Efficiency of Pesantren’s Baitul Maal Wa Tamwil (BMT): An Effort
towards Islamic Microfinance Institution
Atika Rukminastiti Masrifah
1
and Hendri Tanjung
2
1
Faculty of Economics and Management, University of Darussalam Gontor, Indonesia
2
Ibn Khaldun University, Bogor, Indonesia
Keywords: Pesantren, Baitul Maal Wa Tamwīl, Micro Enterprises, Efficiency.
Abstract: Pesantren and Baitul Maal wa Tamwil (BMT) are not seemingly equal things to compare, ones are filled with
spiritual and religious knowledge, where the other are located in economic environment. But time proves that
Pesantren are really serious in developing an economic network among students, through Baitul Maal wa
Tamwil. BMT based on Pesantren has an important role in driving the poor and micro enterprises (MEs) to
empower them, alleviate poverty, reduce unemployment, as well as enhance economic development in
Indonesia, especially Pesantren environment. Pesantren’s BMT should be sustainable, effective, efficient and
affordable to be able to serve the poor and MEs with excellence, so that the analysis of their efficiency is a
must. The main aim of the paper is to analyze the technical efficiency (including pure technical and scale
efficiencies) of some Pesantren’s BMT using Data Envelopment Analysis (DEA). The results show that,
generally the efficiency of Pesantren BMTs is relatively high. Scale efficiency also indicates that operating
of BMTs are close to optimal scale. This result suggests that most Pesantren BMTs still focus on baitut tamwil
activities, extending financing as their main business. While the future, BMTs should play a more active role
in baitul maal activities as their main business.
1 INTRODUCTION
Islamic microfinance provides various instruments
and ethical schemes that can be adopted and advanced
for the purpose of micro enterprises (Rahman and
Rahim, 2007). Islamic microfinance in Indonesia
keep growing, especially BMTs and Cooperatives
(Muchtar and Taufiq, 2013). That fact cannot be
ignored as representation of economic impact, which
keeps better in the grass-root level, especially in
villages. Islamic microfinances do not purpose to the
poverty reducement in financial aspect only but they
also attempt to motivate the micro enterprise to
empower their social capital.
It’s time for those Pesantren’s BMT to speak up
in national economy stage. Pesantren’s BMT are not
home boarders, but they are not guests in this country
also, thus they should be equated with other national
economy contributors. Some Pesantren’s BMT even
felt unusual with their new big status. Same other
management considered their BMT should not even
appear in big level, because a proud of managing
BMT is measured from satisfaction and prosperity of
its members. Various reason emerged, but in Auhtor’s
understanding, there are those who are not ready to be
published, due to its traditional managements and
organizations. Most of the Pesantren’s BMT listed in
this research were already computer-literate and
familiar with use of internet, but there are also those
which were still off-line.
In accordance with its identity, Pesantren’s BMT
has a system of values and principles that are different
from other business entity. It is a democratically
managed enterprise to meet the aspirations and needs
of members in economic, social and cultural aspects.
A lot of Pesantren’s BMT has a unique management
process.
This research aimed to disclose a new map about
economy potential of Pesantren’s BMT that until this
time remained almost unheard. A business entity
labeled BMT is often equated with petty business and
not even mentioned in increase to gross domestic
products. In fact, performance of Pesantren’s BMT
was surprisingly good with total asset of IDR 342.43
billion. That number was the result of pesantren’s
BMT survey.
Masrifah, A. and Tanjung, H.
Efficiency of Pesantren’s Baitul Maal Wa Tamwil (BMT): An Effort towards Islamic Microfinance Institution.
DOI: 10.5220/0010114800002898
In Proceedings of the 7th ASEAN Universities International Conference on Islamic Finance (7th AICIF 2019) - Revival of Islamic Social Finance to Strengthen Economic Development Towards
a Global Industrial Revolution, pages 59-66
ISBN: 978-989-758-473-2
Copyright
c
2022 by SCITEPRESS – Science and Technology Publications, Lda. All rights reserved
59
2 LITERATURE REVIEW
Pesantren’s BMT is a cooperative that develops due
to the process of continuous educations, since the
establishment, on the process of business
development as well as in controlling their business
activities. Pesantren’s BMT has an emotional
connection, trust and openness between managers
and members. Such relationship resulted from the
process of education and communications which are
developed on an ongoing basis (Masrifah 2016).
