Firsty Izzata Bella, Optimization of Islamic Peer-to-Peer Lending for Micro and Small Enterprises (MSEs) After Pandemic of Covid-19 (2022)

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Article by Firsty Izzata Bella of Universitas Airlangga in the Journal of Islamic Economic Laws, Vol. 3, No. 2, July 2020, on Islamic peer-to-peer lending for micro and small enterprises after COVID-19. Using a descriptive qualitative literature study, it argues that micro and small businesses were among the sectors hit hardest by the pandemic in Indonesia. It cites a SMERU Research Institute projection that the poverty rate would rise to 12.4% if the economy grew by only 1% in 2020, and lists four steps by President Joko Widodo to cushion the impact, including credit restructuring relief. The author proposes that enterprises apply for financing in groups by business category through Islamic P2P platforms to ease access to capital.

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                                      Journal of Islamic Economic Laws
                                       Vol. 3, No. 2 July 2020: 108-123

   Optimization of Islamic Peer-to-Peer Lending
   for Micro and Small Enterprises (MSEs) After
               Pandemic of Covid-19

                        Firsty Izzata Bella
                       Universitas Airlangga
           email : firsty.izzata.bella19@feb.unair.ac.id

ABSTRACT

Indonesia and the rest of the world are grieving over the Covid-19
pandemic from December 2019 to the present, besides, no body
known when this pandemic will end. In addition to impacting
global health, the economy also experience the effects. One
of the sectors that most got the impact of Covid-19 was the
Micro and Small Business Sector (MSE). This research applied
descriptive qualitative method through literature study utilized
from books, scientific journals and other sources as supporters.
The data used is intended as support for the phenomenon that
occurs in Indonesia. Finally, the researcher tried to propose a new
scheme in the form of filing MSE financing in groups according
to business categories through the Islamic peer-to-peer lending
(P2P) platform to provide easy capital access for the enterprises
after the Covid-19 pandemic.

Keywords: Islamic P2P Lending, MSEs, Covid-19, Financial
Technology

INTRODUCTION
     Since December 2019 until now (May 2020), not only
Indonesia, but the whole world has experienced a pandemic
(global emergency condition) coronavirus disease or COVID-19.
Reporting from the World Health Organization (WHO) website,
coronavirus is a group of viruses that can cause disease in animals
or humans. Unlike the Middle East Respiratory Syndrome
(MERS) that occurred in 2012 and Severe Acute Respiratory
Syndrome (SARS) in 2002-2003, the cause of Covid-19 is a new

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type of coronavirus
     The impact of the existence of this pandemic is known to
not only cause a global health crisis, more than that it also has
an impact on an unprecedented socio-economic crisis. A study
conducted by Suryahadi et al (2020) from The SMERU Research
Institute made five projections of increasing poverty levels in
Indonesia, namely if the economy only grew by 1% in 2020, then
the poverty rate would increase to 12.4% or as much as 8 , 5
million people will become poor.
     In addition to the poverty level, other impacts of Covid-19
in Indonesia will be strongly experienced by the Micro and
Small Business Sector (MSE). Data published by the Ministry of
Cooperatives and Small and Medium Enterprises shows that by
2018 the number of MSMEs in Indonesia reached 64 thousand
units, of which 99% were in the micro business category. This
shows that micro-business will be very bad during the Covid-19
pandemic, especially of course the actors in this business category
are those who have low income.
     This was proven as reported in the online news portal
Republika, Minister of Cooperatives and Small and Medium
Enterprises (UKM) Teten Masduki stated that the decline in
MSMEs in Indonesia during the pandemic was also caused by a
sluggish global economy, so demand was down. So, he invited the
SMEs to be innovative in trying and capturing the opportunities
that exist in the middle of the Covid-19 pandemic.
     This was also supported by a statement that President Joko
Widodo prepared four steps to mitigate the impact of Covid-19
on MSMEs. First, it is the acceleration of relaxation efforts for
MSME credit restructuring that are experiencing difficulties.
Second, during this pandemic, the President requested that a
new financing scheme be prepared. Especially with regard to
investment and working capital, where submissions are easier to
reach, especially for various affected areas.
     Third, include micro entrepreneurs or people in need in social
assistance schemes. Especially relating to food packages. And
fourth, MSMEs are given the opportunity to continue producing
in the agricultural sector and the home industry. Including

