The role of the guarantee industry in strengthening MSMEs in indonesia during pandemic Covid 19 (original) (raw)
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Proceedings of the International Conference on Applied Science and Technology on Social Science 2021 (iCAST-SS 2021), 2022
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Indonesia as a developing country requires large funds to meet development needs in various sectors. On the other hand, Indonesia is currently experiencing an economic crisis due to the Covid-19 pandemic. As a country with a majority Muslim population, Sukuk as sharia bonds are one of the right choices to meet development financing needs in Indonesia. Sukuk products that have been offered by the Government of Indonesia are Retail Sukuk and Savings Sukuk. The two Sukuk products are sharia investment products that are safe, easy, affordable, and profitable for individual Indonesian citizens. The purpose of this research is to formulate various strategies that can be used to optimize sales of Retail Sukuk and Savings Sukuk. This study uses a literature study with a descriptive qualitative approach. The results of this study formulate several strategies that can be used to optimize sales of Retail Sukuk and Savings Sukuk. These strategies include optimizing the socialization of the millennial generation, conducting sukuk activities to campus, increasing the underlying assets of Retail Sukuk and Savings Sukuk, maintaining competitive returns, tax facilities for investors, and extensification of investors in central and eastern Indonesia.
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One impact of the Covid-19 outbreak has been to freeze economic actors, including cooperative financial institutions. This has prompted researchers to investigate the effects of the pandemic on cooperative financial institutions, the majority of whose members are small and medium sized enterprises, and the ways in which cooperative financial institutions have handled this pandemic situation. This research was conducted using qualitative and quantitative methods, by integrating the Technology-Organization-Environment (TOE) framework and the Unified Theory of Acceptance and Use of Technology (UTAUT). Starting with semi-structured questions addressed to managers of cooperative financial institutions, a quantitative study was then carried out, ending with conclusions and recommendations. The preliminary findings of this study are that cooperative financial institutions that adopt digital technology are more likely to survive in the pandemic era, and that the cooperative financial institutions' adoption of technology during this pandemic has been influenced by top management support, ability to cover costs, broadband availability, performance expectations, hedonic motivation, and innovation. The results of exploratory research will be more accurate if they are not limited to geographic boundaries and integrate other popular technology adoption theories. This study first describes the challenges faced by cooperative financial institutions due to the pandemic, then presents how managers of cooperative financial institutions have faced the impact of the crisis.
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The spread of the coronavirus in various countries has brought many changes in various sectors, including the financing sector, many people are doing re-credit, asking for leniency in installments due to limited access, income, employment, and others due to the implementation of the lockdown. Likewise, what happened in Indonesia was that many people panicked about financing at banks and BMTs. The purpose of this research is to analyze the performance of sharia financing in sharia financing institutions and cooperatives amid the Covid-19 pandemic. The method used is field research using the qualitative paradigm with the phenomenological approach. Primary data were collected from observations and direct interviews, while secondary data were obtained through books, journals, articles related to Islamic financing. Following the data processing, analysis was carried out using data validity techniques and data reduction, thus conclusion could be drawn. The research was conducted in three sites; BMT (Baitul Mal wa Tamwil) Amanah Ummah, BMT Kube Colomadu Sejahtera, and BMT Wanita Mandiri. The results of the study showed that sharia financing activities at those BMTs decreased due to the impact of the Covid-19 pandemic. Likewise, the level of customer ability fell due to the physical distancing in some of the customer’s residences, reduced income, and increased consumptive costs, which led to default in customers at three different BMT locations. The implications of this research are expected for the customer to be more cooperative in fulfilling obligations in paying installments and being more committed to fulfilling mutual agreements. For BMT managers to be more careful in choosing customers and make better efforts to resolve customer’s defaults in a family way. For the Government to be able to make policies related to customers and BMTs, so that they do not feel disadvantaged by the current pandemic conditions and can feel more secure and comfortable in any conditions.
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