Pesantren’s BMT is also a cooperative that
develops because of the power of leadership and
charisma of the leader. The members became very
loyal to participate in BMT activities since they are
benefited from the leader influence of loyalty in
providing care and services to its members
(Masrifah, 2020). Uniqueness is wealth. With the
unique opportunity Pesantren’s BMT is open to
synergize and enhance business productivity in the
scale of local, regional and international levels.
The role of Pesantren’s BMT in sustainable
development is believed to be more relevant in the
future because Pesantren’s BMT concept is to rely on
the entranced power of social networking. There are
many financial institutions that were oriented to
produce material benefits, without sufficient concern
for environmental degradation and social problems
such as unemployment, poverty, illiteracy,
malnutrition, maternal and child mortality. Business
is considered successful if it can produce maximum
profit, even though sometimes it is causing an
environmental damage and social problems. BMTs
were developed instantly and only pursuing profit
target material by misusing his identity, it never
developed in a sustainable manner.
The added value is resulted from the cooperative
joint venture that is based on shared value, honesty
and responsibility as well as caring. The process is
based on the principle that relies on independence,
participation, transparency, education, training, and
collaboration. The application of Pesantren’s BMT
value and principles consistently determine the
productivity and security of future business BMT.
Expanding the financial institutions at Pesantren’s
environment it is really not an easy job, furthermore,
if Pesantren do it with a small budget. Pesantren’s
BMT usually find a fissure wormholes business that
can be expanded to the various places in regencies.
Their business unit is not only in save and loan
business but also in food and agriculture business
such as bread and rice productions.
Moreover, the success of Pesantren’s BMT was
also helped by alumnus networking whom spread in
various areas. Even though sometime, some of BMT
Pesantren, they are still using an emotional market
method. The Pesantren’s BMT which in the beginning
only scoped just at the regency level must have
changed it into province scope.
The difference between this study and previous
research is in the selection of case studies, namely
pesantren’s BMT. The reason for choosing
pesantren’s BMT as a case study in this study is the
potential of Islamic Economics. Pesantrens have great
economic potential, namely the strength of the alumni
network (Winarsih, et al., 2019), pesantren social
capital and the existence of BMT which is very close
to the community, so that it will encourage the rapid
growth of pesantren’s BMT. In addition, the selection
of ZISWAF collection and distribution variables that
are used as input variables and intermediary output of
BMT pesantren.
In line with DEA approach, this study uses annual
data from balance sheet, income statement in 2009-
2014. This research was conducted in Bogor,
Bandung, Solo, Yogyakarta and Sidogiri, where there
were pesantren BMTs representing each region. The
study was conducted from September 2015 to
December 2015.
The population is pesantren’s BMT in the
provinces of West Java, Central Java, Yogyakarta and
East Java. Considering that the BMT distribution data
is not accurately available, then to get an adequate
sample number is calculated based on information
obtained from several data sources, especially from
several BMT advisory institutions, such as Inkopsyah
and Pinbuk. The sample includes Pesantren’s BMT
without any specific limitations, both in terms of
operational area, size of assets and capital, types of
microfinance service products as well as targets in the
economic sector.
This study applies intermediation approach in
calculating the efficiency of Pesantren’s BMT, since
this approach is the suitable to measure the efficiency
of Pesantren’s BMT due to its role as an intermediary
between the borrowers and BMT. DEA method
requires the input and output variables to measure the
efficiency. Input variables include total third-party
funds, total asset, operational cost and collection of
ZISWAF fund, while output variables include total
financing, total income and distribution of ZISWAF
fund. These inputs and outputs will be analysed to
measure Pesantren BMT’s efficiency by using DEA
method. The definition of inputs and outputs that
proposed by this study are as follows:
7th AICIF 2019 - ASEAN Universities Conference on Islamic Finance
60
Table 1: Input and Output Variables.
Intermediation Input
Total Third-
Party Funds
Amount of Savings (general and
Mudharabah futures)
Abidin & Endri (2009); Ascarya &
Yumanita (2009);
Total Asset
Total fixed assets
Abidin & Endri (2009); Ascarya &
Yumanita (2009);
Operational
Cost of BMT
Total operational costs, including
administrative costs and labo
r
costs
Hassan & Sanchez (2009); Haq, et al.