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traditional food stalls, with strict health protocols (Septyaningsih
& Rahardjo, 2020). Teten added that there were two steps to
deal with the impact of Covid-19 on MSMEs, namely through
e-learning through eduukm.id and training through a webinar by
Smesco.
     With the current technological developments and the
emergence of Financial Technology (FinTech) products, one of
which is capital access through Peer-to-peer Lending (P2PL), its
use should be optimized both in terms of lenders or investors as
well as borrowers or business actors. Moreover, lending on P2PL
always increases, especially if it highlights the data available on
the OJK website, from December 2017 to March 2020, amounting
to Rp 2.56 T in December 2017 to Rp. 102.53 T in March 2020,
meaning an increase of Rp 99.97 T, or as much as 50x more than
the initial distribution.
     From the background explanation above, the author is
interested in discussing Islamic Peer to Peer (P2P) Lending as a
solution to meet the MSE capital in Indonesia, especially after the
Covid-19 pandemic because the policy or relaxation provided by
the government is only temporary, then the UMK must look for
other sources of venture capital funding.

LITERATURE REVIEW
Micro and Small Business
     The practice of MSMEs in Indonesia is regulated through
the issuance of the Republic of Indonesia Law No. 20 of 2008
concerning Micro, Small and Medium Enterprises (MSMEs). In
the Act and supported by the definition of the Central Statistics
Agency (BPS), it can be concluded that the difference in definition
between Micro, Small and Medium Enterprises lies in three
categories, namely (1) In terms of net worth, (2) Ownership of
annual sales results, and ( 3) Number of workers.
     Micro Business is defined as a productive business owned
by an individual and / or an individual business entity whose net
assets are not more than 50 million rupiah, excluding land and
buildings for the place of business or having a maximum annual
sales proceeds of 300 million rupiah. And has a workforce of

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between 1-4 people. Small businesses are those who have a net
worth of between 50 million and a maximum of 500 million or
have annual sales results of between 300 million and a maximum
of 2,500 million and workforce ownership between 5 and 19
people.
      In Indonesia, MSEs have an important role in driving the
growth of the Indonesian economy, namely through employment
(Jatmika, 2016), the development of remote areas, increasing
women’s entrepreneurship, as well as the production of goods and
services to meet the basic needs of households with lower middle
income. However, this sector is often faced with difficulties to
fulfill business capital, especially from the banking sector because
it does not have collateral that are deemed sufficient by banks or
are categorized as non-bankable (Tambunan, 2018). Furthermore,
the results of the study stated that the People’s Business Credit
(KUR) coverage provided by the government had a limited range.

Investment in MSEs
      Reporting from the Cambridge Dictionary, Investment
(Investment) is defined as “the act of putting money into a business
to buy new stocks, machines, etc., in order to make a profile”, or
a behavior of putting money in a business activity to buy goods ,
machinery and so on with the aim of making a profit.
      Investment is the main element in every business, whether on
a micro, small, medium or large scale. Identical access to capital
is obtained by submitting to financial institutions, but for some
parties this is not possible, this is due to the requirements set by
banks in accepting loan or funding applications.
      Ironically, businesses in the MSE sector are often categorized
as unbankable, so access to capital tends to be limited to obtain.
If seen in the data below, Micro Enterprises which in fact have a
proportion of 99% in Indonesia still get investment with a nominal
that tends to be small. It is true that there is an increase every year,
but the increase is not significant, namely below 1%. As of 2018,
data from Kemenkop& UKM stated that Micro Enterprises only
made an investment of Rp. 290 billion, and small businesses only
absorb investment in the amount of Rp. 996 billion, with a total

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investment in incoming MSEs of Rp. 2,564 billion. That is, the
Micro sector only gets access to capital or less than 10% followed
by Small Business around 30%.

