the factors that influence success of bmt berkah madani cimanggis

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Knowledge horizons – Volume 4, no. 1–2/2012

THE FACTORS THAT INFLUENCE SUCCESS OF BMT BERKAH MADANI CIMANGGIS Muhamad Nadratuzzaman HOSEN FACULTY OF SHARIAH AND LAW, UIN JAKARTA [email protected] Lia Syukriyah SA’RONI FACULTY OF SHARIAH AND LAW, UIN JAKARTA

ABSTRACT The aim of this study is to determine factors which affect the successful BMT at Berkah Madani Cimanggi (BMC). This study is continuation of previous research. The main factors of this research are to determine variables of the successful BMT such as ownership, good managerial and networking. This study uses a correlation analysis, a regression analysis and a financial report analysis. The results of study show that there is a significant relationship between ownership and good managerial, there is not significant relationship between ownership and networking, and there is significant relationship between good managerial and networking. Ownership, good managerial and networking prove to have a significant influence to the successful BMT as well as financial performance proves to have a strong influence the successful BMT. KEY WORDS: The success, Influence, BMT Berkah Madani Cimanggis JEL CODES: M14, G24, C52 Knowledge horizons – Volume 4, no. 1–2/2012

1. Introduction Most members of Baitul Maal wat Tamwil (BMT) in Indonesia are unbankable. They need financial institution which is not only giving a financing but also supporting the members to be survival in their business. BMT as a shariah micro finance is more inovative than the others financial institution hopeable will become the one of solutions to alleviate poor peoples. Conceptually, BMT has two functions, namely: (1) Baitul Maal is to collect and distribute charity fund such as infaq and shadaqah (2) Baitul Tamwil is to manage charity fund to increase economic quality of micro entrepreneurs. The success of BMT is shown by progress of Small Business Incubation Centre (PINBUK) and Master Cooperative Sharia (Inkopsyah). PINBUK is institution to build up BMT as development micro entrepreneurs. The success of PINBUK is shown by increase number of BMT which have been joining, about 3.000 BMTs in period 1995-2005. PINBUK has asset more than one trillion Rupiah. 110

Inkopsyah is institution to guide cooperatives shariah. The success of Inkopsyah is shown by increase number of Inkopsyah members, Inkopsyah has members about 24 BMTs in 9 provinces of Indonesia at 1998, and today about 324 in 22 provinces of Indonesia has become Inkopsyah members.

One of Inkopsyah members is BMT Berkah Madani Cimanggis. BMT Berkah Madani Cimanggis is one of sample the success BMT, it is shown by increase financing, funding and investment. The increase will be explained at the tables below:

Table 1. Financing of BMT Berkah Madani Cimanggis at year 2007, 2008 and 2009 Type of Financing

2007

2008

2009

Trend

%

Murabahah

Rp 433.164.442

Rp 421.934.113

Rp 606.367.606



43,71

Mudharabah

Rp 28.506.117

Rp 27.687.300

Rp 304.687.300



1,00

Ijarah

Rp 69.658.686

Rp 82.729.634

Rp 124.456.717



50,44

Al- Qard

Rp 11.841.778

Rp 10.630.000

Rp 6.358.500



-40,18

Total

Rp 542.811.023

Rp 542.981.056

Rp 1.041.870.123



91,88

Source: Annual Performance Report of BMT Berkah Madani Cimanggis 2009 Financing of BMT Berkah Madani Cimanggis well developed. The trend of financing is increase in various types, except al-Qard. Because al-Qard

is pure financing without profit margin. BMT need profit margin to survival BMT, so that al-Qard reduced.

Table 2. Funding of BMT Berkah Madani Cimanggis at year 2007, 2008 and 2009 Types of Funding

2007

2008

2009

Trend

%

Berkah

Rp 257.399.878

Rp 238.330.095

Rp 250.648.582,47



5,17

Berkah Hasil

Rp 170.580.237

Rp 148.910.388

Rp 166.868.486,25



12,06

Berkah Amanah

Rp 13.268.635

Rp 13.717.609

Rp 45.074.597,53



228,59

Berkah Siswa

Rp 68.270.467

Rp 69.689.933

Rp 33.290.529,39



-52,23

Berkah Talbiyah

Rp 1.099.534

Rp 2.697.134

Rp 2.165.666,09



19,70

Berkah Qurban

Rp 3.934.859

Rp 3.082.510

Rp 3.144.978,20



2,02

Berkah Fitri

Rp 237.146

Rp 118.556

Rp 91.260,80



-23,02

Berkah Walimah

Rp -

Rp 113.965

Rp 13.064,21



-88,54

Source: Annual Performance Report of BMT Berkah Madani Cimanggis 2009 Funding of BMT Berkah Madani Cimanggis increased in every years. The increase can be seen at total funding (Berkah). In 2007 funding of BMT Berkah Madani Cimanggis about Rp

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257.3999.878, increase become Rp 238.330.095 at 2008, and back to increase at 2009 about Rp 250.648.582,47.

