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ISRG PUBLISHERS
Abb e ia ed Key Ti le: Is g J Econ Bus Manag
ISSN: 2584-0916 (Online)
Jou nal homepage: h ps://is gpublishe s.com/is gjebm/
Volume – III Issue - VI (No embe -Decembe ) 2025
F equency: Bimon hly
SHARIA FINANCING MODEL IN SUSTAINABILITY EFFORTS BUSINESS FOR
FARMER MICRO (BIR ALI FARMERS GROUP)
Si i Maisah1*, No i Puspi asa i2, Nu haya 3
1, 2, 3 Facul y o Economics and Business, Uni e si y o Jembe , Indonesia
| Recei ed: 16.11.2025 | Accep ed: 22.11.2025 | Published: 24.11.2025
*Co esponding au ho : Si i Maisah
Facul y o Economics and Business, Uni e si y o Jembe , Indonesia
Abs ac
Exchange a e luc ua ions ha e long been ecognized as a c i ical ac o in luencing he inancial pe o mance o impo –expo
en e p ises, pa icula ly in eme ging economies such as Vie nam, whe e in e na ional ade plays a cen al ole in economic
g ow h. This s udy in es iga es he impac o exchange a e ola ili y on he p o i abili y o Vie namese impo –expo en e p ises
h ough a quali a i e desc ip i e analysis based on seconda y da a om he S a e Bank o Vie nam (SBV), he Gene al S a is ics
O ice (GSO), he Wo ld Bank, and indus y epo s om 2015 o 2023. The indings indica e ha luc ua ions in he USD/VND
exchange a e exe signi ican e ec s on e enue, p oduc ion cos s, and p o i ma gins o businesses in ol ed in in e na ional
ade. Impo –dependen en e p ises ace ising inpu cos s when he domes ic cu ency dep ecia es, while expo -o ien ed i ms
may bene i om imp o ed p ice compe i i eness ab oad. Howe e , he ad an ages o expo e s a e o en mode a ed by ac o s
such as exchange a e pass- h ough, con ac igidi y, and ising cos s o impo ed aw ma e ials. The s udy also e eals ha many
Vie namese impo –expo en e p ises s ill lack e ec i e exchange a e isk managemen s a egies, elying p ima ily on sho - e m
con ac adjus men s a he han inancial hedging ools. O e all, he esul s sugges ha exchange a e ola ili y poses subs an ial
challenges o he p o i abili y and long- e m compe i i eness o Vie namese impo –expo en e p ises. S eng hening isk
managemen capabili ies, expanding he use o hedging ins umen s, and enhancing inancial esilience a e essen ial o mi iga ing
ad e se impac s. The indings p o ide meaning ul insigh s o i ms, policymake s, and inancial ins i u ions in o mula ing
s a egies o s abilize ea nings and suppo sus ainable de elopmen in he con ex o inc easing global economic unce ain y.
Keywo ds: Exchange a e luc ua ions; p o i abili y; cu ency isk; ade compe i i eness.
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106
INTRODUCTION
Financial ins i u ions play a c ucial ole in p omo ing business
sus ainabili y, pa icula ly in he ag icul u al sec o . The
ag icul u al sec o plays a highly s a egic ole in in e na ional
de elopmen and is capable o main aining he coun y's economic
sus ainabili y (Syo ya & Rahayu, 2018) . The Cen al S a is ics
Agency (2020) eco ded a -2.07% decline in economic g ow h,
wi h g oss domes ic p oduc (GDP) du ing he pandemic.
Howe e , he ag icul u al sec o main ained s able g ow h o
1.75%. ag icul u e p o ide ield he la ges numbe o jobs is
40,757,151 wi h 27,802,434 wo ke s, some o which, 17,251,432,
a e mic o a me s o commonly called small a me s wi h mic o
a me indica o s own wide land no enough om 0.50 hec a es.
The highes supplie o ice p oduc ion in Indonesia is Eas Ja a
P o ince, eaching 9,270,435 ons o unhusked ice pe yea , and
Jembe Regency is one o he la ges con ibu o s o ice
p oduc ion, eaching 9,270,435 ons pe yea . 623,264 housand on
annual g ain Cen al S a is ics Agency, (2024) (BPS, 2023) .
