The COVID-19 pandemic, a global
health crisis, has had a severe negative impact on society and economy
globally. All businesses activities are unable to conduct except the essential
services and natural resource sectors. Micro-entrepreneurs impact the most where
their business size and scale is relatively small. Therefore, the objective of
this study is to investigate the support provided by Islamic microfinance
institutions towards women micro-entre- preneurs sustainability during COVID-19 in Johor. This study is conducted
using a qualitative approach that is cantered around the perspectives of participants. A small sample size is used to explore a particular issue in depth. A semi structured interview
and case study with 12 women micro-entrepreneurs from the food and
beverages sector under Islamic microfinance institution, Amanah Ikhtiar
Malaysia (AIM) in Johor is carried out. The result shows that Islamic microfinance institutions play an
important role in supporting women micro-entrepreneurs sustainability during
COVID-19. This study would contribute towards better practice for policy makers
with recommendations provided by participants.
References
[1]
Abd Wahid, N., Abd Aziz, N. N., Ishak, M., & Hussin, A. (2021). The Critical Success Factors of Business Growth among Women Entrepreneurs in Malaysia: A Qualitative Approach. International Journal of Academic Research in Business and Social Sciences, 11, 1445-1459. https://doi.org/10.6007/IJARBSS/v11-i9/10861
[2]
Abdul Rahman, R., Al Smady, A., & Kazemian, S. (2015). Sustainability of Islamic Microfinance Institutions through Community Development. International Business Research, 8, 196-207. https://doi.org/10.5539/ibr.v8n6p196
[3]
Abdul Rashid, S. M. R., Hassan, F., & Ahmad, K. (2020). Post Covid-19 Online Business Strategies by Small-Scale Entrepreneurs in Malaysia. International Journal of Academic Research in Business and Social Sciences, 10, 564-571. https://doi.org/10.6007/IJARBSS/v10-i9/7635
[4]
Adam, A., Hassan, R., & Abdullah, H. (2021). Maintaining the Survival of Malaysian SMEs during Covid-19 Outbreak: Challenges and Suggestion for Management. ASEAN Entrepreneurship Journal, 7, 27-33.
[5]
Adam, N. A., & Alarifi, G. (2021). Innovation Practices for Survival of Small and Medium Enterprises (SMEs) in the COVID-19 Times: The Role of External Support. Journal of Innovation and Entrepreneurship, 10, Article No. 15. https://doi.org/10.1186/s13731-021-00156-6
[6]
Ahmad, S., Lensink, R., & Mueller, A. (2020). The Double Bottom Line of Microfinance: A Global Comparison between Conventional and Islamic Microfinance. World Development, 136, Article ID: 105130. https://doi.org/10.1016/j.worlddev.2020.105130
[7]
Ahmed Al-Doori, J., & Yousef Areiqat, A. (2019). Strategic Planning as the Success Key of Business Organizations. The Journal of Social Sciences Research, 5, 1067-1072. https://doi.org/10.32861/jssr.1067.1072
[8]
Aida, F., Nadzri, A., Omar, N., & Rahman, R. A. (2017). Social Loafing and Loan Repayment Accountability in Group-Based Microbusiness Financing. Asia-Pacific Management Accounting Journal (APMAJ), 12, 249-268.
[9]
AIM (2020). Pakej Rangsangan Ekonomi Amanah Ikhitar Malaysia (AIM) bagi membantu peminjam-peminjam Amanah Ikhtiar Malaysia (Sahabat AIM).