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Table 3. Investment of BMT Berkah Madani Cimanggis at year 2007, 2008 and 2009 Types of Investment

2007

2008

2009

Trend

%

Berkah Invest

Rp 615.687.771

Rp 669.987.876

Rp 957.427.530



42,90

1 Months

Rp 311.882.000

Rp 122.137.101

Rp 215.943.775



76,80

3 Months

Rp 47.525.980

Rp 36.500.000

Rp 45.840.156



25,59

6 Months

Rp 152.579.791

Rp 197.700.000

Rp 222.312.608



12,45

12 Months

Rp 103.700.000

Rp 313.650.775

Rp 473.330.514



50,91

Source: Annual Performance Report of BMT Berkah Madani Cimanggis 2009 The increase of investment BMT Berkah Madani Cimanggis is well. It is shown increasing investment at 2008 to 2009, about Rp 669.987.876 to Rp 957.427.530. The increase of funding and investment is mean that increase of asset BMT Berkah Madani Cimanggis. The aim of this study is to determine factors that influence the success of BMT Berkah Madani Cimanggis.

2. Previous Review Titik Sartika (2003) uses regression and correlation analysis. The aims of her study are to determine relationship between variables of networking (such networking, same of hope, mutual help and interaction) and improving business. Results of this study explain that there is relationship between variables of networking and improving business. Regression analysis shows that there is significant relationship between variables of networking (networking, same of hope, interaction) and improving business. There is not significant relationship mutual help and improving business. Indriyati (2007) uses descriptive analysis in her study. The aims of her study are to determine factors of success and fail BMT Mosques in Jakarta. The results show that success factors of BMT Mosques in Jakarta are good financial performance, good management and trust of community. Factors of the fail BMT Mosque in Jakarta are problem of financing, problem of capital, human source and the director is not care to BMT. Knowledge horizons – Volume 4, no. 1–2/2012

Faisal (2008) is analyzing all kinds of system which is used by Baitul Maal wat Tamwil Maslahah lil-Ummah (BMT-MMU) Sidogiri. The Aim of this study is to determine caused success of BMT-MMU. The results of this study show that caused success of BMT-MMU is trust of community. Utami and Setiawan (2006) use financial ratio analysis such as liquidity, solvability, profitability, risk of business and risk of labour productivity to determine financial performance BMT’s in Banyumas at period 2000 to 2002. This study uses descriptive analysis to defferentation BMT which is good operation and bad operation. The result of this study shows that BMT has prospect as public economic institution which good, especially to low community. Ayief Fathurrahman (2010) is to compare financial performance BMT Sunan Kalijaga and BMT Iqtisaduna FE UII at 2008, January to March 2009 by financial ratio. The financial ratio such as CAR, NPF, ROA, ROE, LDR, and BOPO. This study uses data of financial ratio at 2008, January to March 2009. Analysis instrument which is used to prove hypothesis in this study, namely independent sample t-test. The results of this study show that average of financial ratio LDR BMT Sunan Kalijaga is better than BMT Iqtisaduna FE UII. While, in the others ratio such as CAR, NPF, ROA, ROE, BOPO BMT Sunan Kalijaga lower than BMT Iqtisaduna FE UII. Result of hypothesis test show that there isn’t significant differences between ratio of CAR, ROA, ROE BMT Sunan Kalijaga and BMT Iqtisaduna FE UII. There is significant differences between ratio of NPF, LDR, BOPO BMT Sunan Kalijaga and BMT Iqtisaduna FE UII. 130

Rosiyati Marfuah (2006) studies in BMT Sakinah. The aims of this study are to determine improving of BMT Sakinah’s business. To analyze level of liquidity, rentability, profitability and activity. The results of this study show that level of rentability at 2004 is efficient and 2005 is inefficient. Level of activity at 2004 and 2005 are efficient. Level of liquidity at 2004 is liquid and 2005 is illiquid. Level of solvability at 2004 and 2005 are solvabel.

namely the result of interviews and questionnaires with people or institutions in terms of the factors that influence success of BMT. Literatures such as books and other sources related to the material on the research problem. Annual Meeting Final Results (RAT) at 2009 and the Report Financial BMT Berkah Madani. This study held at June 22, 2010 to September 22, 2010 in BMT Berkah Madani Cimanggis. 3.2. Identification of Problem

3. Research methods

What is the factors that influence the success of BMT Berkah Madani Cimanggis?

