STRATEGI DAN TANTANGAN PENGEMBANGAN BANK WAKAF MIKRO DI LKMS BMW AL- HIJRAH CINDAI ALUS MARTAPURA KALIMANTAN SELATAN

Abstract

This study explores the strategies and challenges in developing Bank Wakaf Mikro (BWM) at LKMS BMW Al-Hijrah Cindai Alus, South Kalimantan. BWM is a sharia-based microfinance institution established to provide non-collateral financing for micro-entrepreneurs around pesantren, aiming to enhance financial inclusion and reduce poverty. Using a qualitative descriptive approach, data were collected through in-depth interviews with managers, pesantren leaders, and customers, along with field observations and document analysis. The findings reveal that the development of BWM relies on several strategies: inclusive and collaborative partnerships with pesantren, government, and zakat institutions; financial literacy programs and business mentoring for customers; digitalization of services; diversification of financing products; and continuous monitoring and evaluation. However, significant challenges remain, including limited waqf funds, low public literacy on productive waqf, fluctuating repayment rates, insufficient managerial capacity of human resources, lack of product innovation, and regulatory gaps. The study concludes that strengthening collaboration, enhancing financial literacy, and promoting productive waqf are key to ensuring the sustainability of BWM in supporting microeconomic empowerment. These findings contribute to policy recommendations and practical strategies to reinforce the role of BWM as an inclusive financial pillar within Indonesia’s Islamic microfinance system.