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Articles

Vol. 1 No. 1 (2026): May

Financing Risk Management: Determinants and Mitigation Strategies

Submitted
February 12, 2026
Published
2026-05-01

Abstract

Abstract
Purpose – This study examines the determinants of murabahah financing risk and evaluates the implementation of risk management practices at KSPPS BMT NU Sejahtera Demak, an Islamic microfinance cooperative. It aims to identify key internal and external risk factors and assess the effectiveness of mitigation strategies in maintaining portfolio stability.
Methodology – A descriptive qualitative approach with a case study design was employed. Data were collected through semi structured interviews with management, financing staff, and customers, supported by direct observation and review of institutional documents, including standard operating procedures, financial reports, and murabahah portfolio data. Thematic analysis and triangulation techniques were used to ensure data credibility.
Findings – Murabahah financing risk arises from both internal and external sources. Internal risks include weak feasibility analysis, subjective and manual assessments, limited post-disbursement monitoring, and insufficient customer understanding of sharia contracts. External risks relate to unstable business income, economic fluctuations, natural disasters, and low repayment discipline. The institution has implemented mitigation measures such as field surveys, collateral requirements, periodic monitoring, financial education, and financing restructuring. These efforts have moderately reduced non-performing financing, although effectiveness remains limited by manual systems, lack of standardized risk tools, and constrained human resources.
Implications – Improving digital monitoring systems, objective risk assessments, and staff capacity is essential to strengthen risk control and ensure sustainability.
Originality – This study provides a case-based perspective on risk management in Islamic microfinance, a context less explored than Islamic banking.

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