How do Baitul Maal Wat Tamwil empower Micro, Small and Medium Enterprises amidst COVID-19 pandemic? A case of Indonesia

Aminudin Ma'ruf (1) , Elmi Nur Azizah (2) , Jannah Arrum Sari (3)
(1) aDepartment of Islamic Economic Law, Faculty of Islamic Studies, Universitas Muhammadiyah Surakarta, Indonesia, Indonesia ,
(2) aDepartment of Islamic Economic Law, Faculty of Islamic Studies, Universitas Muhammadiyah Surakarta, Indonesia, Indonesia ,
(3) aDepartment of Islamic Economic Law, Faculty of Islamic Studies, Universitas Muhammadiyah Surakarta, Indonesia, Indonesia


During the COVID-19 pandemic, Baitul Maal Wat Tamwil (BMT) in Sukoharjo, a region of Indonesia is consistently contributing to the empowerment of Micro, Small and Medium Enterprises (MSMEs). Hence, how the BMT empowers the MSMEs is a worthy attribute to explore. The current study delves into an in-depth exploration on the strategies and policy innovations carried out by the BMTs as well as to analyse the impact or influence caused by the existence of these strategies. The method used in this research is field research with a qualitative approach. Data collection techniques were carried out through observation with interviews with various related parties. The results showed that the empowerment strategy carried out by BMT Dana Mulia and BMT Makmur Mandiri was by implementing a restructuring policy in an effort to maintain the stability of the institution's operations. Meanwhile, BMT Bina Ummah Sejahtera has tightened risk mitigation by making efforts to be more careful in conducting financing and deposit transactions, using online media and the three BMTs providing business assistance. The influences that arise with this strategy are providing ease of capital assistance during the COVID-19 pandemic, assisting business development of MSMEs, minimizing the risks faced by MSMEs, and encouraging the spirit of MSMEs in marketing their businesses.

Full text article

Generated from XML file


Alkhan, A. M., & Hassan, M. K. (2021). Does Islamic microfinance serve maqāsid al-shari’a? Borsa Istanbul Review, 21(1), 57–68.

Anisah, A. N., Purnomo, J. H., & Hidayati, N. N. (2021). Fundraising product innovation of bmt mandiri artha sejahtera in the COVID-19 pandemic period. SHAHIH: Journal of Islamicate Multidisciplinary, 6(2), 89-111.

Aisyah, E. N., Zuraidah, Z., & Maulayati, R. R. (2021). Risk Mitigation of COVID-19 Pandemic in Baitul Maal Wat Tamwil. In International Conference on Engineering, Technology and Social Science (ICONETOS 2020) (pp. 691-696). Atlantis Press.

Bahtiar, R. A., & Saragih, J. P. (2020). Info singkat kajian singkat terhadap isu aktual dan strategis ‘dampak COVID-19 terhadap perlambatan ekonomi sektor UMKM,’. Pusat Penelitian Badan Keahlian DPR RI.

Boachie, R., Aawaar, G., & Domeher, D. (2021). Relationship between financial inclusion, banking stability and economic growth: a dynamic panel approach. Journal of Economic and Administrative Sciences.

Danisman, G. O., Demir, E., & Zaremba, A. (2021). Financial resilience to the COVID-19 pandemic: The role of banking market structure. Applied Economics, 53(39), 4481–4504.

Faisol, N. R. (2021). Peran baitul maal wat tamwil (bmt) maslahah lil ummah al-mubarok dalam mengembangkan produktivitas umkm di masa pandemi virus corona tahun 2020. LAN TABUR: Jurnal Ekonomi Syariah, 2(2), 144-154.

Falkner, E.M. and Hiebl, M.R.W. (2015), "Risk management in SMEs: a systematic review of available evidence", Journal of Risk Finance, Vol. 16 No. 2, pp. 122-144.

Fasa, M. I., & Suharto, S. (2021). Peran lembaga keuangan syari’ah dalam keberlangsungan umkm di tengah pandemi COVID-19. Holistic Journal of Management Research, 6(2), 15-29.

Fauzi, M., & Darussalam, A. (2022). Digitalisasi baitul maal wa tamwil: upaya bertahan di masa pandemi COVID-19. tawazun: jurnal ekonomi syariah, 2(1), 12-23.

Fitriyani, L. N., Handayani, T., & Sari, L. P. (2022). Analysis of the marketing strategy of savings products at BMT Nasuha during the COVID-19 pandemic. Dirham: Journal of Sharia Finance and Economics, 1(1), 1-13.

Hardilawati, W. L. (2020). Strategi Bertahan UMKM di Tengah Pandemi COVID-19. Jurnal Akuntansi Dan Ekonomika, 10(1), 89–98.

Haryati, Y., Nopidia, E., Septiani, E., & Laeli, F. (2020). Strategi Pendampingan Melalui Bauran Pemasaran Di BMT NU Sejahtera KC Harjamukti Dalam Menghadapi Masa Pandemi. Dimasejati: Jurnal Pengabdian Kepada Masyarakat, 2(2), 262-272.

Hasan, Z. (2020). The impact of COVID-19 on Islamic banking in Indonesia during the pandemic era. Journal of Entrepreneurship and Business, 8(2), 19–32.