Peer to Peer (P2P) Lending
     Peer-to-peer (P2P) Lending is defined as a financing
platform that directly connects lenders to borrowers using online
intermediaries without involving financial institutions (Chen, Lai,
& Lin, 2014). On the official website of the Financial Services
Authority (OJK), Fintech Lending / Peer-to-Peer Lending / Online
Loans is defined as the service of borrowing and borrowing
money in rupiah directly between creditors / lenders (lenders) and
debtors (borrowers) information technology based.
     P2PL began in the United Kingdom in 2005, the nominal
financing provided by the platform reached USD 3.5 billion in
2013 and reached USD 64 billion in 2015 and is estimated to
reach 1 trillion USD in 2025 (Pişkin&Kuş, 2019). In Indonesia,
the practice of P2P Lending began to emerge in September 2015
(Darmawansyah&Aguspriyani, 2019) has been regulated through
OJK Regulation (POJK) No. 77 of 2016 concerning Technology-
Based Money Lending and Borrowing Services (LPMUBTI). As
of April 30, 2020, there were 161 platforms registered with OJK,
but only 15% or as many as 25 platforms had business licenses
(OJK, Registered and Licensed Fintech Organizers at OJK as of
30 April 2020, 2020).
     Fintech Lending is very potential to be used as the main
source of funding for MSEs, this can be seen from the increasing
accumulation of loan disbursement nationally which in March
2020 reached Rp. 102.53 trillion, an increase of 208.83% from
March 2019. Plus, this funding source has apparently been in the
hands of 640,233 people, and as many as 24,157,567 borrowers
who have benefited.
     Research conducted by Darmansyah, Finto, Hendratmi, and
Aziz (2020) states that the tendency of individual actors to use
Islamic Financial Technology is influenced by planned behavior,
acceptance and use of technology. The most significant influential
factor is the use of technology, therefore, this study suggests

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that OJK and Islamic Fintech providers can develop software or
applications that are easier to access and use (user friendly).

P2P Lending Sharia
      With the development of the practice of P2P Lending in
Indonesia, as well as the existence of fatwa requests regarding
Technology-Based Financing (fintech financing) in accordance
with Islamic principles by PT. Investree Radhika Jaya in 2017
and PT AmmanaFintek Syariah in 2018, the MUI National Sharia
Board (DSN) issued DSN-MUI fatwa No.117
      of 2018 concerning Information Technology-Based
Financing Services Based on Sharia Principles as guidelines and
guidelines for the implementation of Sharia P2P Lending.
      The Islamic P2P Lending model differs from the credit model
with the conventional banking system of interest. In investment
and credit processes in an Islamic perspective, a financing product
must be transacted, or in the form of physically visible goods and
services, based on profit sharing (Pişkin&Kuş, 2019).
      Covenants that can be used in the implementation of P2P
Lending based on sharia principles are al-ba’i, ijarah, mudaraba,
musharaka, wakalah bi-l ujrah, and qardh. The fatwa also states
that the service model that can be carried out by the organizers is
limited to six categories, namely (1) factoring, (2) financing of
procurement of goods for third party orders (purchase orders),
(3) financing of procurement of goods for actors businesses that
sell online (online seller), (4) financing procurement of goods
for business people who sell online with payment through
payment gateway operators, (5) financing for employees, and (6)
community-based financing (community based ).
      Based on data from OJK, there are thirteen (13) Sharia P2P
Lending platforms that have been registered with only two (2)
platforms that have obtained OJK permits, namely Investree and
Ammana.id. However, when referring to the membership data of
the Indonesian Sharia Fintech Association (AFS) (fintechsyariah.
id), there are fifteen (15) Sharia P2P platforms. If prospective
investors or prospective borrowers are interested in the P2P
Lending Sharia field, they should choose a platform that has

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received a business license from OJK and has registered as a
member of AFSI so that transaction security can be maintained.
However, it is unfortunate because DSN-MUI has not provided
Sharia certification for the P2P Lending Sharia platform.

METHODS
     This research uses descriptive-qualitative method, which is
an approach to gather information through a relatively flexible
discussion of research subjects needed to get an idea or a complete
view of a phenomenon that occurs (Starr, 2014). Through library
research, researchers collect literature sources in the form of
academic journals, books, news portals, and several official
websites of related institutions. Likewise the data listed is used as
a support of the facts that occur in the field.

RESULTS AND DISCUSSIONS
Impact of Covid-19 on MSEs in Indonesia
      Covid-19 pandemic not only had an impact on the declining
level of health in Indonesia and throughout the world, but its
impact was also felt in the economy, especially the Micro and
Small Business (MSE) sector. Statistics on Fintech Lending
Development published by OJK stated that as of March 31, 2020
in March, the 90-day Success Rate (TKB90) of 95.78% had
decreased from December 2019 with 96.35% and had been the
lowest loan value of Rp. 1716.
      Reporting from the bbc news portal (bbc.com), Chairperson
of the Indonesian MSME Association, Ihsan Ingratubun, revealed
that UMKM’s business income had vanished due to the Covid-19
outbreak, so that they had difficulty paying costs and workers’
salaries or salaries. The impact is that many of the MSME workers
are forced to return home (Amindoni, 2020)
      This issue was responded by the Indonesian government
through the statement of President Joko Widodo (29/04) with
the existence of five (5) major schemes to assist entrepreneurs in
the MSME sector in dealing with the Covid-19 pandemic. The
first scheme is the provision of direct assistance to MSMEs that
are classified as poor and vulnerable. The second scheme is the

