Tinjauan Konsep Pembiayaan Kredit Mikro di Malaysia

Abstract

The economic development of the low-incomed community in Malaysia can be done through poverty alleviation. Nowadays, poverty alleviation is done by encouraging the poor to start businesses so that they can be independent with a steady income. To support this effort, microcredit financing to the poor who do not have the funding to start a business has been provided by financial institutions such as banks. Apart from banking institutions, there are various micro credit financing institutions that have been operating in Malaysia. Two institutions that have shown a high success rate in helping the poor out of poverty through the provision of business capital are Amanah Ikhtiar Malaysia (AIM) and TEKUN Nasional. Both of these institutions are used as examples and research materials in the preparation of this article. This article uses a qualitative methodology which is a doctrinal and comparative research method, it compares the relevant legal literature in terms of microcredit financing cases. It also discusses the relevant legal provisions in Malaysia. The main issue that needs to be discussed is the Shariah-compliant status of the micro credit financing products offered by these institutions. This study is important for consumers’especially Muslim customers from the poor who need effective alternatives to end their economic crisis. Muslim customers need to ensure that micro credit financing currently offered in Malaysia is Shariah compliant to maintain the purity of property as taught in Islam. Therefore, this study has two main objectives that need to be focused on. Once the Shariah non -compliance status of the microcredit financing products offered is proven, this study moves on to the second objective which is to submit innovative proposals to resolve the issue of Shariah non -compliance in existing practices. The proposed innovation will involve the integration of wakaf in Islamic microcredit financing in order to maintain the purity of religion while celebrating the economic benefits resulting from this integration.