Developing Digital Islamic Social Finance Models for Micro Small Enterprises During Crisis in Indonesia

HRMARS - This study proposes and empirically evaluates a crisis-responsive digital Islamic Social Finance (ISF) model for supporting micro and small enterprises (MSEs) in Indonesia. Employing the Analytic Network Process (ANP), the research examines the interdependent relationships among four key dimensions: compliance, MSE requirements, infrastructure, and ISF purpose, alongside alternative digital ISF models integrating zakat, sadaqah, and waqf. Primary data were obtained through expert-based Focus Group Discussions and ANP questionnaires involving representatives from regulators, Islamic social finance institutions, fintech practitioners, and academia. The results demonstrate that infrastructure is the most influential criterion (0.64), reflecting the centrality of digital governance, system integration, and institutional readiness. MSE requirements (0.444) emerge as the second priority, followed by compliance (0.264) and ISF purpose (0.212). At the model level, a waqf-based digital ISF framework ranks highest in promoting long-term MSE empowerment, while zakat and sadaqah-based models function as short-term stabilizers during crisis conditions. The findings confirm that an integrated and layered digital ISF architecture enhances economic resilience by aligning institutional capacity, beneficiary needs, and maqasid al-shariah–oriented objectives. This study offers policy-relevant insights for strengthening inclusive and sustainable economic recovery through digital Islamic social finance.