Rahn as a Financing Bridge for Business Incubator Tenants: A Case Study on Graduation to Micro and KUR Financing at BSI Ciledug
Abstract
Business incubator tenants often face limited access to productive financing due to the absence of formal financial records. Under such conditions, Rahn functions as an entry-level liquidity instrument that provides rapid gold-backed funding in compliance with Sharia principles. Nevertheless, the mechanism through which Rahn facilitates graduation to productive schemes such as Micro and KUR financing remains underexplored. This study aims to analyze the role of Rahn in building payment discipline and transaction history, identify key graduation gates, and design a condition-based graduation model grounded in product-contract fit and Sharia governance. A qualitative case study was conducted at BSI Ciledug using semi-structured interviews with branch officials and document analysis of official product guidelines and digital financing manuals. Data were analyzed through thematic coding and source triangulation to ensure validity and analytical rigor. The findings reveal that the graduation process from Rahn to productive financing is condition-based, determined by document completeness, post-Rahn account activity, and branch-level verification. Digital platforms accelerate verification accuracy and transparency, yet human oversight remains essential to uphold Sharia compliance and risk control. The study proposes an audit-ready graduation model that strengthens Sharia financial inclusion and supports the scalability of MSME financing pathways.
Downloads
References
Abdul Razak, A., & Asutay, M. (2022). Financial inclusion and economic well-being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia. Research in International Business and Finance, 59, 101557. https://doi.org/10.1016/j.ribaf.2021.101557
Abdul Razak, A., Muhammad, F., Mohd Hussin, M. Y., Zainol, Z., & Abd. Hadi, F. S. (2017). The Role of Ar-Rahn in Enhancing Financial Inclusion: A Structural Equation Modeling Approach. Jurnal Pengurusan, 50, 97–109. https://doi.org/10.17576/pengurusan-2017-50-09
Adam, L., Sarana, J., Suyatno, B., Soekarni, M., Suryanto, J., Ermawati, T., Saptia, Y., Adityawati, S., Mychelisda, E., Pamungkas, Y., Abdillah, M. R. N., Angelia, L., & Thoha, M. (2025a). Driving Financial Inclusion in Indonesia with Innovative Credit Scoring. Journal of Risk and Financial Management, 18(8), 442. https://doi.org/10.3390/jrfm18080442
Agarwal, A., & Assenova, V. A. (2024). Mobile Money as a Stepping Stone to Financial Inclusion: How Digital Multisided Platforms Fill Institutional Voids. Organization Science, 35(3), 769–787. https://doi.org/10.1287/orsc.2022.16562
Aisyah, E. N., & Maulida, L. U. (2024). Peran Pembiayaan KUR Mikro dalam Mendukung Pertumbuhan UMKM di Bank Syariah Indonesia KCP Malang Turen. Prosiding Seminar Nasional Manajemen, Ekonomi Dan Akuntansi (SENMEA), 9, 187–196. https://proceeding.unpkediri.ac.id/index.php/senmea/article/view/5410
Anita, A., Hanif, H., & Anggraeni, E. (2022). Implementasi Sistem Pengendalian Internal Pada Pembiayaan Kepemilikan Rumah dalam Perspektif Ekonomi Islam (Studi Empiris Pada Bank Syariah Indonesia Provinsi Lampung). Jurnal Ilmiah Ekonomi Islam, 8(3), 3721. https://doi.org/10.29040/jiei.v8i3.6875
Asari, A., & Firdaus, M. I. (2022). Comparison of Rahn Contract from the Perspective of Islamic Law and Indonesian Guarantee Law. Journal of Islamic Economics Lariba, 8(2), 255–270. https://doi.org/10.20885/jielariba.vol8.iss2.art1
Cai, J., Gaduh, A., & Sarah, M. V. E. (2025). Innovative Credit Scoring: Unlocking Financial Opportunities for Micro, Small, and Medium Enterprises. In J-PAL Southeast Asia (Poverty Action Lab) Landscape Memo. J-PAL Southeast Asia. https://www.povertyactionlab.org/
Fadhilah, R., Yunus, S., Anam, H., & Nasruddin, M. A. (2024). The Effectiveness of KUR Sharia Products in PT. Pegadaian Talise Branch UPC Tawaeli in SME Development. Golden Ratio of Data in Summary (GRDIS), 4(2), 28–35. https://doi.org/10.52970/grdis.v4i1.501
Fadli. (2025). Analysis of the Conformity of the Rahn Contract with Sharia Economic Law in the Practice of Gold Pawning at the Batusangkar. Al-Wadh’iyyah: Journal of Sharia Law and Legal Studies, 1(2), 69–77. https://journal.zmsadra.or.id/index.php/jslls/article/view/89
Fitria, T. N. (2025). Islamic Banking Digitalization: Challenges and Opportunities in the Era of Industrial Revolution 4.0. Jurnal Ilmiah Ekonomi Islam (JIEI), 11(1).
