Epistemological Reconfiguration of MSME Financing Through Integrated Islamic Social Blended Finance


Authors

(1) * Dinda Febrianti Putri   (Universitas Nurul Jadid, Indonesia)  
        Indonesia
(2)  Moh. Syaiful Su'eb   (Universitas Nurul Jadid, Indonesia)  
        Indonesia
(*) Corresponding Author

Abstract


Fragmented financing systems continue to limit MSMEs' ability to achieve inclusive and sustainable development, despite the growing availability of Islamic financial instruments. This study aims to reconfigure the epistemological foundation of MSME financing through the Integrated Islamic Social Blended Finance (IISBF) framework. Using a qualitative conceptual design based on library research, data were collected from scholarly publications and institutional reports and analyzed through qualitative content analysis involving data reduction, open coding, thematic categorization, and conceptual synthesis. The findings identify three major themes: fragmented epistemological foundations, the integration of Islamic commercial and social finance, and the IISBF framework as a unified financing paradigm. The study contributes a novel epistemological framework that integrates commercial sustainability, social justice, ethical governance, and maqāṣid al-sharīʿah. The framework provides strategic guidance for developing more inclusive, sustainable, and integrated Islamic MSME financing ecosystems.



Full Text: PDF



References


Ayu Qamariya, & Muhaimin, A. (2025). Waqf Sukuk as an Alternative Financing Instrument for Specialized Health Services within the Islamic Health Insurance System. ZAWA: Management of Zakat and Waqf Journal, 5(2), 1–14. https://doi.org/10.31958/zawa.v5i2.16064

Bacus, R. C., Picardal, M. T., Perez, N. B., & Balo, V. T. M. (2024). Predictors of Beginning Teachers’ Teaching Performance. Frontiers in Education, 9. https://doi.org/10.3389/feduc.2024.1375726

Bengo, I., Boni, L., & Sancino, A. (2022). EU Financial Regulations and Social Impact Measurement Practices: A Comprehensive Framework on Finance for Sustainable Development. Corporate Social Responsibility and Environmental Management, 29(4), 809–819. https://doi.org/10.1002/csr.2235

Billah, M. M. S., Hassan, R., Haron, R., & Zain, N. R. M. (2024). Islamic Sustainable Finance: Policy, Risk and Regulation. In Islamic Sustainable Finance: Policy, Risk and Regulation. https://doi.org/10.4324/9781003395447

Bosman, L. B., Wollega, E., & Naeem, U. (2022). Responsive Educational Transformations during Emergency Situations: Collaborative Autoethnography Applied to the Engineering Classroom. International Journal of Engineering Education, 38(2), 288–298.

Fachmi, A., & Mansah, A. (2025). Analysis of Cash Waqf Linked Sukuk (Cwls) at the Indonesian Waqf Board (BWI): Imam Asy-Syatibi's Maqashid Syariah Approach. Media Riset Bisnis Manajemen Akuntansi, 1(3), 134–149. https://doi.org/10.71312/mrbima.v1i3.503

Fad, M. F. (2021). Waqf Linked Sukuk from the Perspective of Maqashid Syari'ah. Journal of Islamic Studies and Humanities, 6(1), 44–62. https://doi.org/10.21580/jish.v6i1.8150

Fauzia, A. A., Alfia, S., Rohmayanti, A., Islam, U., Sunan, N., & Wonosari, J. (2025).Strategy for Developing Cash Waqf Linked Sukuk (Cwls) Products Based on Multi-Akad in Indonesia Strategy for Developing Cash Waqf Linked Sukuk (Cwls) Products Based on Multi-Akad in Indonesia. JMA, 3(11).

