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Articles

Vol. 1 No. 2 (2026): September

Financing Risk Management in Ultra Micro Islamic Finance: The Role of Joint Liability at PNM Mekaar Syariah Surabaya Branch

Submitted
June 14, 2026
Published
2026-06-25

Abstract

Abstract
Purpose – This study aims to analyze the implementation of financing risk management for ultra micro financing and evaluate the effectiveness of the joint liability system in minimizing Non-Performing Financing (NPF) at the PNM Mekaar Syariah Banyu Urip 2 Unit, Surabaya Branch.
Methodology – Using a descriptive qualitative approach with a case study design, data were collected through indepth interviews with the Unit Head, Account Officers (AO), and Group Leaders selected via strict purposive sampling criteria, alongside a review of Standard Operating Procedures (SOPs) and performance reports (2024-2025). Data analysis followed the interactive model by Miles, Huberman, and Saldana. Validity was tested using source and technique triangulation.
Findings – The results indicate that risk management follows POJK No. 18/POJK.03/2016 stages: identification (5C+1S), measurement (Customer Classification Model), monitoring (Weekly Group Meetings), and control (3R restructuring). Empirical findings reveal that external factors particularly business seasonality dominantly trigger defaults. While the joint liability (tanggung renteng) system backed by Kafalah principles effectively maintains NPF < 1%, business homogeneity within groups creates systemic vulnerability due to a lack of risk diversification.
Implications – This study recommends optimizing the customer to AO ratio, mandating cross sector business diversification in group formation to align with portfolio risk theories, and strengthening socio Islamic character analysis modules.
Originality – This study bridges Sharia risk mitigation frameworks with local socio cultural dynamics at the operational unit level, highlighting business homogeneity as a structural flaw in the joint liability mechanism, which has been under explored in microfinance literature.

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