Jembe Regency has g ea po en ial o de elop in o a majo ci y,
because i s e ile land and s a egic opog aphic loca ion a e
commonly known as ag icul u al a eas, so i is na u al ha Jembe
Regency expe iences a su plus o up o 200 housand ons pe yea .
This po en ial needs o be add essed h ough e o s and guidance
o mic o- a me s o inc ease p oduc ion yields and main ain
business sus ainabili y. To achie e hese goals, mic o- a me s s ill
ace se e al challenges, including pes a acks, p oduc ion
p oblems, ma ke ing, and selling p ices. Da a was collec ed o
de e mine he bigges challenges cu en ly being expe ienced by
mic o- a me s in Jembe Regency. The ac ual phenomenon ound
om in e iews wi h 7 mic o- a me s in i e sub-dis ic s
con i med ha mic o- a me s a e cu en ly expe iencing many
challenges. "Acco ding o he sou ce, 'Pes a acks canno be
p edic ed due o clima e condi ions, bu mic o- a me s can s ill
o e come o main ain ice yields and quali y, because o ha
p oblem. Mic o- a me s mus spend mo e p oduc ion capi al o
ice main enance, i he e is capi al? Howe e , i we do no p epa e
addi ional capi al, we a e o ced o ind o he solu ions. Usually by
bo owing i s om he head o he a me g oup, because limi ed
access o capi al loans in banks is di icul and mus ha e
colla e al," said M . Eko, a mic o- a me in Jenggawah sub-dis ic .
M . Halim, M . A is, and M . Rohmah om di e en sub-dis ic s
also exp essed he same opinion.
M . Nu ul s a ed, "P oduc ion cos s a e high bu ice selling p ices
a e low, and ma ke compe i ion is e y igh . This makes i
di icul o mic o- a me s o inc ease p oduc ion, only enough o
mee daily needs. I is no uncommon o mic o- a me s o ake ou
daily loans a banks due o hese a ious ac o s. I bo owing
money om banks, he in e es is high, and ansac ions a e
di icul because hey ha e o be done online o egis a ion. Lay
people like us don' unde s and ha ." The in e iew esul s
p o ided in o ma ion ha pes a acks, p oduc ion cos s, inancial
li e acy, and ma ke ing a e majo challenges o mic o- a me s o
sus ain hei businesses. Mic o- a me s specula e ha all o hese
challenges can be o e come by bo owing.
Phenomenon he compa ed backwa ds wi h phenomenon Wha
should happen. S ewa and Nicolas (1998) s a ed ha deb is no
always he solu ion o ul illing he capi al s uc u e. Pecking
O de Theo y is a de elopmen o he heo y o Acco ding o
Financial Resou ces , namely, in compiling he capi al s uc u e,
inancial manage s ely on in e nal unds a he han ex e nal
inancing such as deb and equi y, he op ion o making decisions
wi h ex e nal inancing is ca ied ou i deemed absolu ely
necessa y. This heo y conside s ha a business will be mo e liquid
wi h less deb o equi y, because he business will no be dependen
and able o g ow wi hou liabili ies and bu dens. The e a e many
bene i s o using his heo y in capi al s uc u e, namely
minimizing cos s, lexibili y, and helping o main ain he
owne ship s uc u e.
Acco ding o he ade-o heo y , he capi al s uc u e will be
mo e op imal when he pe cen age o deb and equi y con ibu ions
is op imized o maximize company alue and minimize capi al
cos s. The capi al s uc u e o companies in he ag icul u al sec o
in Indonesia shows lagged le e age , p o i abili y, signi ican
g ow h oppo uni ies, and liquidi y, so ha he pecking o de
heo y is s onge in explaining he choice o capi al s uc u e han
he ade-o heo y . The cu en p oblems o mic o a me s
equi e special a en ion om a ious pa ies o imp o e business
sus ainabili y. The go e nmen has helped by p o iding subsidized
e ilize om Pupuk Indonesia Holding Company (2024), deb
o gi eness o 6 million mic o a me s and ishe men, and he
Jembe Regency go e nmen p og am ha p oduces and o e s
locally made e ilize unde he name "Si Jempol".
