Purpose

This study aims to empirically investigate the sustainability and performance of Bank Wakaf Mikro (hereafter called BWM), which is a waqf-based microfinance in the context of Indonesia.

Design/methodology/approach

The authors use several model specifications. The specifications mainly take the BWM’s characteristics and governance into account. The authors use a standard-panel data approach with a fixed-effects model as the Hausman test result favors the fixed-effects model. The authors collected monthly data from the Indonesia Financial Services Authority for the period 2018–2020. The detailed data, 39 BWM enabling us to observe the financial, social and governance elements of BWMs.

Findings

The results reveal interesting findings. The authors find that BWM characteristics, governance and social capital are significant in shaping BWM’s sustainability, performance and risk. Furthermore, the authors find that BWM located in a province with higher lending density has lower performance than those located in a province with lower lending density. The results provide some evidence on how waqf-based microfinance could achieve both economic and social goals. It could provide perspectives for stakeholders in designing microfinance institutions.

Originality/value

This paper is the first to empirically study the waqf-based microfinance institutions in Indonesia by looking at the determinants of performance and sustainability of those institutions.

中文翻译：

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Bank Wakaf Mikro 的可持续性和绩效：印度尼西亚基于宗教基金的小额信贷

目的

本研究旨在实证调查 Wakaf Mikro 银行（以下简称 BWM）的可持续性和绩效，该银行是印度尼西亚背景下基于宗教与社团组织的小额信贷机构。

设计/方法论/途径

作者使用了多种模型规范。该规范主要考虑了BWM的特性和治理。作者使用带有固定效应模型的标准面板数据方法，因为豪斯曼检验结果有利于固定效应模型。作者从印度尼西亚金融服务管理局收集了 2018 年至 2020 年期间的月度数据。39 BWM 的详细数据使我们能够观察 BWM 的财务、社会和治理要素。

发现

结果揭示了有趣的发现。作者发现 BWM 的特征、治理和社会资本对于塑造 BWM 的可持续性、绩效和风险具有重要意义。此外，作者发现位于贷款密度较高省份的 BWM 的绩效低于位于贷款密度较低省份的 BWM。研究结果提供了一些证据，说明基于穆斯林宗教与社团组织的小额信贷如何实现经济和社会目标。它可以为利益相关者设计小额信贷机构提供视角。

原创性/价值

本文首次通过考察印度尼西亚宗教与社团组织小额信贷机构绩效和可持续性的决定因素，对这些机构进行了实证研究。