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Syuhri, Saifuddin, Asnawi, Nur and Djalaluddin, Ahmad 
ORCID: https://orcid.org/0000-0001-7062-663X
(2025)
Integrating voluntary religious contributions (nadzar) into interest-free loans (qardh): A case study of BMT Maslahah, East Java, Indonesia.
Journal of Islamic Economics Lariba, 11 (1).
pp. 77-102.
ISSN 2528-3758
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Abstract
Introduction
Islamic microfinance has increasingly recognized the potential of integrating voluntary religious contributions to address operational and financial sustainability challenges. However, empirical research exploring the specific integration of voluntary vows (nadzar) within interest-free lending (qardh) remains limited.
Objectives
This study aims to empirically examine the operational integration and socio-economic impacts of incorporating nadzar into qardh financing at Baitul Maal Wa Al Tamwil (BMT) Maslahah in East Java, Indonesia.
Method
This research employed a qualitative case study approach, collecting data through structured interviews, participant observations, and document analysis. Data were analyzed using thematic analysis to identify operational practices, borrower perceptions, financial impacts, and socio-economic outcomes.
Results
Findings indicated that integrating nadzar contributions significantly enhanced institutional financial sustainability, borrower accountability, repayment discipline, and overall stakeholder welfare. Borrowers reported increased financial stability and stronger moral obligations, while the institution benefited from improved operational transparency, liquidity, and community trust.
Implications
The study demonstrates that voluntary religious contributions effectively address operational sustainability concerns, improve borrower accountability, and positively impact socio-economic outcomes. These findings provide practical guidance for Islamic financial institutions seeking ethical, sustainable financial models.
Originality/Novelty
This research contributes novel empirical insights by validating the practical integration of nadzar within qardh financing, addressing a notable gap in Islamic microfinance literature. It offers a replicable model for enhancing financial sustainability and ethical integrity within Islamic finance.
| Item Type: | Journal Article |
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| Keywords: | accountability; ethical finance; financial sustainability; Islamic microfinance; nadzar; qardh; stakeholder welfare |
| Subjects: | 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150299 Banking, Finance and Investment not elsewhere classified 18 LAW AND LEGAL STUDIES > 1801 Law > 180127 Mu'amalah (Islamic Commercial & Contract Law) > 18012714 al-Qardh (Hutang-piutang) |
| Divisions: | Graduate Schools > Magister Programme > Graduate School of Islamic Economics |
| Depositing User: | Dr. Ahmad Djalaluddin |
| Date Deposited: | 15 Jul 2025 09:48 |
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