The go e nmen is e y op imal in helping mic o a me s o
inc ease ag icul u al yields. Based on he esul s o p e ious
in e iews, mic o a me s always y o ge loans om banks in
ul illing he capi al s uc u e, he e o e, i equi es coope a ion
be ween mic o a me s, he go e nmen and he inancial sec o .
Banks ha e issued special inancing p oduc s o mic o a me s,
bu mic o a me s a e less in e es ed because o high in e es a es
and equi e colla e al, bu in ac Bank Sya iah Indonesia has
issued a Sha ia KUR p oduc wi h a Mu abahah con ac and
wi hou equi ing colla e al o supe mic o businesses and mic o
businesses, bu 56.58% o he popula ion o Indonesia do no ully
unde s and sha ia-based inancial p oduc s and se ices Financial
In o ma ion Se ices Sys em (2023), so ha in addi ion o in e es
and colla e al, inancial li e acy issues a e also an obs acle o
mic o a me s o ca y ou sha ia inancing.
The inancing models cu en ly implemen ed gene ally u ilize
mu abahah and musya akah con ac s. Meanwhile, mos Middle
Eas e n coun ies use Bai Salam and Taka ul con ac s o help
mic o- a me s imp o e business sus ainabili y. This combina ion
o con ac s has a posi i e impac on bo h mic o- a me s and banks
(Mahmood and A shed, 2023:18). The adop ion o aka ul
con ac s p o ides a solu ion o mic o- a me s and banks as a
subs i u e and gua an o o colla e al. This issue is c ucial in e o s
o inc ease ice p oduc ion o mic o- a me s. I he e is no
de elopmen , i will impac he economic esul s and income o he
ag icul u al sec o . Based on he Neo-Classical g ow h heo y,
de eloped by Solow and Swan (1957) who s a e ha Economic
g ow h depends on he inc ease in he supply o p oduc ion ac o s
(popula ion, labo , and capi al accumula ion as well as he le el o
echnological p og ess).
The de elopmen o his model will be implemen ed wi h he goal o
ensu ing he sus ainabili y o mic o- a me businesses, wi h
sus ainabili y indica o s based on calcula ions o income, wel a e,
and p oduc i i y le els. The esul s o his esea ch will be
dissemina ed o mic o- a me s h ough inancial li e acy p og ams,
wi h he hope o p o iding hem wi h an unde s anding o he
bene i s o ag icul u al inancing. The impo ance o de eloping
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his Sha ia inancing model is o acili a e he communi y as mic o-
a me s in imp o ing hei li elihoods. sus ainabili y business.
Based on he desc ip ion abo e, hen his p oblem can be
o mula ed ega ding how he ag icul u al inancing model is in an
e o o ensu e business sus ainabili y o mic o a me s ((Bi Ali
a me g oup)).
LITERATURE REVIEW
Bagus P ayogi and Da a Aulia Ramadhan, en i led "Sha ia
Banking Con ac Model: Al e na i e Financing o he
Ag icul u al Sec o in Indonesia," a emp o desc ibe and iden i y
a model o he Salam con ac in banking, conside ing he
p oblems aced by Islamic banks and mic o- a me s. This s udy
was conduc ed due o he subop imal ole o banks in p o iding
inancing o cus ome s, pa icula ly in he ag icul u al sec o . This
is due o he ope a ional me hods o Islamic banking and he
limi ed knowledge o Islamic banking s a ega ding Islamic
ju isp udence ( iqh) (P ayogi & Ramadhan, 2024).
