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Enhancing Access to Microenterprise Financing through the Qardhul Hasan Model: A Sharia-based Solution
Abstract
Purpose – The purpose of this study is to find out how the qardhul hasan financing model became a microenterprise financial solution post-covid pandemic. The benefit of this research is that it can be used as a constructive input for related parties, in this case, sharia micro finance institutions, sharia banking, micro-entrepreneurs, and government such as the Department of Cooperatives and SMEs, state-owned companies, and scientific contributions in the literature Islamic economics regarding the qardhul hasan model as a solution to Islamic finance and economics in enhancing microenterprise post-covid pandemic.
Methodology - Through research that uses a qualitative approach aims to be able to decipher data from a variety of literature on issues of access to finance faced by micro-companies and qardh al hasan is critically reviewed and used to propose alternative models.
Findings - The study reveals that the Qardhul Hasan financing model establishes a structured mechanism connecting donors from both public and corporate sectors with micro-enterprises through Sharia Microfinance Institutions (LKMS). Funds collected from donors are channeled by LKMS as Qardhul Hasan loans (benevolent loans) to micro-enterprises that lack access to conventional financial systems. This model effectively reduces financial exclusion, provides liquidity support, and enables micro businesses to sustain and rebuild operations after the COVID-19 pandemic.
Implication - The system fosters collaboration between society, corporations, and Islamic financial institutions in realizing social justice and inclusive economic empowerment. The model also offers practical implications for policymakers in designing crisis-responsive Islamic microfinance frameworks and for scholars in advancing the theoretical foundation of Islamic social finance.
Keywords
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DOI: https://doi.org/10.17509/rief.v9i1.83389
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