(2010); Abidin & Endri (2009); Ascarya &
Yumanita (2009);
Collection of
ZISWAF
Amount of Zakat, Infaq, Sadaqah and Waqf
funds collected
b
y BMT
Additional fro
m
the Autho
r
Intermediation Output
Total
Financing
Total receivables (BBA), Financing
(Musyarakah and Mudharabah), Receivables
(Murabahah) and loans (Qord and others)
Qayyum & Munir (2008); Ahmad (2011);
Kablan (2012);
Total Income Total income, both margin & profit sharing
as well as other income (provision, etc. and
assets
b
etween BMT units)
Hassan & Sanchez (2009); Abidin & Endri
(2009);
Distribution
of ZISWAF
Amount of Zakat, Infaq, Sadaqah and Waqf
funds distributed
b
y BM
Additional fro
m
the Autho
r
Tools to measure efficiency could be parametric
and non-parametric. The parametric methods have
advantages relative to the non-parametric methods of
allowing for random error. These methods are less
likely to misidentify measurement error, transitory
differences in cost, or specification error for
inefficiency (Bauer, et al., 1998). However, a
disadvantage of the parametric methods is that they
impose more structure on the shape of the frontier by
specifying a functional form for it. There are three
parametric econometric approaches, namely: 1)
Stochastic frontier approach (SFA); 2) Thick frontier
approach (TFA); and 3) Distribution-free approach
(DFA). Parametric approach to measuring efficiency
uses stochastic econometric and tries to eliminate the
impact of disturbance to inefficiency.
Meanwhile, non-parametric approach is used to
measure the efficiency using non-stochastic approach
and tends to combine disturbance into inefficiency.
One of the non-parametric approaches, known as data
envelopment analysis (DEA), is a mathematical
programming technique that measures the efficiency
of a decision-making unit (DMU) relative to other
similar DMUs with the simple restrictions that all
DMUs lie on or below the efficiency frontier (Seiford
and Thrall, 1990).
Table 2: Difference Between Nonparametric and
Parametric Approach.
Nonparametric Parametric
Deterministic Stochastic
Based on external
observation
Based on central
tendencies
Analyses each vector
(DMU) separately,
individual measure
A single estimated
regression equation
applies to each
observation vector
No assumption on
production function, no
misspecification
Have to impose the
functional form
Random error does not exist,
sensitive to extreme obs. and
measurement error
Allows for random
error, minimize
specification error for
Efficiency
Efficient frontier produced
is relative to other DMUs
Efficient frontier
produced is relative to
other DMUs
Identifies the source of
inefficiency
N/A
In 1978, DEA was first introduced by Charnes,
Cooper, and Rhodes. DEA does not require an a priori
assumption about the analytical form of the
production function so imposes very little structure on
the shape of the efficient frontier. DEA can be applied
to analyse different kind of input and output without
initially assigning weight. The efficiency produced is
a relative efficiency based on observed data. DEA
does not need assumption of the production function
and preference of decision maker can be
accommodated in the model. Besides producing
efficiency value for each DMU, DEA also determines
DMUs that are used as reference for other inefficient
DMUs.
∑
∑
DMU = decision making unit
n = number of DMU evaluated
m = different inputs
p = different outputs
= number of input i consumed by DMUj
= number of output k produced by DMUj
There are two DEA models that are most
frequently used, namely, the CCR model and BCC
model. CCR model was developed by Charnes,
Cooper, and Rhodes in 1978. The CCR assumes that
each DMU operates with constant return to scale.
CCR model measure the OVERALL efficiency (OE
= TE x SE). Overall Efficiency (OE) = Allocative
Efficiency (AE) x Technical Efficiency (TE).
Efficiency of Pesantren’s Baitul Maal Wa Tamwil (BMT): An Effort towards Islamic Microfinance Institution
61
max
,
μ
.