3.1. Samples and Period of Data The population of this study is customers of financing BMT Berkah Madani Cimanggis, number of 293 peoples at year 2009. The customers come from 3 kind of professions namely, trade, services and the other professions. The trade is major professions 142 peoples (48.46%). The services are 68 peoples (23.21%). The others professions is 83 peoples (28.33%). Samples of this study are 80 peoples. The technic of samples decision is Convenience Sampling. Source of data is used in this study,

Correlation Analysis Correlation analysis is used to test existence relationship between a variable and the others variables and to observe magnitude strenght of variables relationship. Correlation analysis in this study uses Spearman correlation coefficient, because it is used to analyze non-parametric correlation of ordinal variables. To determine the closeness of relationship between variables, this study uses the table below as guidelines:

Table 4. Guidelines for Interpreting Correlation Coefficients Interval Coefficient 0.00 – 0.199 0.20 – 0.399 0.40 – 0.599 0.60 – 0.799 0.80 – 1.000

Level Relation Very Low Low Medium Strong Very Strong

Source: Sugiono (2002) Regression Analysis Regression analysis is used to analyze influence of independent variables on the dependent variables. In this study use multiple linear regression analysis, because this study uses more than one independent variable. Multiple linear regression models were formulated as follows: Y = α + β1 X1 + β2 X2 + β3 X3 + ε i Where: α = Constant Element β1 to n = Regression coefficients of independent variables 14

ε I = Interest error for the calculation of ε I, assumed to be 0 Dependent Variable: Y = Success of BMT Independent Variables: X1 = Ownership X2 = Good Managerial X3 = Networking

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Coefficient Determination In multiple linear regressions, there is a coefficient of determination. The coefficient determination (R2) has aims to know how great role or contribution of several variables included in the regression equation to explaining value of the dependent variable. The amount of determination from 0 to 1.

Financial Report Analysis Financial report analysis can been runed by three kinds of analysis, namely ratio analysis, comparative analysis and analysis of source and using fund. This study use ratio analysis. Generally, financial ratio is classified to five classes, namely liquidity, solvency, rentability, profitability and activity.

4. Results and discussion 4.1. Spearman Correlation Analysis Table 5. Spearman Correlation Analysis Correlation Coefficient

Success

Ownership

Managerial

Networking

Success

1,000

0,744

0,714

0,043

Ownership

0,744

1,000

0,538

0,053

Managerial

0,714

0,538

1,000

0,228

Networking

0,043

0,053

0,228

1,000

Sig. (2-tailed)

Success

Ownership

Managerial

Networking

Success

.

0,000

0,000

0,706

Ownership

0,000

.

0,000

0,642

Managerial

0,000

0,000*

.

0,042

Networking

0,706

0,642

0,042*

.

Decision: Output value between "ownership" and "managerial" is + 0.538. This show the strong relationship between the "ownership" and "managerial" (above 0.5), while symbol '+' indicates that higher costumer sense of own BMT, then higher the good managerial level. And the other way, lower ownership will lower the good managerial level. While output value between "ownership" and "network" is + 0.053. This show the weak relationship between the "ownership" and "network" (below 0.5), while symbol '+' indicates that higher costumer sense of own BMT, then higher network. And the other way, lower sense of ownership will lower network. And the output value between "managerial" and "network" is + 0.228. This show the weak relationship between "success" and “network Knowledge horizons – Volume 4, no. 1–2/2012

"(below 0.5), while the '+' indicates that better managerial is owned by BMT, then higher network is owned by BMT. And the other way, worse managerial BMT, then lower the network performance. In the second part of output (column Sig. (2tailed)) at the Spearman correlation for variable "ownership" and "managerial" probability figures obtain 0,000. Therefore the number under 0.05, then Ho is rejected or the fact there is a significant correlation between ownership BMT and good managerial. While the column Sig. (2-tailed) Spearman correlation for the variable "ownership" with "network" obtains figures probability 0.642. Therefore the figure above of 0.05, then Ho is accepted or there isn’t a significant relationship between ownership to network is owned by the BMT, actually. 150

And column Sig. (2-tailed) on Sperman, for the correlation variable "managerial" and "network" obtain figures probability 0.042. Therefore, the

figure above of 0.05, then Ho is rejected or there is a significant relationship between good managerial BMT and their network, actually.