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provision of tax incentives for MSMEs with a turnover of Rp 4.8
billion per year. The third scheme is the restructuring of MSME
loans, which can be in the form of delays in installments and
interest subsidies. Kempat, working capital assistance stimulus
for SMEs. Fifth, asking all ministries, institutions, and regional
governments to be the frontline in the economic recovery of
MSMEs (Taher, 2020).
      In addition to the stimulus carried by the government, people
who have more funds (surplus units) can help the economy in
the MSME sector by investing their funds in MSME actors
(deficit units) through Sharia P2PL. In addition to promoting
Islamic Finance in Indonesia, Sharia P2PL as a form of financial
technology can also function as a collector and distribution of
Islamic social funds such as infaq, waqf, and sadaqah (Hudaefi,
2020).

MSEs Financing Scheme Through Sharia P2PL
     Micro Business has the biggest proportion, which is 99%
of the total MSMEs in Indonesia. As of 2018 based on data
published by the Ministry of Cooperatives and Small and Medium
Enterprises (SMEs), it is known that there are 62 million Micro
Business units in Indonesia with a total workforce absorbed as
many as 105 million people. It can be seen that micro-businesses
have a significant impact on reducing the existing unemployment
rate, in addition to that it turns out that micro-businesses have
contributed to Indonesia’s GDP in 2018 of 4.8 billion rupiah from
Indonesia’s total GDP of approximately 14 trillion.
     The contribution of the MSME sector in determining GDP and
the sector of producing foreign exchange is also unquestionable.
This can be seen that MSMEs are the main agenda of Indonesia’s
economic development, also with the government’s policies
that show MSMEs’ favor. Despite having a large contribution to
development in Indonesia, Micro Business also has weaknesses
such as the quality of human resources, legal entities, capital
loans, lack of knowledge and experience in dealing with obstacles
in the field, and so on (Jatmika, 2016).
     Research conducted by Rosavina et al (2019) shows that some

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of the factors that determine MSMEs using P2PL in obtaining
access to capital are the processes for proposing financing, interest
rates, financing costs, total financing, and financing flexibility.
Moreover, with the Sharia P2PL scheme, interest rates can be
replaced by profit-sharing schemes. Following the P2PL scheme
uses the contract as stated in the Poverty &Kus research (2019)




                    Figure 1. P2P Lending Scheme
                     Source: Piskin & Kus (2019)

      The above scheme shows the investment process in
P2P Lending in general. In process (1) a number of requested
financing is collected from investors, then (2) the platform
requests authorization to channel funds to the borrower, then (3)
the investor approves the granting of power to the platform. After
that, (4) the platform requests the power of the borrower to disburse
the loan, then (5) the borrower approves the power granted by the
platform for investor funds, and finally the financing funds are
given to the borrower.
      Reporting from the LPPI and Bank Indonesia publications
titled MSME Business Profile in 2015, it was mentioned that from
a number of constraints on the MSME business, access to capital
was the most dominant ie around 60-70% of MSMEs did not yet
have access or bank financing. Among the causes are geographical
obstacles, administrative obstacles, MSME business management
which is still managed manually and traditionally, especially




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financial management, as well as lack of interest and efforts to
expand MSMEs (LPPI & BI, 2015; Kusumawardhani, Rahayu,
&Maksum, 2015). Then alternatively, funding for MSMEs
covered by Micro Enterprises can be obtained through the P2PL
Sharia with a group system consisting of several businesses with
the same line or type of business.
     If we look at the P2PL Syariah platform which is already
operating in Indonesia, such as PT Investree and Ammana.id, this
concept has not yet been used by both. Because the majority of
borrowers only come from one business with a financing range of
Rp 10 million to 2 billion, while the capital costs needed for Micro
Enterprises are under Rp. 10 million. Therefore, the authors offer
to call the concept of financing that can be applied to the P2PL
Sharia platform.
     The concept proposed by the author is in accordance with
one of the types of financing allowed and stated in the DSN-MUI
Fatwa N0.117, which is community based financing, which is
defined as financing provided to community members who need
financing, with the payment scheme coordinated through the
coordinator / community administrator.
     So, later on the financing will be grouped based on the
borrower’s line of business such as culinary, fashion, handicraft,
and so on. From each of these business sectors, there are 3-5 micro
businesses that are made into one group, with the condition that
the location of business people is still in the same region so that it
is easy to coordinate with each other. If the capital requirements
of each business actor have been determined, the next step is
to propose financing to P2PL Syariah. Finally, an investor can
choose a business in what category he chooses as well as in which
region the business is located and henceforth can be given funding
through the platform. Following is the description of the scheme
or model as explained above.




