The Role of Istishna Financing in Improving the MSME Economy
Peran Pembiayaan Istishna dalam Meningkatkan Perekonomian UMKM
Keywords:
istishna financing, MSMEs, Islamic financeAbstract
This article examines the role of Istishna financing in improving the economy of Micro, Small, and Medium Enterprises (MSMEs) from the perspective of Islamic financial institutions in Indonesia. Istishna financing is a sale and purchase scheme in Islamic finance that allows MSMEs to obtain funds without having to provide collateral that is difficult to fulfill, in contrast to conventional financing. A descriptive qualitative method was used to gain an in-depth understanding of the mechanisms, benefits, and challenges of Istishna financing. The findings show that this financing provides flexibility in payment and managerial support from Islamic financial institutions, helping MSMEs overcome financial and operational limitations. However, challenges such as lack of understanding of Istishna and administrative complexities hinder its implementation. Recommended strategies include increased education and socialization, digitization of the appraisal process, and collaboration with stakeholders. This article contributes to the Islamic finance literature and offers insights for policymakers and practitioners to optimize Istishna financing in supporting the growth of MSMEs and the national economy.
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