Raditya Sukmana, Dr., SE., M.A. (2018) Islamic Financing Risk Mitigation Technique: Case study Islamic Cooperative Al Manfaat Surabaya, Indonesia. In: Financial Inclusiveness of the Poor Beyond Microfinance. IIUM Press, Kuala Lumpur, Malaysia, pp. 341-362. ISBN 978-967-418-399-8

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Abstract

For the past two decades, microfinance in Indonesia has been discussed repeatedly on various occasion such as seminars, conferences and workshops. As the subject is important, it is also being taught in university courses, too. The discussion covers many topics both in term of the financing providers as well as financing recipients. The things being discussed from the financing providers are the liquidity issue (Bank Indonesia, 2012), the sources of funding, the skills of the employees and the linkage program between Islamic banks and Islamic cooperatives, among others (Bank Indonesia, 2009, 2010; Hamada, 2010). From the perspective of the financing recipient, issues of empowering the operational skill, financial administration skill of entrepreneur are continuously being discussed. Marketing is another important skill that has to be taught to the enterpreneur (Webb, Kristiani and Olaru, 2009). One of the reasons why microfinance is important in Indonesia is because this sector has been largely immune to the economic crisis, particularly in the recent failure of subprime mortgages. The epicenter of the mortgage crisis was in the US which was a realizing a boom in the property sector. This phenomenon was supported by sophisticated derivative financial instruments. Eventually, mortgages that had been given to low income earner could not be paid back, this in turn created losses to the security holders. The impact of this event was not only felt in the US, but also extended to other countries in Europe, which dealt with the US property sector.

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