Güney, N. (2024). Maqāsid al-Sharī‘a in Islamic Finance: A Critical Analysis of Modern Discourses. Religions, 15(1), 114. https://doi.org/10.3390/rel15010114
Harahap, F. K., Sugianto, & Nur Ahmadi Bi Rahmani. (2025). The Effect of Inflation and Gold Prices on the Performance of Gold Pawn Products at PT Bank Syariah Indonesia. Amkop Management Accounting Review (AMAR), 5(1), 849–859. https://doi.org/10.37531/amar.v5i1.2738
Hasibuan, M. Z., Ramon, H., Samio, S., Nurjannah, N., & Rijal, R. (2025). The influence of Sharia implementation, financing access, and managerial capacity on MSME performance in Medan City, Indonesia. Journal of Islamic Economics Lariba, 12(1), 73–104. https://doi.org/10.20885/jielariba.vol12.iss1.art3
Hsb, S., Syahbudi, M., & Yanti, N. (2024). Impact of Sharia KUR Financing on Performance of MSMEs Financing of Indonesian Syariah Banking. Journal La Sociale, 5(5), 1432–1441. https://doi.org/10.37899/journal-la-sociale.v5i5.1368
Ichsan, M., Fitriyanti, F., Setiorini, K. R., & Al-Qudah, A. M. (2024a). Digitalization of Islamic Banking in Indonesia: Justification and Compliance to Sharia Principles. Jurnal Media Hukum, 31(2), 244–261. https://doi.org/10.18196/jmh.v31i2.22485
Indonesia, D. S. N. U. (2002a). Fatwa No. 25/DSN-MUI/III/2002 tentang Rahn. Dewan Syariah Nasional–Majelis Ulama Indonesia. https://putusan3.mahkamahagung.go.id/peraturan/detail/11eaeced42b52e508679313432333535.html
Judijanto, L., & Mu’min, H. (2024). The Effect of Islamic Financing on the Growth of Micro, Small and Medium Enterprises in Indonesia. West Science Islamic Studies, 2(04), 191–197. https://doi.org/10.58812/wsiss.v2i04.1349
juliana, J., & Putri, A. A. (2025). Multi-Akad in the Dynamics of Islamic Banking: Between Needs Markets and Sharia Principles.
Kärnä, A., & Stephan, A. (2022). Do firms in rural regions lack access to credit? Local variation in small business loans and firm growth. Regional Studies, 56(11), 1919–1933. https://doi.org/10.1080/00343404.2021.2016681
Luqman Syakirunni’am, Zohaib Hassan Sain, Syauqie Muhammad Marier, & Syukron Jamil. (2025). Artificial Intelligence and the Transformation of Digital Services in Islamic Banking: A Case Study of Bank Syariah Indonesia. LogicLink, 78–91. https://doi.org/10.28918/logiclink.v2i1.10707
Mahdania Mahdania, Harfiyan Syahputra, Muhammad Ulfa Chairi, Dimaz Alfian Frastianda, & Husni kamal. (2025). Inovasi Produk Akad Rahn dalam Pengembangan Gadai Emas Perbankan Syariah. Journal of Islamic Economics and Finance, 3(3), 227–241. https://doi.org/10.59841/jureksi.v3i3.3079
Ma’ruf, A., Hasanah, S. M., Hakim, L., & Umam, F. N. (2025a). Islamic Pawnbroking in Scholarly Discourse: Trends, Gaps, and Future Directions. Share: Jurnal Ekonomi Dan Keuangan Islam, 14(1), 472–493. https://doi.org/10.22373/share.v14i1.27484
Mohammed, T. A. S. (2024). A scientometric study of Maqasid al-shariah research: trending issues, hotspot research, and co-citation analysis. Frontiers in Research Metrics and Analytics, 9. https://doi.org/10.3389/frma.2024.1439407
Mulyati, E., Murwadji, T., & Bernike, G. (2025). Strategy development for MSMEs in the Indonesian marketplaces through loans with performance guarantees. Cogent Social Sciences, 11(1). https://doi.org/10.1080/23311886.2025.2548860
