This study aims to gain the perception of Selangor’s disadvantaged women on the Shariah (Islamic law) rules on two micro-equity financing instruments, namely, mudarabah (profit sharing) and musharakah (profit-and-loss sharing) (M&M).,A survey was carried out in the rural area of Selangor district in Malaysia by administering a self-generated structured questionnaire. A total of 330 completed questionnaires were retrieved from the members of an Islamic microfinance institution (IsMFI), namely, Amanah Ikhtiar Malaysia (AIM). The data were analysed by using structural equation modelling.,The female borrowers of AIM perceive the Shariah rules of M&M requiring high moral and ethical values and diligent repayment performance. They are aware of some other underlying provisions such as business liquidation, share transfer, information discloser and business termination. The overall findings of this study suggest that the perceived Shariah rules are akin to those that are commonly used in general partnership businesses between Muslims. It also indicates that disadvantaged entrepreneurs would accept the rules that are easy to comprehend as well as favourable to their interests. It further suggests that respondents’ experiences of microfinance and business operation do not have a significant influence on their perception of M&M instruments.,This study was limited to Selangor. So, the perception of Muslim women surveyed may not represent the views of all women in Malaysia. However, it can offer a primary understanding of the said issue.,The findings of this study can help IsMIFs take initiatives to offer M&M as micro-equity finance to poor women entrepreneurs.,So far, limited studies have been carried out on M&M-based microfinancing. This paper offers new insights presenting disadvantaged women entrepreneurs’ perception of these financing instruments.

中文翻译：

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穆达拉巴（Mudarabah）和穆沙拉卡（Musharakah）作为微型股权融资：对雪兰莪处境不利的女企业家的看法

这项研究的目的是让雪兰莪州的处境不利妇女对伊斯兰教法（伊斯兰法）关于两种微型股权融资工具的规则有所了解，这两种方法是：mudarabah（利润分享）和musharakah（利润与亏损分享）（M＆M）。调查是在马来西亚雪兰莪地区的农村地区进行的，该调查是通过自行生成的结构化问卷进行的。从伊斯兰小额信贷机构（IsMFI）的成员，即Amanah Ikhtiar Malaysia（AIM）的成员中，总共检索了330份问卷。通过使用结构方程模型对数据进行分析。AIM的女性借款人意识到M＆M的伊斯兰教法，要求他们具有很高的道德和道德价值以及勤奋的还款表现。他们了解其他一些基本规定，例如业务清算，股份转让，信息披露者和业务终止。这项研究的总体结果表明，伊斯兰教义规则与穆斯林之间的普通合伙企业中通常使用的规则相似。这也表明，处境不利的企业家会接受易于理解并有利于自己利益的规则。这进一步表明，受访者的小额信贷和业务运营经验对他们对M＆M工具的看法没有显着影响。本研究仅限于雪兰莪。因此，接受调查的穆斯林妇女的看法可能并不代表马来西亚所有妇女的看法。但是，它可以提供对上述问题的初步理解。这项研究的结果可以帮助IsMIFs采取主动行动，为贫困的女企业家提供M＆M作为微型股权融资。到目前为止，关于基于M＆M的小额信贷的研究还很有限。本文提供了新的见解，介绍了处境不利的女企业家对这些筹资手段的看法。