Micro-Liquidity Governance in Islamic Microfinance: Balancing Mission Tension and Structural Constraints
DOI:
https://doi.org/10.62730/syaikhuna.v17i2.7893Kata Kunci:
Islamic microfinance, liquidity risk management, Baitul Maal wat Tamwil, governance heterogeneity, Sharia compliance, institutional resilienceAbstrak
This study examines the heterogeneity of liquidity risk management practices among Indonesian Islamic microfinance institutions (Baitul Maal wat Tamwil, BMT), addressing a critical gap in understanding how Sharia-compliant governance operates under structural constraints. While prior research has explored credit risk and financial performance, it has systematically under-examined the fidelity of liquidity instrument implementation and the tension between the social and prudential missions. Employing a qualitative multiple case study design with taxonomic and configurational analysis, this research investigates seven purposively sampled BMTs in Sleman Regency, stratified by asset size and market orientation. The study collected data through semi-structured interviews, documentary analysis of standard operating procedures (SOPs), and audited financial statements for fiscal year 2025/2026, then benchmarked them against national regulations and Basel Committee principles. The findings reveal that only three of seven BMTs maintain formal liquidity SOPs. Cash ratios range from 8.26% to 79.50%, quick ratios from 99.56% to 271.70%, and current ratios from 104.18% to 285.60%, indicating substantial inter-institutional variation and robust accounting consistency across liquidity tiers. SOP adoption correlates positively with asset growth, as evidenced by a market-oriented BMT achieving IDR 24.85 billion in assets. Nevertheless, this relationship remains non-deterministic because external cooperative networks and donor capital functionally substitute for formal procedures. No sampled BMT fully satisfies international best practices, particularly in stress testing and contingency funding plans. The study concludes by proposing a Micro-Liquidity Governance model that reframes liquidity management as a configurational problem, offering a theoretical framework for navigating constraint-driven instrument selection, mission-prudential tension, and regulatory duality. These findings provide actionable insights for tiered regulatory frameworks and capacity-building policies in Islamic microfinance.
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