[10]
Al Mamun, A. (2016). Access to Credit, Education and Entrepreneurial Competencies: A Study among Women Micro-Entrepreneurs in Malaysia. Vision: The Journal of Business Perspective, 20, 159-168. https://doi.org/10.1177/0972262916651510
[11]
Al Mamun, A., & Ekpe, I. (2016). Entrepreneurial Traits and Micro-Enterprise Performance: A Study among Women Micro-Entrepreneurs in Malaysia. Development in Practice, 26, 193-202. https://doi.org/10.1080/09614524.2016.1135879
[12]
Al Mamun, A., & Mazumder, M. N. H. (2015). Examining the Impact of Microcredit on Income, Poverty and Economic Vulnerability in Peninsular Malaysia. Development in Practice, 25, 334-347. https://doi.org/10.1080/09614524.2015.1019339
[13]
Al Mamun, A., Abdul Wahab, S., & Malarvizhi, C. A. (2011). Examining the Effect of Microcredit on Employment in Peninsular Malaysia. Journal of Sustainable Development, 4, 15-28. https://doi.org/10.5539/jsd.v4n2p174
[14]
Alam, S. S., Jani, M. F. M., & Omar, N. A. (2011). An Empirical Study of Success Factors of Women Entrepreneurs in Southern Region in Malaysia. International Journal of Economics and Finance, 3, 166-175. https://doi.org/10.5539/ijef.v3n2p166
[15]
Alam, S. S., Senik, Z. C., & Jani, F. M. (2012). An Exploratory Study of Women Entrepreneurs in Malaysia: Motivation and Problems. Journal of Management Research, 4, 282- 297. https://doi.org/10.5296/jmr.v4i4.2377
[16]
Alhojailan, M. I., & Ibrahim, M. (2012). Thematic Analysis: A Critical Review of Its Process and Evaluation. WEI International European Academic Conference Proceedings, 1, 8-21.
[17]
Al-Shami, S. S. A., Muhamad, M. R., Majid, I., & Rashid, N. (2019). Women’s Entrepreneurs’ Micro and Small Business Performance: Insights from Malaysian Microcredit. International Journal of Entrepreneurship and Small Business, 38, 312-338. https://doi.org/10.1504/IJESB.2019.103433
[18]
Al-Shami, S., Al Mamun, A., Sidek, S., & Rashid, N. (2020). Causes of Failure among Malaysian Female Entrepreneurs: A Qualitative Case Study of Malaysian Microcredit Borrowers. Qualitative Research in Financial Markets, 12, 43-71. https://doi.org/10.1108/QRFM-12-2018-0142
[19]
Arzhanova, K. A., Beregovskaya, T. A., & Silina, S. A. (2020). The Impact of the COVID-19 Pandemic on Consumer Behavior and Companies’ Internet Communication Strategies. In Proceedings of the Research Technologies of Pandemic Coronavirus Impact (RTCOV 2020) (pp. 50-57). Atlantis Press. https://doi.org/10.2991/assehr.k.201105.010
[20]
Baharudin, S., Waked, H. N., & Paimen, M. S. (2021). MCO in Malaysia: Consumer Confidence and Households’ Responses. Jurnal Ekonomi Malaysia, 55, 99-112. https://doi.org/10.17576/JEM-2021-5501-7
[21]
Bank Negara Malaysia (2021). Loan Repayment Assistance. https://www.bnm.gov.my/covid19/ra
[22]
Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M., & Stanton, C. T. (2020). How Are Small Businesses Adjusting to COVID-19? Early Evidence from a Survey. National Bureau of Economic Research. https://doi.org/10.3386/w26989
[23]
Bartz, W., & Winkler, A. (2016). Flexible or Fragile? The Growth Performance of Small and Young Businesses during the Global Financial Crisis—Evidence from Germany. Journal of Business Venturing, 31, 196-215. https://doi.org/10.1016/j.jbusvent.2015.10.002
[24]
Braun, V., & Clarke, V. (2006). Using Thematic Analysis in Psychology. Qualitative Research in Psychology, 3, 77-101. https://doi.org/10.1191/1478088706qp063oa
[25]
Brusino, J. (2009). Women Entrepreneurs Choose a Different Path (p. 21). American Society for Training and Development.
[26]
Butcher, H. (2021). Johor—Pining for turnaround in 2021. New Straits Times.
[27]
Che Omar, A. R., Ishak, S., & Jusoh, M. A. (2020). The Impact of Covid-19 Movement Control Order on SMEs’ Businesses and Survival Strategies. Malaysian Journal of Society and Space, 16, 139-150. https://doi.org/10.17576/geo-2020-1602-11
[28]
Chee, H., Md Isa, F., Cheng, W., Hashim, N., Mohd Yunus, J., & Abdullah, H. (2012). Development of Women Entrepreneurs: The Case of Malaysia. World Journal of Social Sciences, 2, 123-145.