This s udy, conduc ed in 2023, no ed ha e y ew banks
implemen he Salam con ac in channeling inancing o mic o-
a me s. Ne e heless, he Salam con ac is capable o
coo dina ing c edi needs, hus necessi a ing a ole and ac ion o
mee he needs o mic o- a me s. Following his s udy, esea ch
indings indica ed ha he Salam con ac can be implemen ed in
Islamic banking. Howe e , an in eg a ed model is needed be ween
Islamic banking and mic o inance ins i u ions o ensu e p ope
coo dina ion o Salam inancing. This s udy is simila o he
upcoming esea ch on Islamic inancing models in he ag icul u al
sec o . Howe e , his s udy examines he phenomena ha occu
be ween mic o- a me s and banks, making he implemen a ion o
he model mo e complex.
Second, he s udy by Ib ahim Adeniyi Abdu -Rau and Lukman
Raimi, en i led "Aconcep ual Discou se on Islamic Finance
In es men Modes o Es ablished and Eme ging En ep eneu s:
T ipa i e Implica ions," a emp s o ou line a concep ual discou se
capable o b idging he gap by making in es men s a ailable o
mic o- a me s o mee hei inancing needs. The s udy de elops a
model o concep o encou aging young and es ablished
en ep eneu s o in es in Islamic banking. As is well known,
Islamic inance has become a signi ican playe in he global
inancial ma ke , making i a ac i e o o e unique in es men
oppo uni ies consis en wi h Islamic p inciples and e hics
(Implica ions e al., 2024).
A e conduc ing he esea ch, he indings sugges ha p o iding
esou ces h ough in es men could be a solu ion. Thus, wi h his
in es men concep , banks a e be e able o channel inancing and
con ibu e o economic g ow h. This esea ch is ce ainly ela ed o
he planned esea ch, as i can help p o ide ideas o banks o
inc ease he numbe o in es o s as esou ce p o ide s, he eby
channeling inancing o he ag icul u al sec o mo e e ec i ely.
METHODOLOGY
Me hod Which used in s udy This is quali a i e wi h app oach
s udies This case s udy aligns wi h he esea ch p oblem
o mula ion and objec i es, which a e o explo e and gain a deepe
unde s anding o he limi ed in e es in ag icul u al inancing o
mic o- a me s in he Jembe a ea. This esea ch uses a case s udy
app oach, meaning he me hod employed is a ho ough and
de ailed explo a ion o a case s udy in ol ing mic o- a me s ( he
Bi Ali a me g oup) in accessing ag icul u al inancing.
This esea ch used in e iew, obse a ion, and documen a ion
echniques, hen analyzed using N i o wi h iangula ion as a
c edibili y es . The inal s age o he esea ch me hod is da a
p esen a ion and e i ica ion. Da a p esen a ion is he ac i i y o
o ganizing he da a ob ained in o a s uc u ed o m. he o m ha
mo e easy unde s ood And analyzed. p esen a ion his da a done
Fo make epo esul s s udy. In s udy This uses na a i e ex in
he o m o a cha as a da a p esen a ion echnique and ca ies ou
e i ica ion by d awing conclusions o ob ain conclusions om
se e al in e ela ed s a emen s o answe he p oblem o mula ion.
RESULTS
The s udy concluded ha mudha abah con ac s we e ine ec i e in
imp o ing business sus ainabili y, based on indica o s like income,
wel a e, and p oduc i i y. Howe e , he implemen a ion o bai
salam and aka ul con ac s, as expe ienced by one in o man , had
a sligh posi i e impac on imp o ing business sus ainabili y. The
ansac ion mechanism is as ollows:
Sha ia-complian inancing con ac s wi h Bai' Salam and Taka ul
a e sales con ac s whe e paymen is made up on , ollowed by
deli e y o he goods a a u u e da e, as ag eed. These con ac s
a e combined wi h aka ul, o sha ia insu ance, o p o ec sha ia
inancing om he isk o c op ailu e. The e o e, he
implemen a ion o hese con ac s will ha e a posi i e impac on
bo h he owne o he capi al and he mudha ib.