Ishak, M. S. I., & Asni, F. (2020). The role of maqasid al-Shariʿah in applying fiqh muamalat into modern Islamic banking in Malaysia. Journal of Islamic Accounting and Business Research.

Kakembo, S. H., Abduh, M., Hj, P. M. H. A. P., & Salleh, M. (2021). Adopting Islamic microfinance as a mechanism of financing small and medium enterprises in Uganda. Journal of Small Business and Enterprise Development.

Mahmoud, M. A., Umar, U. H., Baita, A. J., & Ado, M. B. (2022). Relative financial deprivation, financial anxiety and financial satisfaction: the role of access to Islamic financing among MSME owners amidst COVID-19. Journal of Islamic Accounting and Business Research, ahead-of-print.

Miah, M. D., Suzuki, Y., & Uddin, S. M. S. (2021). The impact of COVID-19 on Islamic banks in Bangladesh: a perspective of Marxian “circuit of merchant’s capital.” Journal of Islamic Accounting and Business Research.

Mukhlisin, M. (2020). Level of Maqāsid ul-Shari’āh’s in financial reporting standards for Islamic financial institutions. Journal of Islamic Accounting and Business Research.

Mutamimah, M., Zaenudin, Z. and Bin Mislan Cokrohadisumarto, W. (2022), "Risk management practices of Islamic microfinance institutions to improve their financial performance and sustainability: a study on Baitut Tamwil Muhammadiyah, Indonesia", Qualitative Research in Financial Markets, Vol. 14 No. 5, pp. 679-696.

Muthoifin, M. (2021). The Performance of Sharia Financing Amid the COVID-19 Pandemic in Indonesia. Universal Journal of Accounting and Finance, 9(4), 757–763.

Oktavia, D. (2021). Peran Baitul Maal Wa Tamwil Menghadapi Masalah Sosial Ekonomi Saat Pandemi COVID-19 (Doctoral dissertation, UIN Fatmawati Sukarno). Retrieved from

OJK. (2021). Statisitik prebankan Indonesia. retrieved from:

Panjaitan, J. M., Timur, R. P., & Sumiyana, S. (2020). How does the Government of Indonesia empower SMEs? An analysis of the social cognition found in newspapers. Journal of Entrepreneurship in Emerging Economies.

Prianto, P. (2021). Strategi Pemberdayaan BMT La–Tansa Gontor Pada UMKM Di Kecamatan Mlarak (Doctoral dissertation, IAIN Ponorogo).

Rashid, S. & Ratten, V. (2021), "Entrepreneurial ecosystems during COVID-19: the survival of small businesses using dynamic capabilities", World Journal of Entrepreneurship, Management and Sustainable Development, 17(3), 457-476.

Rokhman, W., & Abduh, M. (2019). Antecedents of SMEs’ satisfaction and loyalty towards Islamic microfinance: Evidence from Central Java, Indonesia. Journal of Islamic Marketing.

Setyaningsih, L. A., & Hanifuddin, I. H. (2021). Peran dan Dampak BMT Terhadap Usaha Mikro di Masa Pandemi COVID-19. Asset: Jurnal Manajemen dan Bisnis, 4(2).

Solihin. (2021). Manajemen Permodalan BMT (Baitul Maal wat Tamwil) di Masa Pandemi COVID-19. Jurnal Lentera Kajian Keagamaan, Keilmuan Dan Teknologi, 19(1), 131–142.

Thaha, A. F. (2020). Dampak COVID-19 terhadap UMKM dI Indonesia. BRAND Jurnal Ilmiah Manajemen Pemasaran, 2(1), 147-153.

Ülev, S., Savaşan, F., & Özdemir, M. (2022). Do Islamic microfinance institutions affect the socio-economic development of the beneficiaries? The evidence from Turkey. International Journal of Ethics and Systems, ahead-of-print.

Wiyadi, W., Praswati, A. N., Trisnawati, R., & Chuzaimah, C. (2021). Strategi Peningkatan Kinerja UKM. Abdi Psikonomi, 78-85.

Wulandari, P., Kassim, S., Sulung, L. A. K., & Putri, N. I. S. (2016). Unique aspects of the Islamic microfinance financing process: Experience of Baitul Maal Wa Tamwil in Indonesia. Humanomics.

Yakubu, S. M., Naim, A. M., & Yusuff, N. (2021). Dataset on the acceptance of islamic microfinance in Kano State, Nigeria. Data in Brief, 36, 107108.

Zarrouk, H., El Ghak, T., & Al Haija, E. A. (2017). Financial development, Islamic finance and economic growth: evidence of the UAE. Journal of Islamic Accounting and Business Research.

Zitouni, T., & Jedidia, K. Ben. (2022). Does Islamic microfinance contribute to economic empowerment in Tunisia?: a case study of Zitouna Tamkeen. Journal of Business and Socio-Economic Development.


Aminudin Ma'ruf
aminu[email protected] (Primary Contact)
Elmi Nur Azizah
Jannah Arrum Sari
Ma’ruf, A., Elmi Nur Azizah, & Jannah Arrum Sari. (2022). How do Baitul Maal Wat Tamwil empower Micro, Small and Medium Enterprises amidst COVID-19 pandemic? A case of Indonesia. JIFA (Journal of Islamic Finance and Accounting), 5(1), 40–50.

Article Details