APPLICATION OF SHARIA PRINCIPLES IN THE FINANCIAL MANAGEMENT OF MSMEs IN INDONESIA AT POLMAN, SULBAR

Fauziah Fauziah; Muslimin  Kara; Abdul  Wahab; Rahman Ambo  Masse; Sappeami Sappeami

doi:10.53067/ijomral.v3i6.278

Authors

Fauziah Fauziah Institut Agama Islam DDI Polewali Mandar
Muslimin Kara Universitas Islam Negeri Alauddin Makassar
Abdul Wahab Universitas Islam Negeri Alauddin Makassar
Rahman Ambo Masse Universitas Islam Negeri Alauddin Makassar
Sappeami Sappeami Institut Agama Islam DDI Polewali Mandar

DOI:

https://doi.org/10.53067/ijomral.v3i6.278

Keywords:

Sharia Principles, Financial Management, MSMEs, Sharia Financing

Abstract

This investigation aims to investigate the integration of sharia principles into the financial management of micro, small, and medium-sized enterprises (MSMEs) in Polman, West Sulawesi Island. In-depth interviews with MSME actors and regional Sharia financing institutions comprise the qualitative methodology employed in this investigation. This study found that applying sharia principles, such as the use of mudharabah and musyarakah-based financing, positively impacts business sustainability and development. Sharia principles help MSME actors manage resources fairly and transparently and avoid detrimental usury practices. However, the primary challenge is MSME actors' need to understand sharia principles and limited access to appropriate sharia financing institutions. These limitations prevent optimal implementation and reduce the potential benefits. Therefore, this study suggests the importance of increasing understanding through training and socialization regarding sharia principles, strengthening institutions, and accessing sharia financing institutions. Enhanced accessibility and comprehension of Sharia financing are anticipated to foster the growth of more sustainable MSMEs and promote an inclusive local economy

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