecting funds and
redistributing these funds in the form of
financing/receivables. In addition, KJKS
and UJKS Cooperatives can also carry
out 'maal' activities or activities to
collect and distribute zakat, infaq, and
sadaqah funds (ZIS). In other words,
KJKS and UJKS Cooperatives have
similar characteristics to BMT. As a
sharia financial institution, KJKS or BMT
must maintain the credibility and trust
of members and the broader
community in general.
1810 | The Customer Protection of Baitul Maal Wa Tamwil (BMT) on Economic Law Perspective
C. Products and Services at Baitul Maal
Wa Tamwil
Baitul Maal wat Tamwil (BMT) is
expected to become an institution that
supports economic activities for the
lower class, with a sharia-based BMT
economic system; of course, BMT is
much different from conventional
institutions prioritize the interest
system (usury), which has clear laws.
Haram in Islamic economics can
contain usury, namely, profits that arise
without any risk in acting, business
results appear without any costs and
only with time. The interest system is
also very detrimental to the community
because the interest payments made
remain as promised without
considering whether the project carried
out by the customer is profitable or not
(Sudjana & Rizkison, 2020).
As a sharia financial institution that
operates in the micro sector, BMT
It has a significant function and role
in improving the people's economy.
The principles of BMT can work well if
these functions are carried out with
good governance and procedures.
Muhammad Ridwan explained that
BMT must carry out five functions:
Identity, mobilize, organize, encourage,
and develop the potential and
economic potential of members,
groups of mu'amalat members, and
their working areas. Second; Improving
the quality of member human
resources and focusing on becoming
more professional and Islamic so that
they are more complete and resilient in
the face of global competition. Third; To
mobilize and mobilize the potential of
the community in order to improve the
welfare of members. Fourth; Become a
financial intermediary between people
who have excess assets as shahibul
maal and people who lack property as
mudharib, especially for social funds
such as zakat, infaq, alms, endowments,
grants, and others. Fifth; Become a
financial intermediary (financial
intermediary) between owners of
capital (shahibul maal), both as
investors and depositors and users of
funds (mudharib) for productive
business development (Mursiad, 2018).
The process of financing or
providing credit at BMT is carried out
with several sharia principles; even if
this financial institution is small and
micro, the application of sharia must be
carried out. There are several principles
in Islamic financing: Four general
prohibitions to consider when
structuring Islamic financing on: (i)
Interest in the form of money, for the
use of money (riba), interpreted as Any
pre-determined prohibition or
calculated as guaranteed other than
concerning actual profits. Generated,
(ii) gambling, speculation, and other
activities the outcome of which is
uncertain, this would include
transactions in futures and options, (iii)
using or dealing with certain prohibited
commodities, for example, alcohol, and
(iv) uncertainty in contracts (gharar)
(Muljadi, 2014).
There are several products that BMT
offers to its customers, including:
1. The first product is a fund-raising
product, namely in wadiah savings
and mudhorobah deposits. Wadiah
Wery Gusmansya, Wahyu Abdul Jafar | 1811
deposits are deposits or deposits
that customers or members can
withdraw at any time by issuing
securities for book
transfers/transfers and other
payments. Wadi'ah deposits are
divided into 2 (two), namely
wadhi'ah Amanah (deposited funds
such as zakat, infaq, and shodaqoh)
and wadhi'ah yadhomanah
(deposits that will receive a bonus
from the bank if the bank benefits
from the use of customer funds).
Mudharabah deposits are fund
owners whose deposits or
withdrawals can be made following
a pre-agreed contract or
agreement. The types of savings
products that use mudharabah
contracts include Eid al-Fitr savings,
Eid al-Qurban savings, Hajj savings,
Education savings, Health Savings,
and others .
