STRATEGI PENGEMBANGAN BAITUL MAL WATTAMWIL SEBAGAI SUMBER PEMBIAYAAN ALTERNATIF BAGI USAHA MIKRO, KECIL, DANMENENGAH

Abstract

Baitul Maal Wat Tamwil (BMT) is one of the sharia microfinance institutions in Indonesia with people empowerment partnership as its philosophical base. BMT provides a faster, simpler procedures and requirements compared to conventional financial institutions. Furthermore, BMT is also known for its proactive and responsive services, thus making it a somewhat competitive institution. Despite its situation, BMT’s share in sharia economy is low compared to other similar institutions. This paper aims to explore how BMT can be a solution for MSME financing and also to identify its challenges using a qualitative descriptive method. The results showed that BMT has a vast potential to grow along and even compete with other formal financial institutions. Supports from local government in sharia cooperation development have a positive effect on BMT development, including policies implemented by the Governments of East Java and West Java, namely the program of quality improvement and sustainable managerial development of cooperation. Regardless of the current condition of supports, BMT still has some constraints, such as a minimal number of certified experts, a lack of understanding about the sharia finance system, and also rather weak supervision from the authorities. For these reasons, BMT needs to develop its human resources both in the quantity and qualification by enhancing its cooperative business management and also improving its information dissemination and education through a partnership with related stakeholders. In addition, the provision of human resources, strengthening of the monitoring and supervisory authorities, and the ease of DPS certification process carried out by the government and related authorities are essential for BMT