1
μ
0 1,…,
μ
Ɛ,
Ɛk 1,…,p
i 1,…,m
: number of input i consumed by DMUj
: number of output k produced by DMUj
BCC model was developed by Banker, Charnes,
and Cooper in 1974. The BCC assumes that each
DMU can operate with variable return to scale. BCC
model measures the TECHNICAL efficiency (TE).
Technical Efficiency can be broken down into Pure
Technical Efficiency (PTE) and scale efficiency (SE),
so that Technical Efficiency (TE) = Pure Technical
Efficiency (PTE) x Scale Efficiency (SE). Therefore,
OE = AE x PTE x SE.
max
,
μ
.
1
μ
μ
0,1,…
μ
Ɛ,
Ɛk 1,…,p
i1,…,m
: number of input i consumed by DMUj
: number of output k produced by DMUj
The efficiency measurement of financial
institution can be approached from their activities.
There are three main approaches to explain the
relationship between input and output of banks,
namely production approach, intermediation
approach, and modern (or assets) approach (Freixas
and Rochet, 1998). This study uses the intermediation
approach to measure the efficiency of Pesantren’s
BMT.
The intermediation approach describes banking
activities as intermediary in charge of transforming
the money borrowed from depositors (surplus
spending units) into the money lent to borrowers
(deficit spending units). According to Freixas and
Rochet, (1998), the intermediation approach is
complimentary to the production approach and is
more appropriate to the case of a main branch, which
is not directly in contact with customers.
3 ANALYSIS MODEL
There are five Pesantren’s BMTs in the sample,
including BMT Maslahah Sidogiri, BMT Ta’awun
Ngruki Surakarta, BMT Barakah Yogyakarta, BMT
Ghozaly Bogor and BMT Daarut Tauhid Bandung,
with data period 2009-2014. Some indicators to be
discussed include total third-party funds, total asset,
operational cost and collection of ZISWAF fund, total
financing, total income and distribution of ZISWAF
fund. Mostly, the rapid growth of Pesantren’s BMT
was supported by its network of Pesantren alumni
who have been spread in many provinces of
Indonesia.
DEA method delivers three efficiency
measurements: 1) Technical Efficiency-TE; 2) Pure
Technical Efficiency-PTE; and 3) Scale Efficiency-
SE, where TE is a multiplication of PTE and SE. TE
of BMTs in 2009-2014 has been slightly fluctuating,
but has been significantly increasing in 2012-2013 to
reach 91% in 2013 (see figure 1). Fluctuation of TE
in Pesantren’s BMT has been contributed also by PTE
fluctuation.
Figure 1: Efficiency of Pesantren’s BMT.
Technical efficiency of five Pesantren’s BMT on
average has been increasing from 85.4% in 2009 to
94.8% in 2010, and then has been decreasing to reach
84.4% in 2012. The best performer was BMT
Ta’awun Ngruki with scored 100% in four years,
followed by BMT Maslahah Sidogiri with only
scored less than 100% in 2010 and 2013. However,
most Pesantren’s BMT should be alerted, since their
technical efficiencies decreased to less than 100% in
2014.
7th AICIF 2019 - ASEAN Universities Conference on Islamic Finance
62
TE 2009
2010
2011
2012
2013 2014
Maslahah 68.16
100
89.68 81.15
100
75.46
Ngruki 100 92.87
100
100
100 100
Barakah
100
77.19 62.78 69.66 65.91
Ghozaly
85.90
100
85.74 87.71 93.11
DT 88.04 95.20 99.95 87.33
100
94.63
TE 85.40 94.79 93.36 83.40 91.47 85.82
Figure 2: Technical Efficiency.
Figure 3: Pure Efficiency.
Pure technical efficiency of five Pesantren’s
BMTs has been steadily increasing from 95% in 2007
to reach 99.4% in 2010 and then has been decreasing
to reach 97% in 2014. The best performer was BMT
Ta’awun Ngruki with scored 100% in all 6 years,
followed by BMT Maslahah Sidogiri and BMT
Ghozaly Bogor with scored 100% in all 4 years. All
BMTs have reached 100% PTE in 2013-2014.
Meanwhile, BMT Barakah Yogya seemed struggle
with its PTE in 2013-2014 due to their investment in
new headquarter office building. BMT Maslahah
started with low PTE in 2007 (89%) but it has been
improving steadily to reach 100% in 2010 until 2014.
