ISLAMIC FINANCIAL LITERACY, MUDHARABAH FINANCING, AND MSME PERFORMANCE: THE MEDIATING ROLE OF BUSINESS PRODUCTIVITY

Wa Ode Alyana Putri  Amsya; Nurudin Nurudin; Riska  Wijayanti

doi:10.32939/64mjdb49

Authors

Wa Ode Alyana Putri Amsya Universitas Islam Negeri Walisongo Semarang
Nurudin Nurudin Universitas Islam Negeri Walisongo Semarang
Riska Wijayanti Universitas Islam Negeri Walisongo Semarang

DOI:

https://doi.org/10.32939/64mjdb49

Abstract

This study examines whether mudharabah financing and Islamic financial literacy improve the performance of micro, small, and medium enterprises (MSMEs) and whether business productivity mediates these relationships. Primary data were collected from 100 MSME owners in Semarang City who had received mudharabah financing and were analysed using PLS-SEM with SmartPLS 4. The measurement model met the criteria for validity and reliability. Islamic financial literacy has a positive and significant effect on business productivity (β = 0.407, p < 0.001), and business productivity strongly affects MSME performance (β = 0.851, p < 0.001). Mudharabah financing has no significant effect on business productivity or MSME performance, and Islamic financial literacy has no significant direct effect on MSME performance. Business productivity fully mediates the effect of Islamic financial literacy on MSME performance (indirect effect = 0.346, p < 0.001) but does not mediate the effect of mudharabah financing. The performance of financed MSMEs therefore depends more on the entrepreneur's capability to manage resources according to Islamic financial principles than on the availability of profit-sharing capital. Islamic financial institutions should combine mudharabah financing with structured financial literacy and business mentoring.

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