4.2. Multivariate Regression Analysis Table 4. Summary of Multivariate Regression Analysis Variables

Beta

Constant (α)

1,372

Ownership

Standard Deviation

t-Value

Prob

,730

1,880

,064

,187

,057

3,297

,001

Good Managerial

,217

,025

8,699

,000

Network

-,153

,074

-2,068

,042

Adjusted R2 = 0,636 ; R2 = 0,65 ; F = 47,028 ; Sig F = 0.000 The results get regression equation model: Y = 1,372 + 0,187X1 + 0.217X2 - 0,153X3 Where: Y = Succes BMT X1 = Ownership X2 = Good Managerial X3 = Network From the regression equation can be seen that the variable has a coefficient of ownership of 0.187. The size coefficient indicates a positive effect, which means the higher the sense of having the higher the success rate of BMT. Good managerial variable coefficient of 0.217 indicates a significant positive effect of the higher good managerial then higher the success rate of BMT. While the network coefficient of 0.153 indicates a significant negative effect of the higher network the lower the success rate of BMT. Negative Effect owned network variable to the success of BMT in fact the real world, this happens because although the scope of goals promotion BMT Berkah Madani Cimanggis that is not too large (only Depok and around) and only has one business support institutions, namely INKOPSYAH not be prohibitive success BMT Blessing Cimanggis Madani.

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Size of change in the variable success of BMT can be explained by ownership, good managerial and network equal to 65% (R2 = 0.65). Other variables that explain the variable success of BMT is 35%. Hypothesis Test done by using the Test-F which assisted with the statistical program SPSS for Windows Release 13. Tests conducted with level of significance of 0.05 or 95% confidence level two-sided (2-tailed). The following analysis is the answer to the second problem formulation is formulated in the hypothesis as follows: Ha: bi ≠ 0 Variable ownership, good managerial and network effect on the success of BMT (assuming other variables are ignored and constant). From the F test, get that Fcount of 47.028, while Ftable with degrees of freedom 0.05 (5%), with the provisions of the numerator (numerator = number of variables -1) or 4-1 = 3; and the numerator (denominator = number of cases - the number of variables) or 80-4 = 76, then found Ftable = 4.08. By calculation of the number Fcount 47.028 > Ftable 4.08. Then Ho is rejected and Ha accepted. This means that there is a linear relationship between ownership, good managerial, network with the success of BMT.

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4.3. Financial Report Analysis 4.3.1. Liquidity Graph 1. Liquidity Growth of BMT Berkah Madani Cimanggis

1.2 1.1

1.16 1.1

Current Ratio

1.06

1 2007

2008

2009

Liquidity ratio is used to measure the liquidity of the company namely current ratio. From the graph above, we can see that the current ratio of BMT Berkah Madani Cimanggis at 2007 about 1.10 and then decrease at 2008 to 1.06 and at 2009 increase to 1.16. This indicates that condition of BMT Berkah Madani Cimanggis during this period is liquid. Because a company classified to liquid if current ratio greater than one (> 1), this happen when current assets greater than current liabilities.

BMT Berkah Madani Cimanggis decrease at 2008 is caused by decrease of capital in the BMT Berkah Madani Cimanggis. At 2007, BMT Berkah Madani Cimanggis has capital about Rp 86.200.000,- and then at 2008 fall to Rp 36.200.000,-. It is caused transition manager of BMT Berkah Madani Cimanggis, movement of human resources makes major of deposit is taken by investors.

4.3.2. Solvency Graph 2. Solvency Growth of BMT Berkah Madani Cimanggis

We can see that at 2007, 2008, and 2009 solvency BMT Berkah Madani Cimanggis is classified solvabel. BMT Berkah Madani Cimanggis has a solvency above 100% and the difference (positive). Exactly, at 2007 BMT Berkah Madani Cimanggis has value of DER 1.24

Knowledge horizons – Volume 4, no. 1–2/2012

or 124%. Then decrease to 1.14 or 114% at 2008, it is effect of decrease total assets at 2008, that is equal to Rp 50.000.000, - or 58% from a year before. At 2009 increase that is equal 1.17 or 117%.