[29]
Chipfunde, D., Yahaya, S. N., & Othman, N. A. (2021). The Determinants Influencing the Performance of Women Entrepreneurs in Malaysia: A Conceptual Framework. Estudios de Economia Aplicada, 39, 1-13. https://doi.org/10.25115/eea.v39i4.4577
[30]
Cook, J. (2015). A Six-Stage Business Continuity and Disaster Recovery Planning Cycle. SAM Advanced Management Journal, 80, 22-33.
[31]
Cowling, M., Brown, R., & Rocha, A. (2020). Did You Save Some Cash for a Rainy COVID-19 Day? The Crisis and SMEs. International Small Business Journal: Researching Entrepreneurship, 38, 593-604. https://doi.org/10.1177/0266242620945102
[32]
Cridland, E. K., Jones, S. C., Caputi, P., & Magee, C. A. (2015). Qualitative Research with Families Living with Autism Spectrum Disorder: Recommendations for Conducting Semistructured Interviews. Journal of Intellectual & Developmental Disability, 40, 78-91. https://doi.org/10.3109/13668250.2014.964191
[33]
Dikko, M. (2016). Establishing Construct Validity and Reliability: Pilot Testing of a Qualitative Interview for Research in Takaful (Islamic Insurance). Qualitative Report, 21, 521-528. https://doi.org/10.46743/2160-3715/2016.2243
[34]
Eccles, R. G., Herz, R. H., Keegan, E. M., & Phillips, D. M. (2001). The Value-Reporting Revolution: Moving beyond the Earnings Game. John Wiley and Sons.
[35]
Engert, S., Rauter, R., & Baumgartner, R. J. (2016). Exploring the Integration of Corporate Sustainability into Strategic Management: A Literature Review. Journal of Cleaner Production, 112, 2833-2850. https://doi.org/10.1016/j.jclepro.2015.08.031
[36]
Fabeil, N. F., Pazim, K. H., & Langgat, J. (2020). The Impact of Covid-19 Pandemic Crisis on Micro-Enterprises: Entrepreneurs’ Perspective on Business Continuity and Recovery Strategy. Journal of Economics and Business, 3, 837-844. https://doi.org/10.31014/aior.1992.03.02.241
[37]
Hamdan, N. H., Kassim, S., & Lai, P. C. (2021). The Covid-19 Pandemic Crisis on Micro-Entrepreneurs in Malaysia. Journal of Global Business and Social Entrepreneurship (GBSE), 7, 52-64.
[38]
Haque, T., Siwar, C., Bhuiyan, A. B., & Joarder, M. H. R. (2019). Contributions of Amanah Ikhtiar Malaysia (AIM) Microfinance to Economic Empowerment (EE) of Women Borrowers in Malaysia. Economics and Sociology, 12, 227-242. https://doi.org/10.14254/2071-789X.2019/12-4/15
[39]
Haron, H., & Dewanti, R. (2022). Corporate Social Responsibility, Micro, Small and Medium Enterprises and Community Development: Experiences of Malaysia and Indonesia. ICCD, 4, 85-94.
[40]
Hasanat, M. W., Hoque, A., Shikha, F. A., Anwar, M., Hamid, A. B. A., & Tat, H. H. (2020). The Impact of Coronavirus (Covid-19) on E-business in Malaysia. Asian Journal of Multidisciplinary Studies, 3, 85-90.