SE 2009 2010 2011 2012
2013
2014
Maslahah 76.32 100 89.68 85.22
100
75.46
Ngruki
100
92.87 100 100
100
100
Barakah
100 83.31 62.78 79.43 77.56
Ghozaly
87.59 100 85.74 87.71 93.11
DT 91.88 96.47 99.95 99.52
100
94.63
SE 89.40 95.39 94.59 86.65 93.43 88.15
Figure 4: Scale Efficiency.
Meanwhile, scale efficiency of five Pesantren’s
BMTs has slightly increased from 89.4% in 2007 to
reach 95.4% in 2010 with a decrease to 86.7 % in
2012 and further increase to 93.4% in 2013. The best
performer was BMT Ta’awun Ngruki with 5 year
scored 100%, followed by BMT Maslahah with only
two year scored 100% in 2010 and 2013. BMT
Ghozaly and Daarut Tauhid has only one year
reached 100% in scale efficiency, due to their
expanding units. Meanwhile, BMT Barakah should
be given a warning, since its scale efficiencies slid to
83% in 2011 and 77% in 2014 from previously 100%
in the previous first years.
Return to scale (RTS) shows if a Pesantren’s BMT
still in increasing stage (increasing return to scale or
IRS, where one additional input resulted in more than
one output), optimum stage (constant return to scale
or CRS, where one additional input resulted in one
output), or decreasing stage (decreasing return to
scale or DRS, where one additional input resulted in
less than one output). RTS of five Pesantren’s BMTs
have been fluctuate in 2009-2014, but they have been
stagnant in 2013 to 2014, where all five Pesantren’s
BMTs have reached CRS in all years, which means
all BMTs have reached the optimal stage.
Efficiency of Pesantren’s Baitul Maal Wa Tamwil (BMT): An Effort towards Islamic Microfinance Institution
63
Figure 5: Return to Scale Pesantren’s BMT.
In 2009-2014, Pesantren’s BMT suffers weakness
in some aspect, mostly third-party funds, total asset,
operational cost and collection of ZISWAF fund. This
inefficiency basically can be refined, because it can
be used to measure the level of efficiency, this
method can also be used to determine the potential
improvements of each pesantren BMT by referring to
the BMT pesantren which is already efficient or
benchmarking. Based on the results of processing
data in Figure 4, it appears that the number of
financing customers and total financing must be
increased to improve their efficiency. In addition,
from the input side, the number of employees and
total assets can still be reduced to increase the
efficiency of pesantren’s BMT.
Figure 6: Potential Improvement of Pesantren’s BMT.
Moreover, based on figure 4, it appears that total
financing, operating income and ZISWAF fund
disbursement must be increased by 11.51%, 13.12%
and 53.34% respectively to improve the efficiency
value. In addition, from the input side, the total third-
party funds, total assets, operational costs and
ZISWAF fund raising can still be reduced to increase
the efficiency of pesantren BMT, by 3.82%, 6.01%,
9.04% and 3.52% respectively.
In 2014, the total distribution of ZISWAF funds
had a development potential of 53.34%, so that the
output could still be improved with an increase in the
amount of ZISWAF funds disbursed by 53.34%, from
the average amount of funds disbursement, due to get
the optimum output with the standard number of
inputs.
Interpretation of the potential for input
development with the intermediation approach is also
seen negatively. If in 2014 operating costs have a
development potential of 9.04%, then the input can
still be increased efficiency by reducing the amount
of operating costs by 9.04% from the average amount
of operating costs per period in that year, due to
minimize input to get the optimum results output. In
contrast to maximizing output with reasonable input,
the reduction in operational costs is only 5.54% of the
average operating cost per period in that year.
Reference Frequencies on input-output
processing using the DEA method shows what
pesantren BMTs are used as benchmarks by BMT
pesantren that are not efficient yet. In Figure 4, it can
be seen that based on the intermediation approach, the
Pesantren’s BMT referred in 2014 were BMT
Maslahah, BMT Ngruki, BMT DT and BMT
Ghozaly. The Maslahah BMT was referred by 17
other pesantren’s BMTs. Then BMT Ngruki was
referred by 8 other pesantren’s BMTs. The BMT DT
was referred by 5 other pesantren’s BMT, while BMT
Ghozaly was referred by 3 others.