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4.3.3. Rentability Graph 3. Profitability Growth of BMT Berkah Madani Cimanggis

ROA at 2007 equal to 3.47 or 347%, then at 2008 decrease to 0.025 or 2.5% and at 2009 dropped back to 0.02 or 2%. As we known, value of ROA is determined by value of the net profit and total assets. Similarly, decrease value of ROA at 2008 is caused by decrease in total assets during the year about Rp 47,995,052,- or 4.37% from previous year. The decrease of ROA that happened at 2009 is caused increase net income is lower than increase total assets from 2008 to 2009. Net income increase 50.25% from the previous year. While for total assets increase 79% from a year previous.

At 2007 and 2008 BOPO of BMT Berkah Cimanggis Madani is same, that is 0.89. Whereas at 2009 BOPO of BMT Berkah Madani Cimanggis is increase from 0.29 to 1.18. Same value of BOPO BMT Berkah Madani Cimanggis at 2007 and 2008 is caused by changes of operating costs and operating income from 2007 to 2008 is same large, that is 546.68 %. While the increase at 2009 also is caused by the increase operational costs and operating income. So overall, increase and decrease still in positive values. This indicates that during this period BMT Berkah Cimanggis Madani has ability to create profit.

4.3.4. Profitability Graph 4. Profitability Growth of BMT Berkah Madani Cimanggis

The ratio is used profit margin ratio to illustrate the efficiency of BMT Berkah Madani Cimanggis in producing profits. Value of profit margin BMT Berkah Madani Cimanggis at 2007 is 0.016,

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increase at 2008 to 0.103 and 2009 decrease back to 0.07. The increase occurred at 2008 is supported by increase incomes of murabaha, as the product most popular about Rp 55,987,490.40.

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4.3.5. Activity Graph 5. Activity Growth Charts BMT Madani Cimanggis Blessing

Fixed Asset Turnover (FAT) of BMT Berkah Madani Cimanggis at 2007 is 0.01 and increase to 0.07 at 2008 and decrease again become 0.01 at 2009. At 2007 Total Asset Turnover of BMT Berkah Madani Cimanggis is 0.01, then increased at 2008 become 0.07 and decreased become 0.05 at 2009. Although the activity increase in previous years, but because is followed by decrease ability to manage funds (Rentability ratio) at 2009 caused decrease of activity become 0.01 for Fixed Asset Turnover and 0.05 for Total Asset Turnover. Overall, activity ratio of BMT Berkah Madani Cimanggis increase at 2008 and decrease at 2009. This indicates that the activity of BMT Berkah Madani has not stable, it is caused by inefficient using the resources at own.

5. Conclutions and recommendations Conclutions There is a significant correlation between ownership BMT and good managerial. There isn’t a significant relationship between costumers sense of own BMT and network is owned by the BMT, actually. There is a significant relationship between good managerial BMT and their network, actually. Influence Great of ownership, good managerial and networking to the success of BMT in general (R) for 0.806 which means it have relationship with the category of "strong". Size of change in the variable success of BMT can be explained by ownership, good managerial and network equal to 65% (R2 = 0.65). Other variables that explain the variable success of BMT is 35%. Knowledge horizons – Volume 4, no. 1–2/2012

From results analysis of financial reports can be concluded that one of the factors that influence the success of BMT Berkah Madani Cimanggis from the economic side is the ability to manage finances. Proven by financial situation in 2007, 2008 and 2009 are classified as liquid with a 1.10 ratio in 2007, 1.06 in 2008 and 1.16 in 2009. Solvabel classified with the value 1.24 in 2007, 1.14 in 2008 and 1.17 in 2009. And has the ability to create income or with good profitability. Recommendations The role of BMT Blessing Madani Cimanggis to more develop customer's business, not just give capital support needed business mentoring (capacity building) in the form of management and marketing to develop business, besides the capital support needed. And need to hold variations in the levels needs and capabilities of SME. Because it creates a segmentation that produces variety of financing systems that are suitable for each category of SME segment. In cope with limited funds, which caused in limited funding request fulfillment. With condition of BMT Berkah Madani Cimanggis who has performed financial cooperation with banking institutions and INKOPSYAH perceived according has a maximum capacity of BMT, if it enfored continues will impact not well. We recommend, BMT Berkah Madani Cimanggis further strengthen the member’s capital.

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