[41]
Hassan, F., Ramli, A., & Mat Desa, N. (2014). Rural Women Entrepreneurs in Malaysia: What Drives Their Success? International Journal of Business and Management, 9, 10-21. https://doi.org/10.5539/ijbm.v9n4p10
[42]
Ilias, I. I., Hammad Azizi, N. N., Abdul Rahman, N., & Mahali, M. (2023). Financial Solace: Malaysian Credit Counselling and Debt Management Agency Responses to COVID-19 Challenges. Emerging Science Journal, 7, 145-162. https://doi.org/10.28991/ESJ-2023-SPER-011
[43]
Islam, R., Kedah, Z., Safuan, H. A. J., & Ismail, S. (2022). A Conceptual Framework for Digitalising Microenterprises to Cope with the COVID-19 Pandemic. International Journal of Learning and Development, 12, 57-66. https://doi.org/10.5296/ijld.v12i2.19395
[44]
Jamaludin, H. (2021). The First Moratorium in Malaysia: How It Works? An Exploratory Study. Global Business and Management Research: An International Journal, 13, 954-963.
[45]
Javadi, M., & Zarea, K. (2016). Understanding Thematic Analysis and Its Pitfall. Journal of Client Care, 1, 34-40. https://doi.org/10.15412/J.JCC.02010107
[46]
Johari, E. (2022). Loan Moratorium Announcements and Stock Market Reaction: An Event Study Analysis. Jurnal Pengurusan, 66, 3-14. https://doi.org/10.17576/pengurusan-2022-66-01
[47]
Jurevicius, O. (2013). Resource Based View, What Makes Your Business Unique Strategic Management Insight. https://strategicmanagementinsight.com/tools/resource-based-view/
[48]
Kaczynski, D., Salmona, M., & Smith, T. (2014). Qualitative Research in Finance. Australian Journal of Management, 39, 127-135. https://doi.org/10.1177/0312896212469611
[49]
Kanapathipillai, K., Narayanan, S., & Kumaran, S. (2021). Are Women Entrepreneurs’ Business Performances Influenced by Financial Resources? Empowering Women Entrepreneurs in Malaysia through Financial Resources Post-Covid-19 Pandemic. European Journal of Management and Marketing Studies, 7, 49-80. https://doi.org/10.46827/ejmms.v7i1.1173
[50]
Kasim, R. S. R., Shahzad, F., & Ibrahim, W. S. A. A. W. (2020). COVID-19 Impact on Business Sustainability: A Case of Micro-Small and Medium Enterprises in Malaysia. Journal of Humanities and Social Sciences Research, 2, 9-14. https://doi.org/10.37534/bp.jhssr.2020.v2.nS.id1035.p9
[51]
Khoo, S. S. (2020). COVID-19 and Malaysian Banking Industry: Problems Faced by Bank Marketing and Strategies to Promote Services and Bank Brands. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3653889
[52]
Mahajar, A. J., & Mohd Yunus, J. (2012). Factors That Encourage Women Involvement in SMEs in Pahang, Malaysia. The Journal of Human Resource and Adult Learning, 8, 33-41.
[53]
Mahani, A., & Suraiya, I. (2019). Faktor PSiKKIT: Pendorong inovasi pembungkusan dalam kalangan industri kecil dan sederhana berasaskan perusahaan makanan. Geografia—Malaysian Journal of Society and Space, 15, 90-103. https://doi.org/10.17576/geo-2019-1503-07
[54]
Manchanda, K., & Muralidharan, P. (2014). Crowdfunding: A New Paradigm in Start-up Financing. Global Conference on Business and Finance Proceedings, 9, 369-374.
[55]
Mia, M. A., Dalla Pellegrina, L., & Wong, W. Y. (2022). Female Participation and Financial Performance of Microfinance Institutions: Evidence from Transition Economies. Development Policy Review, 40, e12602. https://doi.org/10.1111/dpr.12602
[56]
Mojtahed, A., & Hassanzadeh, A. (2009). The Evaluation of Qard-Al-Hasan as a Microfinance Approach in Poverty Alleviation Programs. Money and Economy, 5, 1-32.
[57]
Mokhtar, S. H., & Ashhari, Z. M. (2015). Issues and Challenges of Microcredit Programmes in Malaysia. Asian Social Science, 11, 191-195. https://doi.org/10.5539/ass.v11n26p191
[58]
Muhamad, M., Teknologi, U., & Kedah, M. (2022). A Glimpse into the Typologies of Senior Entrepreneurs. In FBM Insights. Faculty of Business and Management, Universiti Teknologi MARA Cawangan Kedah.
