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Abstract

Purpose – This research aims to explain why community-based Baitul Maal wa Tamwil (BMT) members remain loyal to save even though their savings are not guaranteed by formal deposit guarantee mechanisms, as well as identify trust mechanisms that replace the role of institutional protection.
Methods – This research uses a qualitative approach with an interpretive case study design. Data were collected through in-depth semi-structured interviews with active community-based BMT members and analyzed using inductive thematic analysis.
Findings – This research finds that member loyalty is not based on formal regulatory protection, but rather on trust that is built socially and morally. Community-based institutional legitimacy, personal trust in managers, and relational service practices converge to form a perception of trust as the foundation of loyalty.
Implication – The results of this study suggest that the desirability of BMT depends on strengthening internal trust mechanisms through strong governance and social relationships.
Originality – This research contributes to the analysis of community-based BMT and uses inductive thematic analysis.



Abstrak
Tujuan – Penelitian ini bertujuan untuk menjelaskan mengapa anggota Baitul Maal wa Tamwil (BMT) berbasis komunitas tetap loyal menabung meskipun simpanan mereka tidak dijamin oleh mekanisme penjaminan simpanan formal, serta mengidentifikasi mekanisme kepercayaan yang menggantikan peran perlindungan institusional tersebut.
Metode – Penelitian ini menggunakan pendekatan kualitatif dengan desain studi kasus interpretatif. Data dikumpulkan melalui wawancara mendalam semi-terstruktur terhadap anggota aktif BMT berbasis komunitas dan dianalisis menggunakan analisis tematik induktif.
Temuan – Penelitian ini menemukan bahwa loyalitas anggota tidak didasarkan pada perlindungan regulatif formal, melainkan pada kepercayaan yang dibangun secara sosial dan moral. Legitimasi kelembagaan berbasis komunitas, kepercayaan personal terhadap pengelola, serta praktik pelayanan yang bersifat relasional berkonvergensi membentuk perceived trust sebagai fondasi loyalitas.
Implikasi – Hasil penelitian ini menegaskan bahwa keberlanjutan BMT bergantung pada penguatan mekanisme kepercayaan internal melalui tata kelola dan relasi sosial yang kuat.
Orisinalitas – Penelitian ini berkontribusi dalam menganalisis BMT berbasis komunitas dan dianalisis menggunakan analisis tematik induktif.

Keywords

Community-based microfinance Trust mechanisms Member loyalty Deposit insurance substitution Baitul Maal wa Tamwil (BMT)

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Copyright (c) 2026 Muhammad Zafri Fauzan Fitriana, Priyonggo Suseno

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This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Author Biographies

Muhammad Zafri Fauzan Fitriana, BMT Sanden Kopontren Al Furqon, Yogyakarta, Indonesia

Muhammad Zafri Fauzah Fitriana is a Master’s student in Economics at the Faculty of Business and Economics, Universitas Islam Indonesia (UII), Indonesia. His academic interests include Islamic economics, Islamic banking and finance, and microfinance, with a particular focus on community-based financial institutions and financial inclusion. His research explores the role of institutional arrangements, trust, and governance in shaping the performance and sustainability of Islamic financial institutions. Through his graduate studies, he engages in empirical and conceptual research to contribute to the development of inclusive and ethical economic systems.

Priyonggo Suseno, Jurusan Ilmu Ekonomi, Fakultas Bisnis dan Ekonomika, Universitas Islam Indonesia, Yogyakarta, Indonesia

Priyonggo Suseno is a Lecturer at Universitas Islam Indonesia (UII), Indonesia, specializing in Islamic economics, Islamic banking and finance, and microfinance. His research focuses on the performance, efficiency, and sustainability of Islamic financial institutions, particularly community-based microfinance such as Baitul Maal wa Tamwil (BMT), as well as issues of financial inclusion, risk management, and regulatory frameworks in Islamic finance. He has published extensively in national and international journals, including Scopus-indexed outlets, and has contributed to policy-oriented and practitioner-focused publications in collaboration with national institutions. In addition to his academic research, he is actively involved in community service and capacity-building programs related to Islamic microfinance and rural economic development. His scholarly work combines empirical analysis, institutional perspectives, and socio-religious contexts to advance the development of inclusive and sustainable Islamic financial systems.

How to Cite
Fitriana, M. Z. F., & Suseno, P. (2026). Why do members remain loyal to a community-based BMT in the absence of formal deposit insurance?. Jurnal Kebijakan Ekonomi Dan Keuangan, 5(1), 46–53. https://doi.org/10.20885/JKEK.vol5.iss1.art4
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