Hakim, A., Abdurrohman, & Farid, M. (2024). The Development of Cash Waqf Linked Sukuk Implementation: A New Paradigm of Productive Waqf in Indonesia. Mabny: Journal of Sharia Management and Business, 4(01), 1–12. https://doi.org/10.19105/mabny.v4i01.11469

Hardiyanti, I. S., Ahmad Agus Hidayat, N., S. A., & Sajiyo, S. (2024). Analysis of the DSN MUI Fatwa on Sharia Electronic Money From the Perspective of Qiyas (a Study on Linkaja Syariah Application). Istinbath, 23(1), 66–78. https://doi.org/10.20414/ijhi.v23i1.644

Jang, E., Seo, Y. S., & Brutt-Griffler, J. (2023). Building Academic Resilience in Literacy: Digital Reading Practices and Motivational and Cognitive Engagement. Reading Research Quarterly, 58(1), 160–176. https://doi.org/10.1002/rrq.486

Järvelin, K., & Vakkari, P. (2022). LIS Research Across 50 Years: Content Analysis of Journal Articles. Journal of Documentation, 78(7), 65–88. https://doi.org/10.1108/JD-03-2021-0062

Khusnun Mufidah & Rakhmawati. (2023). Systematic Literature Review Cash Wakaf Linked Sukuk. At-Thullab : Jurnal Mahasiswa Studi Islam, 5(2), 65–78. https://doi.org/10.20885/tullab.vol5.iss2.art7

Morgan, H. (2022). Conducting a Qualitative Document Analysis. The Qualitative Report, 27(1), 64–77.

Mufti Afif, Syahruddin, Khurun’in Zahro’, & Nur Suriana Awaludin. (2025). Bridging Waqf and Sukuk: Cross-Country Insights from Indonesia and Malaysia on Islamic Social Finance Innovation. Muslim Heritage, 10(1), 91–105. https://doi.org/10.2115/.v10i1.10510

Mulyawan, A. W., Hafid, A., & Majid, J. (2025). Philosophical and Conceptual Construction of the Islamic Financial System: Towards Value Governance and Sustainability in Indonesia. DIRASAH: Jurnal Kajian Islam, 2(4), 471–482.

Munthe, S. (2025). The Role of Zakat, Waqf, and Sharia Financing in Empowering MSMEs: A Systematic Study. Economic: Journal of Economic and Business, 4(3), 588–593. https://jurnal.larisma.or.id/index.php/EJEB/article/view/1229

Nasution. & Nasution. (2025). Cash Waqf, Sharia Deposits, CWLD, Islamic Social Finance, Sustainable Development. AT-TAWASSUTH: Jurnal Ekonomi Islam, 1(1), 175–190.

Norizan, S. N. B., Abu Bakar, N. B., Iqbal, M. S., & Idris, I. B. M. (2025). Examining Financial Well-Being among Students: Islamic Social Finance and Theory of Planned Behavior Approach. Review of Islamic Social Finance and Entrepreneurship, 1–16. https://doi.org/10.20885/risfe.vol4.iss1.art1

Pane, S. G. (2025). Productive Waqf and Innovation of Sharia Social Instruments: Strategies for Strengthening the Ummah’s Economy. Journal of Management, Economic, and Accounting, 4(2), 1085–1090. https://doi.org/10.37676/jmea.v4i2.1085

Rinaldo, R., Nisa, E. F., & Nurmila, N. (2024). Divorce Narratives and Class Inequalities in Indonesia. Journal of Family Issues, 45(5), 1195–1216. https://doi.org/10.1177/0192513X231155657

Setiawan, R. A. (2023). Impact of Islamic Jurisprudence on Traditional Financial Customs and Legal Integration in Indonesia. Journal of Islamic Thought and Civilization, 13(2), 195–209. https://doi.org/10.32350/jitc.132.13

Sri, R., Mahdi, F., Julkarnain, T. H., & Habibie, A. (2022). Intellectual Capital and Islamic Corporate Social Responsibility on the Financial Performance of Sharia Commercial Banks in Indonesia. E3S Web of Conferences, 339(2), 553–558. https://doi.org/10.1051/e3sconf/202233905003

Tejera Techera, A., Questa-Torterolo, M., & Cabrera Borges, C. (2023). Development and Quality Management to Achieve Equity in Higher Education: Policies and Tools. Journal of Latinos and Education, 22(5), 2038–2050. https://doi.org/10.1080/15348431.2022.2084097




Refbacks

  • There are currently no refbacks.


Islamic Finance and Economic Insights Published by Lembaga Penerbitan, Penelitian, dan Pengabdian kepada Masyarakat (LP3M) of Nurul Jadid University, Paiton, Probolinggo, East Java, Indonesia.

Adress : PO BOX 1 Tanjung, Paiton, Probolinggo, East Java