Strategic Approach to Enhancing MSME Competitiveness Through The Implementation of Sharia Economic Principles

Rahayu Mardikaningsih; Siti Nur  Halizah; Rommy  Hardyansah; Jahroni Jahroni; Didit Darmawan

Authors

Rahayu Mardikaningsih University of Sunan Giri Surabaya
Siti Nur Halizah University of Sunan Giri Surabaya
Rommy Hardyansah University of Sunan Giri Surabaya
Jahroni Jahroni University of Sunan Giri Surabaya
Didit Darmawan University of Sunan Giri Surabaya

Keywords:

sharia economic principles, MSMES (micro, small and medium enterprises), competitiveness, fairness, sustainability

Abstract

This study investigates strategies for implementing sharia economic principles to increase the competitiveness of Micro, Small and Medium Enterprises (MSMEs). Sharia economic principles, such as fairness, sustainability and risk sharing, are integrated into MSME business practices to achieve competitive advantage and sustainable growth. This values analysis underscores the importance of maintaining a balance between economic, social and environmental needs, while ensuring equality in economic transactions. Practical implementation of sharia economic principles is carried out through financial management, financing, investment, and relationships with stakeholders, with concrete steps such as avoiding usury, considering sharia financing schemes, and implementing transparent business practices. The impact includes increased access to new markets, customer trust and brand reputation, which strengthens MSMEs' position in the market and ensures long-term success. Therefore, integration of sharia economic principles is the key for MSMEs to achieve sustainable success.

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