Ozdemir, M., Savasan, F., & Ulev, S. (2023). Leveraging financial inclusion through Islamic microfinance: A new model proposal for participation banks in Turkiye. Borsa Istanbul Review, 23(3), 709–722. https://doi.org/10.1016/j.bir.2023.01.011
Pitriani, P., Witro, D., Nurjaman, M. I., Hibaturohman, I., & Sidqi, I. (2024a). Re-Reading Al-Uqud Al-Murakkabah: Types and Models of Hybrid Contracts Concept in Fatwa DSN-MUI. Khazanah Hukum, 6(2), 172–188. https://doi.org/10.15575/kh.v6i2.34717
Prananda, Y., & Amalia, A. (2025a). The Effect of Sharia People’s Business Credit (KUR) Financing on the Development of Micro, Small, and Medium Enterprises (MSMEs): A Case Study of PT. Pawnshop CPS Ar Hakim Medan. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 8(3). https://doi.org/10.31538/iijse.v8i3.8023
Prasetyo, D. W., & Toha, M. (2023). Analysis of Islamic Business Ethics in Buying and Selling Transactions of Agricultural Products Using a Wholesale System and Its Impact on Farmers’ Income in Tanjung Kenongo Village, Pacet District, Mojokerto Regency. Danadyaksa: Post Modern Economy Journal, 1(1), 70 –. https://doi.org/10.69965/danadyaksa.v1i1.12
Rijanti Rahayu Maulani, & Ridwan Effendi. (2025). Analisis Peran Pembiayaan KUR Mikro dalam Mendukung Peningkatan Daya Saing UMKM di Era Digital. Jurnal Pajak Dan Analisis Ekonomi Syariah, 2(4), 01–16. https://doi.org/10.61132/jpaes.v2i4.1571
Syafitri, A., Nasution, M. L. I., & Tambunan, K. (2023). ANALISIS PEMBIAYAAN KUR MIKRO DALAM MENINGKATKAN PENDAPATAN NASABAH DI BSI KCP PULO BRAYAN DENGAN PRINSIP BAGI HASIL. NISBAH: Jurnal Perbankan Syariah, 9(1), 53–65. https://doi.org/10.30997/jn.v9i1.9604
Tay, L.-Y., Tai, H.-T., & Tan, G.-S. (2022). Digital financial inclusion: A gateway to sustainable development. Heliyon, 8(6), e09766. https://doi.org/10.1016/j.heliyon.2022.e09766
Wang, L., Zhu, J., Zheng, C., & Zhang, Z. (2024). Incorporating Digital Footprints into Credit-Scoring Models through Model Averaging. Mathematics, 12(18), 2907. https://doi.org/10.3390/math12182907
Wardani, M. K., Yuliarti, N. C., & Suharsono, R. S. (2024). The Effect of Inflation Rate and Gold Price on Gold Pawn Financing (Rahn) at PT Bank BSI Indonesia. West Science Journal Economic and Entrepreneurship, 2(1), 111–122. https://wsj.westscience-press.com/index.php/wsee
Wibawa, G., Muttaqin, R., & Sumaryana, F. D. (2021). MULTIAKAD PADA LEMBAGA KEUANGAN SYARIAH KONTEMPORER: PRINSIP DAN PARAMETER KESYARI’AHANNYA. Fair Value: Jurnal Ilmiah Akuntansi Dan Keuangan, 3(1). https://doi.org/10.32670/fairvalue.v3i1.691
Widyastuti, M., Ferdinand, D. Y. Y., & Hermanto, Y. B. (2023). Strengthening Formal Credit Access and Performance through Financial Literacy and Credit Terms in Micro, Small and Medium Businesses. Journal of Risk and Financial Management, 16(1), 52. https://doi.org/10.3390/jrfm16010052
Yuliono, D., Sunaryo, H., & Pardiman, P. (2023). Analysis of Rahn Law an Islamic Economic Perspective. Jurnal Ilmiah Ekonomi Islam, 9(2), 2515. https://doi.org/10.29040/jiei.v9i2.9663
Copyright (c) 2025 Teza Kusuma, Nur Fatwa, Nurul Huda
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