2. The second product is a Funds
Channel product in the form of
financing or investment, with the
principle of buying and selling
(murabahah), profit-sharing
(mudharabah and musharaka), and
qardhul Hasan financing, which is
we carried out based on sharia
principles. In this context, BMT
functions as an institution for
managing and empowering
community funds by establishing
cooperation partners between the
BMT managers and the community.
namely by Collecting public funds
and then redistributing them to the
community (customers) engaged in
the productive business sector and
need financial assistance with the
nature of profit. Examples of this
product are mudhorobah financing,
musyarokah financing, murabahah
financing and Bai' Bitsaman Ajil
financing (Habbibie, 2019); (Adetia
Azmi Tanjung & Affiah, 2022).
Murabahah contract is the sale and
purchase of goods at the cost of
goods plus the agreed profit
margin. According to Islamic law
experts (fuqaha), the meaning of
murabahah is "al-bai bira'sil maal
waribhun ma'lum" which means
buying and selling essential goods
plus a known profit. The fuqaha
characterize murabahah as a form
of buying and selling based on trust
(dhaman buyu" al-Amanah).
According to the National Shari'ah
Council, murabahah is selling an
item by confirming the purchase
price to the buyer, and the buyer
pays it at a higher price as profit.
D. Legal Protection for Baitul Maal Wa
Tamwil Customers
BMT is a financial service institution
with an important role as alternative
financing for MSMEs apart from
banking. However, currently BMT still
has many weaknesses to be able to
develop its business activities. Capital
problems are the main problems faced
by BMT. In addition, the weakness of
the BMT supervision system, the lack of
competent human resources in the field
of
Sharia cooperatives are problems
that must be resolved immediately.
Public Understanding of the Islamic
1812 | The Customer Protection of Baitul Maal Wa Tamwil (BMT) on Economic Law Perspective
financial system is still shallow, and the
role as Baitul Maal or the role of
depositing zakat, infaq, and alms funds
which are also very low, needs to work
with related parties to solve it (Permana
& Adhiem, 2020); (Sudarsono &
Shiddiqi, 2021).
With the introduction of Islamic
banking in the mid-1990s, these Islamic
financial institutions did not always run
as well as expected. There are several
BMT that have experienced failures in
their operations which have resulted in
neglected customers and BMT are
unable to restore customer rights. At
the end of the year there were many
cases of BMT going bankrupt, and the
impact that would occur was a crisis of
public trust, especially towards BMT.
Discussing about the bankruptcy of
BMT, of course, cannot be separated
from its relationship with customers,
including how the rights of customers
who channel their funds to BMT,
whether the legal protection is
sufficient as expected by the customer
or not (Isnan, 2016). For this reason, it is
necessary to have legal protection for
customers if bad things happen to BMT.
According to Article 1 Paragraph
(15) and (16) of the Regulation of the
Minister of Cooperatives and Small and
Medium Enterprises of the Republic of
Indonesia Number:11/Per/M.KUKM/XII
/2017 concerning the Implementation
of Sharia Financing and Savings and
Loans Business Activities, cooperative
customers are referred to as members
or prospective members. Cooperative
members, in the future referred to as
members, are owners and users of
cooperative services and are recorded
in the member register book.
Prospective Members are
individuals/cooperatives that have paid
off their principal savings payments to
their cooperatives but have not
formally completed the administrative
requirements, i.e., have not signed the
member register book. Legal protection
for cooperative customers is protection
by using legal means aimed at
protecting the interests of cooperative
customers, namely members and
prospective members who are harmed
by cooperatives. The Civil Code can be
used as a legal reference for BMT
cooperative customers, namely
(Nurhadi, 2018):
Table 2. Legal protection of BMT customers
No
Legal protection
legal protection due
to unlawful acts
Legal protection due to
default.
Use coercive measures.