Bai' Salam and Taka ul Financing Mechanism:
- Shohibul maal made a salam ag eemen and a aka ul
ag eemen wi h he mudho ib wi h he ollowing
ag eemen con en s:
a. The buying and selling p ice be ween he owne o he
capi al and he mudho ib
b. ag ee on he speci ica ions o he goods o be handed
o e o he selle
1) I em size
2) The amoun o goods
3) Fo m o goods
4) Quali y o goods
5) P ice o goods
6) The ime and place o deli e y o he goods mus also be
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ag eed upon.
c. Sha ia insu ance ag eemen wi h he ollowing
mechanism:
1) Each membe o he a me g oup o mudha ib pays a
ce ain amoun o con ibu ion (p emium) in o a
collec i e und o wha is called he aba u' und (cha i y
und). This und unc ions as a ese e used o help o he
membe s who a e expe iencing c op ailu e.
2) Taba u' unds a e managed by shohibul maal
3) I he mudha ib ails o ha es , he can ile a claim, and
paymen will be aken om he abba u' und.
4) Thus, he owne o he capi al and he mudha ib p o ec
each o he om unexpec ed losses. This con ac can also
eplace colla e al o secu i y.
- Shohibul Maal pays 100% o he p ice o he goods a he
beginning a e he con ac is signed.
- Mudha ib hen uses he capi al o p oduce o p ocu e
goods acco ding o he ag eed speci ica ions.
- A e he ha es pe iod, he mudha ib hen deli e s he
goods a he speci ied ime and place.
- The mudha ib will ecei e a ne p o i om he o al
e enue minus he ini ial capi al p o ided by he owne
o he capi al. The owne o he capi al will also ecei e a
p o i om sales o dis ibu o s, based on he di e ence
be ween he mudha ib's and he dis ibu o 's p ices.
The Sha ia inancing mechanisms implemen ed by hese a me
g oups a e ine icien in inc easing income, wel a e, and
p oduc i i y. Based on p e ious esea ch in Middle Eas e n
coun ies, al e na i e Sha ia inancing models ha ha e been able
o inc ease income include he use o he Bai' Salam and Taka ul
Sha ia inancing con ac s. Which has done by Ahmad
Hudai ah, Bambang Tu uko, And Tjip ohadi Sawa juwono
wi h i le "The Implemen a ion o Salam-Con ac o
Ag icul u e Financing Th ough Islamic-Co po a e Social
Responsibili y" his s udy ies o desc ibe he o mula o model
scheme inance Which s able And in acco dance wi h
cha ac e is ics expe ience cycle a ming paddy. s udy This
pa icipa e
wi h public h ough discussion And in e iew in a
way deep. a e done s udy ound esul s abili y mic o a me s
o aise unds is de e mined by he p ocesses in ol ed in
p oduc ion. he caused by Because mic o a me s own need
di e en du ing ime p oduc ion, so ha mic o a me s mo e
choose o ge
capi al
om
in o mal
han
banking.
besides
The e a e many equi emen s ha mus be me , such as buildings
and so on, so ha mic o a me s eel bu dened.
This s udy, conduc ed in 2023, ound ha e y ew banks
implemen he Salam con ac o channel inancing o mic o-
a me s. Ne e heless, he Salam con ac is capable o
coo dina ing c edi needs, hus necessi a ing a ole and ac o
ul ill need o mic o a me s. a e s udy This done The esea ch
esul s ound ha he salam con ac can be implemen ed in Islamic
banking. Howe e , equi ed model in eg a ion om banking sha ia
wi h mic o inance ins i u ions o ensu e p ope coo dina ion o
Salam inancing. This s udy is simila o he esea ch ha will be
conduc ed on Sha ia inancing models in he ag icul u al sec o ,
bu di e s in ha his s udy ocuses on he phenomena ha occu
among mic o inance a me s and banks, making he
implemen a ion o he model mo e complex.
CONCLUSION
The s udy concluded ha mudha abah con ac s we e ine ec i e in
imp o ing business sus ainabili y, based on indica o s like income,
wel a e, and p oduc i i y. Fu he mo e, he implemen a ion o bai
salam and aka ul con ac s, as expe ienced by one in o man , had
a sligh posi i e impac on imp o ing business sus ainabili y.
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