Evaluasi Implementasi Prinsip Islamic Corporate Governance Pada BMT NU Wilayah Situbondo

Islamic Corporate Governance (ICG) plays a crucial role in ensuring that Islamic microfinance institutions operate in accordance with Sharia principles while maintaining members’ trust and confidence. The implementation of ICG at BMT NU Situbondo Region was examined based on five core principles: transparency, accountability, responsibility, independence, and fairness. This study employed a descriptive qualitative approach, with data collected through in-depth interviews, observations, and documentation across six sub-branch offices (KCP), namely Mlandingan, Besuki, Bungatan, Suboh, Jatibanteng, and Mangaran. The findings indicate that ICG has generally been implemented effectively, as reflected in the application of standard operating procedures (SOPs), clear task allocation, regular reporting mechanisms, equitable profit-sharing practices, and social programs through the distribution of zakat, infaq, and sadaqah. Sharia values, including shiddiq (truthfulness), amanah (trustworthiness), fathanah (competence), and tabligh (transparency in communication), have also been embedded in operational activities, thereby strengthening members’ trust and loyalty. Nevertheless, several challenges remain, including limited public access to information, insufficient understanding of Sharia concepts among members, varying levels of human resource competence, unstable economic conditions of members, and difficulties in adapting to information technology. The novelty of this study lies in its comprehensive analysis of ICG implementation based on the five core principles across six BMT branches within a single operational region, an area that has received limited attention in previous studies. These findings contribute to the growing body of literature on the governance of Islamic microfinance institutions and provide practical recommendations for enhancing transparency, member education, and human resource development to achieve more effective and sustainable Sharia governance.