1
Article 1365 of the Civil
Code. The article reads:
"every action
against the law that
causes harm to
The legal consequences for
debtors who have defaulted are:
legal penalties or sanctions,
namely: a) the debtor is required
to pay compensation which has
origin 1267 The Civil
Code states that parties
against which the
engagement is not
fulfilled, may choose;
Wery Gusmansya, Wahyu Abdul Jafar | 1813
another person,
obliges the person
who because it's
wrong to issue a loss
to compensate for the
loss "That is, the
elements PMH, namely:
1) there is an unlawful
act;
2) there is an error;
3) there is a
relationship cause and
effect between loss
and action; 4) there is a
loss.
been suffered by the creditor
(Article 1243 of the Civil Code);
b) when the engagement
reciprocally, the creditor can
demand termination or
cancellation of the engagement
through :
judge (Article 1266 of the Civil
Code); c) when the engagement
is to give something, then the
risk shifts to the debtor since
there is a default (Article 1237
paragraph (2) Civil Code); d) the
debtor is required to fulfill the
engagement if it can be done, or
cancellation accompanied by
payment of compensation
(Article 1267 of the Civil Code);
e) the debtor is obliged to pay
court fees if permitted by the
Court, and the debtor found
guilty
forcing the other to
comply with the
agreement,
if it can still be done, or
demand
approval
cancellation,with
reimbursement of costs,
losses, and interest.
Customers who deposit funds both at
banks and BMT (which are generally small
savers) when viewed according to their
position according to The Civil Code are
concurrent creditors, creditors who must
share with other creditors in obtaining their
rights after the assets of the bank or BMT is
deducted for preferred creditors and
particular creditors Others, including
obligations to the State. Customers who
deposit funds at BMT do not receive
guarantees from the government (because
no law regulates them) for their funds if
there is a crisis in BMT. Therefore, if a BMT
goes bankrupt, we must refer to The
provisions are contained in the Civil Code.
The Civil Code places customers are
depositing funds at BMT in the position of
Concurrent creditors. As a concurrent
creditor, the right to get a refund must be
shared with other creditors after BMT
assets are used to settle BMT obligations to
preferred creditors .
CONCLUSIONS
After conducting in-depth research, it
was concluded that customers who deposit
funds at Baitul Maal Wa Tamwil (BMT) do
not receive guarantees from the
government (because no law regulates it) if
there is a crisis in BMT. Therefore, if a Baitul
Maal Wa Tamwil (BMT) goes bankrupt, then
based on the Civil Code (KUH Perdata),
customers who deposit funds in Baitul Maal
1814 | The Customer Protection of Baitul Maal Wa Tamwil (BMT) on Economic Law Perspective
Wa Tamwil (BMT) are in the same position
as concurrent creditors. As a concurrent
creditor, the right to get a refund must be
shared with other creditors after the Baitul
Maal Wa Tamwil (BMT) assets are used to
settle the obligations of the Baitul Maal Wa
Tamwil (BMT) to the preferred creditor.
REFERENCES
Habbibie, Ramadhani Alfin Habbibie Alfin.
(2019). Analisis Yuridis Undang-Undang
Nomor 1 tahun 2013 tentang Lembaga
Keuangan Mikro terhadap Baitul
Tamwil. Az Zarqa’: Jurnal Hukum Bisnis
Islam, 4(2).
https://doi.org/10.14421/azzarqa.v11i2
.2073
Isnan, Muhammad. (2016). Perlindungan
Nasabah BMT Beringharjo Cabang
Ponorogo Perspektif Hukum Positif Dan
Hukum. Muslim Heritage, 1(1), 113–136.
10.21154/muslimheritage.v1i1.385
Mau, Vladimir, & Ulyukaev, Alexey. (2015).
Global crisis and challenges for Russian
economic development. Russian
Journal of Economics, 1(1), 4–29.