Figure 7: Reference Frequencies on input-output processing
using the DEA method.
7th AICIF 2019 - ASEAN Universities Conference on Islamic Finance
64
The role of Pesantren’s BMT in sustainable
development is believed to be more relevant in the
future because Pesantren’s BMT concept is to rely on
the entranced power of social networking.
Development of BMT is also felt very potential if
using this pesantren network. Based on education
statistics in 2012/2013, the Ministry of Religion of the
Republic of Indonesia, the number of students in the
pesantren around 3,65 million. While the number of
pesantren themselves in 2013 totaled approximately
27,290. This amount is very large if it could be used
to BMT development. The approach that must be
done is to get approval from the kiai in each
pesantren. When the kiai agrees, the santri can
certainly be agreed. This is due to the pesantren
culture which is very obedient to the words of the kiai.
Economic actors in pesantren can be taken from the
officials, while the manager is the leader of the
pesantren, the kiai, the ustadz, and even his students
can become managers.
4 CONCLUSIONS
Every research is supported with valid and accurate
field research data would ended-up useful to its
readers. To Pesantren’s BMT enthusiasts, this result
would grow more confidence in them that Pesantren’s
BMT as socio-economy institution based on family
principle is already running on the right track. To
non-Pesantren’s BMT enthusiasts, especially banking
sector, this result could be their refence library in
assessing credible and business-worth partner BMT.
In terms of intermediation, technical efficiency,
pure technical and scale are only reflected in the 10
BMT pesantren or 43% of the total BMT pesantren.
While 39% of pesantren BMTs only experience pure
technical efficiency, the remaining 17% is an
inefficient BMT pesantren. This means that as much
as 17% of pesantren BMTs have not performed their
functions as intermediaries or intermediation
optimally. Based on the development potential to
achieve more efficient conditions, operational income
and ZISWAF BMT Pesantren fund disbursement can
still be increased.
REFERENCES
Abdelkader, I. B., Hathroubi, S., & Jemaa, M. M. (2014).
Microfinance Institutions’ Efficiency in the MENA
Region: a Bootstrap-DEA Approach. Research Journal
of Finance and Accounting, Vol.5, No.6,, 179-191.
Abidin, Z., & Endri. (2009). Kinerja Efisiensi Teknis Bank
Pembangunan Daerah: Pendekatan Data Envelopment
Analysis (DEA). Jurnal Akuntansi dan Keuangan, Vol.
11, No. 1, 21-29.
Ahmad, U. (2011). Efficiency Analysis of Microfinance
Institutions in Pakistan. Munich Personal RePEc
Archive, Paper No. 34215.
Ali, M., & Ascarya. (2010). Analisis Efisiensi Baitul Maal
wat Tamwil dengan Pendekatan Two Stage Data
Envelopment Analysis (Studi Kasus Kantor Cabang
BMT MMU dan BMT UGT Sidogiri). Tazkia Islamic
Finance & Business Review, Vol. 5, No. 2, August -
December, 110-125.
Ascarya, & Yumanita, D. (2009). Intermediation Efficiency
Analysis of Islamic Rural Banks In Indonesia: Two
Stage Dea Approach. Centre for Central Bank
Education and Studies Working Paper.
Bassem, B. S. (2008). Efficiency of Microfinance
Institutions in the Mediterranean: An Application of
DEA. Mediteranean & Middle East Papers: Transition
Studies Review, Vol. 15, Iss: 2, 343-354.
Bauer, Paul W., Berger, Allen N., Ferrier, Gary D., and
Humphrey, David B. (1998), “Consistency Conditions
For Regulatory Analysis of Financial Institutions: A
Comparison of Frontier Efficiency Methods”, Financial
Services Working Paper, 02/97, Federal
ReserveBloem, J. (2012). Micro, Small Medium
Enterprise (MSME) Definitions. Partners Worldwide,
Vol. Summer.
Coelli, T., Rao, D. P., O'Donnell, C. J., & Battese, G. E.
(2005). An Introduction to Efficiency and Productivity
Analysis: Second Edition. USA: Springer.
Danuri, O., & Fadlan, M. (2015). Pesantren-Pesantren
Berpengaruh di Indonesia. Jakarta: Erlangga.
