Bonded Flexibility: How Socio-economic Relationships Shape Dynamic Margin Strategies in Indonesian Islamic Microfinance
DOI:
https://doi.org/10.36420/trqpzb20Keywords:
Socio-economic bonding, Islamic microfinance, Murabaha, bonded flexibility, relational pricingAbstract
This study examines how socio-economic bonding --operationalized through the relational dimensions of honesty (ṣidq), mutual respect (ikrām), trust (amānah), reciprocity (tabāduliyyah), and collective solidarity (tadāmun)-- shapes dynamic Murabaha margin strategies within a community-based Islamic microfinance institution. Drawing on a qualitative case study of BMT Al-Iktisab, Aeng Nyonok Branch, East Java, data were gathered through in-depth interviews, non-participant observation, and internal document analysis. Thematic analysis reveals that margin flexibility is not an ad hoc commercial concession but a systematically conditioned outcome of socio-economic bond depth between the institution and its member-clients. This relational conditioning is operationalized through a multi-factor scoring matrix, loyalty-based rebates, seasonal adjustments, and a five-stage ritualized negotiation process. The study advances the concept of "bonded flexibility" -- a relational pricing logic in which Sharia-compliant boundaries are sustained while margin parameters are legitimately calibrated in proportion to the strength and quality of socio-economic bonds. This framework extends socio-economic bonding theory into the domain of relational pricing within Islamic finance, demonstrating that margin determination is a socially constructed and ethically embedded process rather than a purely technical financial calculation.
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