The Role of Capital Utilization Effectiveness in Mediating The Effect of Murabahah Financing on MSME Performance; An Empirical Study on Customers of BSI KCP Surabaya Manukan

Micro, Small, and Medium Enterprises (MSMEs) have a strategic role in supporting
national economic growth, yet still face main obstacles in the form of capital limitations and
business capital management. This study aims to analyze the effect of murabahah financing on
MSME performance, the effect of murabahah financing on capital utilization effectiveness, the
effect of capital utilization effectiveness on MSME performance, and the role of capital
utilization effectiveness as a mediating variable for customers of BSI KCP Surabaya Manukan.
The research uses a quantitative approach with an explanatory research design. Primary data
was obtained through questionnaires distributed to 70 MSME actors receiving murabahah
financing selected using a purposive sampling technique. Data analysis was conducted using
SPSS version 25 through validity test, reliability test, classical assumption test, linear
regression, and path analysis. The research results show that murabahah financing has a
positive and significant effect on MSME performance (β = 0.362; p < 0.001) and capital
utilization effectiveness (β = 0.772; p < 0.001), while capital utilization effectiveness also has a
positive and significant effect on MSME performance (β = 0.542; p < 0.001). In addition, capital
utilization effectiveness is proven to partially mediate the effect of murabahah financing on
MSME performance with an indirect effect value of 0.418. These findings indicate that the
improvement of MSME performance is not only determined by access to financing, but also by
the ability of business actors in utilizing capital effectively and productively, so that Islamic
banking needs to strengthen capital management assistance to optimize the benefits of
financing for the development of MSMEs.