Muljadi, Muljadi. (2014). Operasionalisasi
Pemasaran Syari’ah Pada Produk Baitul
Maal Wat Tamwil (Bmt) Di Provinsi
Banten. Jurnal Perilaku Dan Strategi
Bisnis, 2(2).
https://doi.org/10.26486/jpsb.v2i2.341
Mursiad, Fadillah. (2018). Kebijakan
Regulasi Baitul Maal Wat Tamwil (BMT)
di Indonesia. Nurani: Jurnal Kajian
Syari’ah Dan Masyarakat, 2(8), 930.
https://doi.org/https://doi.org/10.1910
9/nurani.v18i2.2486
Nurhadi, Beny. (2018). Pola Pengawasan
Baitul Maal Wat Tamwil (BMT) Yang
Berbadan Hukum Koperasi. Jurnal
Sosial Dan Humaniora, 3(1), 645–654.
http://dx.doi.org/10.47313/pjsh.v3i1.40
2
Permana, Sony Hendra, & Adhiem,
Masyithah Aulia. (2020). Strategi
Pengembangan Baitul Mal Wattamwil
Sebagai Sumber Pembiayaan Alternatif
Bagi Usaha Mikro, Kecil, Danmenengah.
Kajian, 4(2), 103–112.
10.22212/kajian.v24i2.1862
Rafindadi, Abdulkadir Abdulrashid, &
Ozturk, Ilhan. (2016). Effects of financial
development, economic growth and
trade on electricity consumption:
Evidence from post-Fukushima Japan.
Renewable and Sustainable Energy
Reviews, 5(4), 1073–1084.
https://doi.org/10.1016/j.rser.2015.10.0
23
Razmi, Arslan, Rapetti, Martin, & Skott,
Peter. (2012). The real exchange rate
and economic development. Structural
Change and Economic Dynamics, 3(2),
151–169.
https://doi.org/10.1016/j.strueco.2012.
01.002
Sakti, Ali. (2013). Pemetaan Kondisi Dan
Potensi BMT: Kemitraan dalam rangka
Memperluas Pasar & Jangkauan
Pelayanan Bank Syariah kepada Usaha
Mikro. Al-Muzara’ah, 1(1), 1–18.
https://doi.org/10.29244/jam.1.1.1-18
Shahbaz, Muhammad, Van Hoang, Thi
Hong, Mahalik, Mantu Kumar, &
Roubaud, David. (2017). Energy
consumption, financial development
and economic growth in India: New
evidence from a nonlinear and
asymmetric analysis. Energy Economics,
6(3), 199–212.
https://doi.org/10.1016/j.eneco.2017.0
Wery Gusmansya, Wahyu Abdul Jafar | 1815
1.023
Sudarsono, Heri, & Shiddiqi, Jannahar
Saddam Ash. (2021). Equity Financing,
Debt Financing, and Financial
Performance in Islamic Banks. Muqtasid:
Jurnal Ekonomi Dan Perbankan Syariah,
2(2), 89–104.
https://doi.org/10.18326/muqtasid.v12
i2.89-104
Sudjana, Krisna, & Rizkison, Rizkison.
(2020). Peran Baitul Maal Wat Tamwil
(BMT) dalam Mewujudkan Ekonomi
Syariah yang Kompetitif. Jurnal Ilmiah
Ekonomi Islam, 6(2), 175–194.
http://dx.doi.org/10.29040/jiei.v6i2.108
6
Tanjung, Adetia Azmi, & Affiah, Hajar.
(2022). Optimization Increases
Customer Satisfaction Through
Mudharabah Financing Products and
Brand Image. Journal of Social Science,
3(2), 230–236.
https://doi.org/10.46799/jss.v3i2.308
Tanjung, Muslim, & Novizas, Arina. (2021).
Eksistensi Baitul Mal Wa Tamwil (BMT)
Dalam Perekonomian Islam. Jurnal
Magister Ilmu Hukum, 3(1), 27–35.
© 2022 by the authors. Submitted
for possible open access publication
under the terms and conditions of the Creative
Commons Attribution (CC BY SA) license
(https://creativecommons.org/licenses/by-sa/4.0/).