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          Figure 2. Proposed P2P Lending Scheme for MSEs
                        Source: Processed data

     Basically, the above scheme can also be applied to borrowers
in the category of Small and Medium Enterprises, with conditions
that are still in the same business category, business locations in
one regional area, and do not exceed the maximum financing limit
as stated in POJK No.77 of 2016 which is equal to Rp 2 billion.

Risk of Funding for MSMEs and Their Mitigation on P2PL
Sharia
      Sharia peer-to-peer lending as a form of financial technology
practice in terms of financing cannot be separated from the risk.
Risks in P2PL are generally caused by several things (Fitriyadi,
2019), namely:
      a. Default. The definition of default in the Civil Code
(KUHPer) is a debtor declared negligent by a perinah, or with
a similar deed, or based on the strength of the agreement itself,
that is if this agreement resulted in the debtor must be considered
negligent with the elapsed time. One example of default is the
default that can be caused by the absence of provisions to become
a debtor at a fintech company, and there is no collateral object in
the agreement at the initial agreement
      b. Bad Credit, which is a situation where the debtor is unable
to pay bank loans on time. Just like in the world of banking, bad
credit at fintech is also known as Non-Performing Loan (NPL).
This can occur if the debtor does not understand the workings,
terms and conditions of the P2PL, and cannot measure the ability
to repay or repay the loan.

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      However, if the problems that arise are caused by intentions
such as late payments, then based on DSN-MUI Fatwa No.
17 of 2000 concerning Sanctions for Able Nassabah Able to
Delay Payments, the customer concerned is entitled to be fined
(Darmawansyah&Aguspriyani, 2019).
      Nisar, Prabhakar, and Torchia (2020) stated that credit risk
can be minimized by predicting it earlier, one of which uses a
rating system (rating system). The results of their research show
that loans by borrowers with a high level of appraisal in the system
will be less likely to default, or experience bad credit. Among
the determinants of high or low credit rating are marital status,
income level, and home ownership. It is known that those who
are married, have a higher income, and have fixed assets such as
houses will be more feasible to be given financing.

Development of P2P Lending Sharia Platform
     Basically the concept of P2PL Sharia uses the Islamic
Crowdfunding concept, which is by collecting funds from many
parties as investors to then be deposited to the platform and
channeled to the borrower. This concept is highly recommended
as a funding solution for MSEs. Therefore, this model becomes
important to be developed better through a website platform so
that it can connect investors from even small areas to business
units to increase the growth and sustainability of a business
(Hendratmi, Ryandono, &Sukmaningrum, 2019)
     A study conducted by Au, Tan & Sun (2020) states that the
P2P Lending platform can be further developed in a particular
sequence at three stages, this is certainly also useful to reduce the
risks that may occur during the contract. The three stages are (1)
P-Side Development carried out by increasing partnerships with
external companies to develop the ability to assess risk and the
financial resources needed, (2) L-Side Development by subsidizing
lenders for example by preparing a user guide or organizing
monthly meetings lenders, and (3) B-Side Development, which
facilitates borrowers by providing additional services to increase
the value provided and reduce the need for multi-homing.



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CONCLUSION
      From the discussion above, it can be concluded that the MSE
sector can optimize financing applications through the Sharia
P2P Lending platform primarily after the Covid-19 pandemic.
Because although during the Covid-19 pandemic, the MSE sector
received assistance and policy support such as credit relaxation,
tax reductions, etc. from the Government of Indonesia, such
assistance will not last for a long time. Therefore, the surplus
unit ie investors in Indonesia can help sustain MSE business by
providing funding through the P2P Lending Sharia platform.
Specifically, the field of micro business through the filing of
financing collectively as proposed in this study, by classifying the
types of businesses and locations in the same region. Apart from
being overseen by the OJK, and fulfilling sharia compliance from
DSN-MUI, the use of P2P Lending Sharia can also increase public
literacy and the development of sharia finance in Indonesia.

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