Modeling Murabaha Peer to Peer Financing Based on Financial Technology in MSME Business Equipment Financing
Satria Utama
Universitas Muhammadiyah Yogyakarta
Abstract
The rapid development of platform Peer to Peer Lending (P2PL) in Indonesia for the 2016-2018 period has become a more flexible alternative source of financing for MSMEs. Flexibility, the length of the financing analysis process, and high credit interest are the main obstacles for MSMEs. The results of the literature study show that the existing P2PL model is still constrained by high interest rates. This paper offers an alternative low rate P2PL based on murabaha financing for SMEs. the murabaha-based P2PL model developed in this study can be a financing solution for the procurement of MSME business equipment. This research is a qualitative research based on the logic model theory which consists of 6 components, namely situations, inputs, activities, outputs, outcomes and external factors. The results of the research found that (1) P2PL model applied in Indonesia has provided access to finance effectively and efficiently, but has not solved the high interest rate of credit. (2) The model of murabaha Peer to Peer Financing is able to reduse the margin rate through colaboration with the fendor of underlying asset.
Keywords: Fintech, Murabaha, MSMES,
Topic: International Conference on Islamic Studies in the Digital Era