[59]
Naderifar, M., Goli, H., & Ghaljaie, F. (2017). Snowball Sampling: A Purposeful Method of Sampling in Qualitative Research. Strides in Development of Medical Education, 14, e67670. https://doi.org/10.5812/sdme.67670
[60]
Nadzri, F. A. A., Omar, N., & Rahman, R. A. (2018). Enterprise Governance of Micro Entrepreneurs in Malaysia: Comparison between the Amanah Ikhtiar Malaysia and Asnaf’s Economic Development Program. Global Journal Al-Thaqafah, 2018, 25-40. https://doi.org/10.7187/GJATSI2018-02
[61]
Nazry, N. F., & Mapjabil, J. (2021). The Impact of Covid-19 Pandemic on Micro & Small Scale Tourism Entrepreneurs: A Literature Review. BIMP-EAGA Journal for Sustainable Tourism Development, 10, 84-95. https://doi.org/10.51200/bimpeagajtsd.v10i1.3623
[62]
Newman, A., Schwarz, S., & Ahlstrom, D. (2017). Microfinance and Entrepreneurship: An Introduction. International Small Business Journal: Researching Entrepreneurship, 35, 787-792. https://doi.org/10.1177/0266242617719314
[63]
Nik Azman, N. H., & Kassim, S. (2019). Sustainable Development of Women Micro-Entrepreneurs in Malaysia: Factors Affecting Adoption of Rotating Savings and Credit Association (ROSCA). In Proceedings of the 1st Aceh Global Conference (AGC 2018) (pp. 382-388). Atlantis Press. https://doi.org/10.2991/agc-18.2019.60
[64]
Norhalimah Idris, J. T. (2017). Review of Literature on Women Entrepreneurs. Women Entrepreneurs across Racial Lines, 1, 1-11.
[65]
Ozili, P. (2020). COVID-19 in Africa: Socio-Economic Impact, Policy Response and Opportunities. International Journal of Sociology and Social Policy, 42, 177-200. https://doi.org/10.1108/IJSSP-05-2020-0171
[66]
Poon, W. C., & Tung, S. E. H. (2023). Consumer Risk Perception of Online Food Delivery during the COVID-19 Movement Control Order (MCO) in Malaysia. Journal of Foodservice Business Research, 26, 381-401. https://doi.org/10.1080/15378020.2022.2054657
[67]
Portuguez Castro, M., Ross Scheede, C., & Gómez Zerme ño, M. (2020). Entrepreneur Profile and Entrepreneurship Skills: Expert’s Analysis in the Mexican Entrepreneurial Ecosystem. In 2020 International Conference on Technology and Entrepreneurship- Virtual (ICTE-V) (pp. 1-6). IEEE. https://doi.org/10.1109/ICTE-V50708.2020.9114372
[68]
Raheem, M. M., & Meera, A. K. M. (2018). A Case for a Shari’ah Compliant Alternate Credit System to Facilitate Working Capital Management for Micro, Small and Medium Enterprises in Malaysia. Journal of Islamic Finance, 7, 26-37. https://doi.org/10.12816/0051132
[69]
Rahman, S. (2021). Borderland without Business: The Economic Impact of Covid-19 on Peninsular Malaysia’s Southernmost State of Johor. ISEAS Yusof Ishak Institute Perspective, 65, 1-13.
[70]
Rahman, S., & Goh, H. C. (2020). Tourism in Johor and Its Potential. In F. E. Hutchinson, & S. Rahman, (Eds.), Johor: Abode of Development (pp. 183-202). ISEAS Publishing. https://doi.org/10.1355/9789814881289-016
[71]
Ramli, Z. M., & Ramli, Z. (2016). A Glimpse at Women Entrepreneurs in Penang. Akademika, 86, 79-86. https://doi.org/10.17576/akad-2016-8602-06
[72]
Rashid, S., & Ratten V. (2020). A Systematic Literature Review on Women Entrepreneurship in Emerging Economies While Reflecting Specifically on SAARC Countries. In V. Ratten (Ed.), Entrepreneurship and Organizational Change. Contributions to Management Science (pp. 37-88). Springer. https://doi.org/10.1007/978-3-030-35415-2_4
[73]
Razak, D. A., Hamdan, H., & Uddin, M. N. (2020). The Effect of the Demographic Factors of Micro-Entrepreneur on Financial Literacy: Case of Amanah Ikthiar Malaysia (AIM). International Journal of Business, Economics and Law, 21, 47-56.
