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This paper presents the findings of a study that investigated whether the profit and loss sharing (PLS) Islamic micro-equity instruments, Mudarabah, Musharakah, and Musharakah Mutanaqisah (MM&M) can be offered to underprivileged Muslim micropreneurs. A survey was conducted in Selangor, Malaysia, distributing a structured questionnaire among 330 members of Amanah Ikhtiar Malaysia, which is a replication of Grameen Bank in Malaysia. The structural equation modelling (SEM) technique was applied to analyse the data. The mediating impact of ‘Shariah Rules for MM&M Financing' on the relationship of ‘Religiosity' and ‘Shariah Business Knowledge' with ‘Entrepreneurship' was examined. At the same time, the moderating effects of ‘Business Experience' and ‘Microfinance Experience' were assessed. Statistical outcomes suggest that religiosity and Shariah business knowledge significantly impact entrepreneurship. However, Shariah rules for MM&M financing show no significant mediating effect on the relationship among these three parameters. Therefore, it can be concluded that religious microentrepreneurs who possess adequate Shariah business knowledge will perform better with MM&M-based PLS financing. Nonetheless, respondents' business experience and microfinance experience had a diminutive moderating effect on entrepreneurship. Hence, clients' business experience and microfinance experience are deemed not to be primarily considered in MM&M-based microfinancing. The outcomes of this study may create scope for further research while helping Islamic microfinance institutions implement MM&M financial instruments.

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What Matters More in Profit and Risk-Sharing Micro-equity-Financing: Religiosity, Shariah Ruling, or Shariah Knowledge?

  • 章节

  • 发表日期：

    2026年

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  • Reazul Islam,
  • Mahfuzur Rahman,
  • Md Abdul Kaium Masud,
  • Yusnidah Ibrahim

摘要

This paper presents the findings of a study that investigated whether the profit and loss sharing (PLS) Islamic micro-equity instruments, Mudarabah, Musharakah, and Musharakah Mutanaqisah (MM&M) can be offered to underprivileged Muslim micropreneurs. A survey was conducted in Selangor, Malaysia, distributing a structured questionnaire among 330 members of Amanah Ikhtiar Malaysia, which is a replication of Grameen Bank in Malaysia. The structural equation modelling (SEM) technique was applied to analyse the data. The mediating impact of ‘Shariah Rules for MM&M Financing' on the relationship of ‘Religiosity' and ‘Shariah Business Knowledge' with ‘Entrepreneurship' was examined. At the same time, the moderating effects of ‘Business Experience' and ‘Microfinance Experience' were assessed. Statistical outcomes suggest that religiosity and Shariah business knowledge significantly impact entrepreneurship. However, Shariah rules for MM&M financing show no significant mediating effect on the relationship among these three parameters. Therefore, it can be concluded that religious microentrepreneurs who possess adequate Shariah business knowledge will perform better with MM&M-based PLS financing. Nonetheless, respondents' business experience and microfinance experience had a diminutive moderating effect on entrepreneurship. Hence, clients' business experience and microfinance experience are deemed not to be primarily considered in MM&M-based microfinancing. The outcomes of this study may create scope for further research while helping Islamic microfinance institutions implement MM&M financial instruments.