Toward developing a sustainability index for the Islamic social finance program: an empirical investigation

Several previous studies state that the Islamic Social Finance program has not fully succeeded in creating prosperity, and there are no definite measurements to show the sustainability impact of the program. Thus, a measurement is needed to analyze various aspects in achieving the success and sustai...

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Main Authors: Robani, Anidah, Widiastuti, Tika, Prasetyo, Arie, Mawardi, Imron, Rosida, Rida, Al Mustofa, Muhammad Ubaidillah
Format: Article
Language:English
Published: Public Library of Science CODEN 2022
Online Access:http://eprints.utem.edu.my/id/eprint/26390/2/2022%20NOV_PLOS%20ONE%20%28ISF%29.PDF
http://eprints.utem.edu.my/id/eprint/26390/
https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0276876
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spelling my.utem.eprints.263902023-03-28T14:47:59Z http://eprints.utem.edu.my/id/eprint/26390/ Toward developing a sustainability index for the Islamic social finance program: an empirical investigation Robani, Anidah Widiastuti, Tika Prasetyo, Arie Mawardi, Imron Rosida, Rida Al Mustofa, Muhammad Ubaidillah Several previous studies state that the Islamic Social Finance program has not fully succeeded in creating prosperity, and there are no definite measurements to show the sustainability impact of the program. Thus, a measurement is needed to analyze various aspects in achieving the success and sustainability of Islamic social finance programs. This study developed an index for performance evaluation with an emphasis on the success and sustainability of the Islamic Social Finance program. The study used the Analytical Network Process to determine and analyze priority components. Furthermore, the Multistage Weighted Index method was used to calculate the final index score. The index was built by taking into consideration various factors, stakeholders, aspects, and indicators. This study indicates that aspects of funding contribution from donors (0.22), involvement of donors in giving advice (0.99), and controlling of supervisor (0.08) are priority aspects in the success and sustainability of the program. An empirical investigation was performed on three different programs in Indonesia: A, B, and C. Program A (0.81) and C (0.80) have succeeded in improving the beneficiaries' quality of life to the level of economic resilience, although at a low level of sustainability (76-84.33). On the other hand, program B (0.73) is at the economic reinforcement and has not yet achieved sustainability. This index can be seen as a comprehensive tool for measuring the success and sustainability of the program at several levels. Public Library of Science CODEN 2022-11 Article PeerReviewed text en http://eprints.utem.edu.my/id/eprint/26390/2/2022%20NOV_PLOS%20ONE%20%28ISF%29.PDF Robani, Anidah and Widiastuti, Tika and Prasetyo, Arie and Mawardi, Imron and Rosida, Rida and Al Mustofa, Muhammad Ubaidillah (2022) Toward developing a sustainability index for the Islamic social finance program: an empirical investigation. PLoS ONE, 17 (11). pp. 1-26. ISSN 1932-6203 https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0276876 10.1371/journal.pone.0276876
institution Universiti Teknikal Malaysia Melaka
building UTEM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknikal Malaysia Melaka
content_source UTEM Institutional Repository
url_provider http://eprints.utem.edu.my/
language English
description Several previous studies state that the Islamic Social Finance program has not fully succeeded in creating prosperity, and there are no definite measurements to show the sustainability impact of the program. Thus, a measurement is needed to analyze various aspects in achieving the success and sustainability of Islamic social finance programs. This study developed an index for performance evaluation with an emphasis on the success and sustainability of the Islamic Social Finance program. The study used the Analytical Network Process to determine and analyze priority components. Furthermore, the Multistage Weighted Index method was used to calculate the final index score. The index was built by taking into consideration various factors, stakeholders, aspects, and indicators. This study indicates that aspects of funding contribution from donors (0.22), involvement of donors in giving advice (0.99), and controlling of supervisor (0.08) are priority aspects in the success and sustainability of the program. An empirical investigation was performed on three different programs in Indonesia: A, B, and C. Program A (0.81) and C (0.80) have succeeded in improving the beneficiaries' quality of life to the level of economic resilience, although at a low level of sustainability (76-84.33). On the other hand, program B (0.73) is at the economic reinforcement and has not yet achieved sustainability. This index can be seen as a comprehensive tool for measuring the success and sustainability of the program at several levels.
format Article
author Robani, Anidah
Widiastuti, Tika
Prasetyo, Arie
Mawardi, Imron
Rosida, Rida
Al Mustofa, Muhammad Ubaidillah
spellingShingle Robani, Anidah
Widiastuti, Tika
Prasetyo, Arie
Mawardi, Imron
Rosida, Rida
Al Mustofa, Muhammad Ubaidillah
Toward developing a sustainability index for the Islamic social finance program: an empirical investigation
author_facet Robani, Anidah
Widiastuti, Tika
Prasetyo, Arie
Mawardi, Imron
Rosida, Rida
Al Mustofa, Muhammad Ubaidillah
author_sort Robani, Anidah
title Toward developing a sustainability index for the Islamic social finance program: an empirical investigation
title_short Toward developing a sustainability index for the Islamic social finance program: an empirical investigation
title_full Toward developing a sustainability index for the Islamic social finance program: an empirical investigation
title_fullStr Toward developing a sustainability index for the Islamic social finance program: an empirical investigation
title_full_unstemmed Toward developing a sustainability index for the Islamic social finance program: an empirical investigation
title_sort toward developing a sustainability index for the islamic social finance program: an empirical investigation
publisher Public Library of Science CODEN
publishDate 2022
url http://eprints.utem.edu.my/id/eprint/26390/2/2022%20NOV_PLOS%20ONE%20%28ISF%29.PDF
http://eprints.utem.edu.my/id/eprint/26390/
https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0276876
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