The impact of Islamic microfinance in enhancing the well-being and quality of life: case study of Islamic Financial Cooperative (BMT) in Indonesia
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All human beings in this world deserve a better physical and social well-being particularly the quality of life. By having proper well-being and quality of life, the advancement of individual's physical and mental aspect can be assured. This balanced individual will form a stable family unit and later on contribute to a dynamic community in a bigger social entity. However, in order to enhance both physical well-being (PWB) and social well-being (SWB) as well as to attain a good quality of life (QoL), a social disease called poverty must be eliminated. In Indonesia, Islamic Financial Cooperative which is known as Baitul Maal wat Tamwil (BMT) has been influential in enhancing the participants' socio-economic status by providing small scale financial services and social development programs to the poor and low income households. Moreover, this paper purports to show that Islamic Microfinance Institution (IsMFIs) particularly BMT has contributed towards improving the participants' well-being and quality of life. As such, it becomes interesting to firstly find out whether the participants have significantly increased their physical and social well-being after joining BMT for several years. Secondly, having joined BMT, are there any improvement with their quality of life (measured by satisfaction with life).
Islamic microfinance , BMT , Case study , Well-being , Quality of life
Quraisy, M., Alhabshi, S. O., & Shaikh Abdul Razak, S. H. (2017). The impact of Islamic microfinance in enhancing the well-being and quality of life: case study of Islamic Financial Cooperative (BMT) in Indonesia. South East Asia Journal of Contemporary Business, Economics and Law, 13(3), pp. 1-12.
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