Freixas, Xavier and Rochet, Jean-Charles. (1998).
Microeconomics of Banking, The MIT Press,
Cambridge, Massachusetts, London, England
Haq, M., Skully, M., & Pathan, S. (2010). Efficiency of
Microfinance Institutions: A Data Envelopment
Analysis. Asia-Pacific Financial Markets,
Forthcoming.
Hassan, M., & Sanchez, B. (2009). Efficiency Analysis of
Microfinance Institutions in Developing Countries .
Networks Financial Institute Working Paper 12.
Jayamaha, A. (2012). Efficiency of Small Financial
Institutions in Sri Lanka using Data Envelopment
Analysis. Journal of Emerging Trends in Economics
and Management Sciences, Vol. 3, No. 3, 565-573.
Kablan, S. (2012). Microfinance Efficiency in the West
African Economic and Monetary Union: Have Reforms
Promoted Sustainability or Outreach? Munich Personal
RePEc Archive, Paper No. 39955.
Karim, A. (2014). Kajian Pengembangan Islamic Financial
Inclusion. Jakarta: Karim Consulting Indonesia.
Masrifah, A. R. (2016). Efisiensi BMT Pesantren dalam
Pengelolaan Harta Usaha Mikro (Doctoral
dissertation, Tesis. Sekolah Tinggi Ekonomi Islam
Tazkia. Tidak diterbitkan).
Masrifah, A. R. (2020). Efisiensi Baitul Māl wat Tamwīl
(BMT) Pesantren di Indonesia. Islamic Economics
Journal, 6(1), 75-100.
Efficiency of Pesantren’s Baitul Maal Wa Tamwil (BMT): An Effort towards Islamic Microfinance Institution
65
Muchtar, I., & Taufiq, M. (2013). 100 Koperasi Besar
Indonesia. Jakarta: Peluang.
Qayyum, A., & Ahmad, M. (2008). Efficiency and
Sustainability of Microfinance. Munich Personal
RePEc Archive, Paper No. 11674.
Rahman, A & A. Rahim. (2007). Islamic Microfinance: A
Missing Component in Islamic Banking. Kyoto Bulletin
of Islamic Area Studies, 1-2: 38-53.
Singh, S., Goyal, S., & Sharma, S. K. (2013). Technical
Efficiency and Its Determinants in Microfinance
Institutions in India: A Firm Level Analysis. Journal of
Innovation Economics, Vol. 1, No.11, 15-31.
Seiford, L.M. and R.M. Thrall. (1990). Recent
Developments in DEA: the Mathematical Programming
Appoach to Frontier Analysis. Journal of
Econometrics, 4: 7-38.
Undang-Undang Republik Indonesia Nomor 20. (2008).
Undang-Undang RI No.20 tentang Usaha Mikro, Kecil
dan Menengah. Retrieved from
http://www.bi.go.id/id/tentang-bi/uu-
bi/Documents/UU20Tahun2008UMKM.pdf
Undang-Undang Republik Indonesia Nomor 25. (2002).
Undang-Undang RI No.25 tentang Perkoperasian.
Retrieved from
http://www.depkop.go.id/phocadownload/regulasi/uu/
uu%201992%2025%20perkoperasian.pdf
Widayati, T. (2003). Peran Perbankan dalam
Pengembangan Keuangan Mikro. In Bunga Rampai
Lembaga Keuangan Mikro (pp. 10-18). Bogor:
Business Innovation Center of Indonesia.
Widiyanto, & Ismail, A. G. (2008). Sustainability of BMT
Financing for Developing Micro Enterprises. MPRA
Paper No. 7434, 1-30.
Winarsih, R., Masrifah, A. R., & Umam, K. (2019). The
Integration Of Islamic Commercial And Social
Economy Through Productive Waqf To Promote
Pesantren Welfare. Journal of Islamic Monetary
Economics and Finance, 5(2), 321-340.
Yumanita, D., & Ascarya. (2005). Analisis Efisiensi
Perbankan Syariah di Indonesia. PPSK Working Paper
Series No: WP/01/05, 1-60.
7th AICIF 2019 - ASEAN Universities Conference on Islamic Finance
66