[74]
Samantha, R., & Almalik, D. (2019). COVID-19 on Women Entrepreneurship Sustainability in Sarawak. Borneo Journal of Social Science & Humanities, 3, 58-66.
[75]
Shahinpoor, N. (2009). The Link between Islamic Banking and Microfinancing. International Journal of Social Economics, 36, 996-1007. https://doi.org/10.1108/03068290910984777
[76]
Siba, E. (2019). Empowering Women Entrepreneurs in Developing Countries Why Current Programs Fall Short. Africa Growth Initiative, 10, 1-9.
[77]
Singh, A. S. (2014). Conducting Case Study Research in Non-Profit Organisations. Qualitative Market Research, 17, 77-84. https://doi.org/10.1108/QMR-04-2013-0024
[78]
Soiferman, L. K. (2010). Inductive and Deductive Research Approaches (pp. 1-23). University of Manitoba.
[79]
Stuckey, H. L. (2013). Three Types of Interviews: Qualitative Research Methods in Social Health. Journal of Social Health and Diabetes, 1, 56-59. https://doi.org/10.4103/2321-0656.115294
[80]
Syrdal, H. A., & Briggs, E. (2018). Engagement with Social Media Content: A Qualitative Exploration. Journal of Marketing Theory and Practice, 26, 4-22. https://doi.org/10.1080/10696679.2017.1389243
[81]
Tajudin, P. N. M., Rahim, N. A. A., Idris, K., & Arshad, M. M. (2021). Weathering the Economic Impact of COVID-19: Challenges Faced by Microentrepreneurs and Their Coping Strategies during Movement Control Order (MCO) in Malaysia. Pertanika Journal of Social Sciences and Humanities, 29, 271-290.
[82]
Teoh, W. M. Y., & Chong, S. C. (2010). Towards Strengthening the Development of Women Entrepreneurship in Malaysia. Gender in Management: An International Journal, 29, 432-453. https://doi.org/10.1108/GM-10-2013-0122
[83]
Usman, A. S., & Tasmin, R. (2016). The Role of Islamic Micro-Finance in Enhancing Human Development in Muslim Countries. Journal of Islamic Finance, 5, 53-62.
[84]
Villaseca, D., Navío-Marco, J., & Gimeno, R. (2020). Money for Female Entrepreneurs Does Not Grow on Trees: Start-Ups’ Financing Implications in Times of COVID-19. Journal of Entrepreneurship in Emerging Economies, 13, 698-720. https://doi.org/10.1108/JEEE-06-2020-0172
[85]
Wahab, S. A., Al Mamun, A., Malarvizhi, C. A., & Mariapun, S. (2011). Examining the Critical Factors Affecting the Repayment of Microcredit Schemes in Amanah Ikhtiar Malaysia (AIM) in Malaysia. International Business Research, 4, 93-102. https://doi.org/10.5539/ibr.v4n2p93
Weill, L. (2020). Islamic Microfinance. In M. Hudon, M. Labie, & A. Szafarz (Eds.), A Research Agenda for Financial Inclusion and Microfinance (pp. 99-110).
[88]
Yin, R. K. (2009). Case Study Research: Design and Methods (4th ed.). SAGE.
[89]
Yusuff, Y. Z., Abu Bakar, A. A., & Ahmad, S. (2016). Microfinance and Women Entrepreneurs’ Business Performance: The Mediating Role of Social Capital. Journal for Studies in Management and Planning, 2, 82-96.
[90]
Zamir, I., & Bushra, S. (2015). Islamic Finance and the Role of Qard-Al-Hassan (Benevolent Loans) in Enhancing Inclusion: A Case Study of Akhuwat. ACRN Oxford Journal of Finance and Risk Perspectives, 4, 23-40.
