The role of Islamic microfinance in increasing sustainable financial inclusion in Indonesia: A systematic literature review
List of Authors
  • Abdul Latif Rizqon , Muhammad Syafiq Fadhlurrahman

Keyword
  • Islamic Microfinance, Sustainable Financial Inclusion, Financial Services

Abstract
  • Sustainable financial inclusion is one of Indonesia's key economic development goals. Islamic microfinance is becoming an important tool to achieve this goal. The purpose of this study is to analyze the contribution of Islamic microfinance to increasing sustainable financial inclusion in Indonesia. The method in this study is through a qualitative approach by analyzing several articles, and related research. The result of this study is that Islamic microfinance, particularly in rural and remote areas, has significantly improved access to financial services for previously underserved groups. However, broader financial inclusion is still difficult to achieve due to issues such as complex regulations, lack of public knowledge about Islamic microfinance concepts, and program scalability.

Reference
  • 1. Afonso, J. S., & Khan, A. A. (2019). Islamic Microfinance: Exploring the Experience of Akhuwat in Promoting Qard Hasan in Pakistan. Emerging Challenges and Innovations in Microfinance and Financial Inclusion, 61–83. https://doi.org/10.1007/978-3-030-05261-4_4

    2. Anwar, A. Z., Rohman, F., Purbayu, B. S., & ... (2019). Integrated financing model in Islamic microfinance institutions for agriculture and fisheries sector. Investment ….

    3. Bank, W. (2018). The global findex database 2017: measuring financial inclusion and the fintech revolution. The World Bank Group Washington.

    4. Cheumar, M., & Yunita, P. (2022). Fintech Industry and Digital Financial Inclusion for Economic Development of an Inclusive Society in Indonesia. International Economic and ….

    5. Eka, P. H. (2017). The Outreach of Islamic Rural Banks in Indonesia. Elixir International Journal.

    6. El-Gammal, M., & Abozaid, A. (2021). Environmental Protection and Sustainable Development: An Islamic Perspective. … and Circular Economy: Connecting Impact and …. https://doi.org/10.1007/978-981-16-6061-0_3

    7. GIFR. (2015). Global Islamic finance report.

    8. Hasan, H. A., & Omar, R. (2018). Dampak Negatif Kredit Mikro Terhadap Keluarga Perempuan Miskin. PILAR.

    9. Juwaini, A. (2019). Strategi Pengembangan Keuangan Mikro Syariah di Indonesia. Jakarta: Komite Nasional Keuangan Syariah (KNKS).

    10. Keuangan, O. J. (2021). Strategi Nasional Literasi Keuangan Indonesia (SNLKI) 2021-2025. Otoritas Jasa Keuangan.

    11. Khair, M. Y. (2019). Perkembangan Perbankan Syariah di Dunia, Asia, dan Indonesia. Fakultas Ekonomi Universitas Djuanda.

    12. Kolistiawan, B. (2017). Tantangan Lembaga Keuangan Syariah dalam Menghadapi Masyarakat Ekonomi ASEAN. Muqtasid: Jurnal Ekonomi Dan ….

    13. Mufraini, M. A. (2016). Impact of investor confidence towards operational stability (An evidence from sharia banking as the deposit beneficiary of hajj fund in Indonesia). repository.uinjkt.ac.id. https://repository.uinjkt.ac.id/dspace/handle/123456789/44773

    14. Nabi, G., Islam, A., Bakar, R., & ... (2017). Islamic microfinance as a tool of financial inclusion in Bangladesh. Journal of Islamic ….

    15. Nadia, S., Ibrahim, A., & Jalilah, J. (2019). ANALISIS HAMBATAN PERTUMBUHAN PERBANKAN SYARIAH DI INDONESIA (Kajian Terhadap Perbankan Syariah Di Aceh). JIHBIZ :Global Journal of Islamic Banking and Finance., 1(2), 153. https://doi.org/10.22373/jihbiz.v1i2.8575

    16. Nugroho, M. A. S. (2020). Peran Inklusi Keuangan Perbankan Syariah Terhadap Kinerja Usaha Mikro Kecil Dan Menengah (UMKM). dspace.uii.ac.id.

    17. Nur’aini, U. (2023). Perbankan Syari’ah sebagai Penguat dalam Sistem Perekonomian Nasional. SCHOLASTICA: Jurnal Pendidikan Dan ….

    18. Nurdin, S. T. (2017). Peran Lembaga Keuangan Mikro Syariah Terhadap Usaha Mikro Kecil dan Menengah Dalam Mengatasi Kemiskinan. Ekonomi Islam.

    19. Obaidullah, M. (2008). Introduction to Islamic Microfinance. International Institute of Islamic Business and Finance. IBF Education and Charitable Trust. India: IBF (Net)(P) Limited ….

    20. OJK, O. J. K. (2019). Survei Nasional Literasi dan Inklusi Keuangan. Jakarta: OJK.

    21. Oktafia, R. (2017). Percepatan Pertumbuhan Usaha Mikro, Kecil Dan Menengah (Umkm) Melalui Perkuatan Lembaga Keuangan Mikro Syariah (Lkms) Di Jawa Timur. … of Annual Conference for Muslim Scholars.

    22. Ozdemir, M., Savasan, F., & Ulev, S. (2023). Leveraging financial inclusion through Islamic microfinance: A new model proposal for participation banks in Turkiye. Borsa Istanbul Review. https://www.sciencedirect.com/science/article/pii/S221484502300011X

    23. Ozili, P. K. (2020). Theories of financial inclusion. Uncertainty and Challenges in Contemporary Economic …. https://doi.org/10.1108/978-1-80043-095-220201008

    24. Paramita, M., & Zulkarnain, M. I. (2018). Peran Lembaga Keuangan Mikro Syariah Terhadap Pemenuhan Kebutuhan Permodalan Usaha Mikro Kecil Dan Menengah. Jurnal Syarikah: Jurnal Ekonomi ….

    25. Prastowo, P. (2018). Analisis regional keuangan inklusi perbankan syariah terhadap ketimpangan pendapatan di Indonesia. Jurnal Ekonomi & Keuangan Islam, 4(1), 51–57. https://doi.org/10.20885/jeki.vol4.iss1.art6

    26. Rusdianasari, F. (2018). Peran inklusi keuangan melalui integrasi fintech dalam stabilitas sistem keuangan Indonesia. Jurnal Ekonomi Kuantitatif Terapan.

    27. Sakti, A. (2021). Proposing New Islamic Microfinance Model for Sustainable Islamic Microfinance Institution. Islamic Finance and Sustainable Development, 349–378. https://doi.org/10.1007/978-3-030-76016-8_15

    28. Sari, W. R. (2023). PERAN LEMBAGA KEUANGAN MIKRO SYARIAH DALAM MEMBANGUN EKONOMI YANG BERKELANJUTAN DAN INKLUSIF. Jurnal Ekonomi Bisnis Dan Akuntansi.

    29. Statistika, B. P. (2022). Garis Kemiskinan, Jumlah, dan Persentase Penduduk Miskin di Kabupaten Ponorogo” dalam https. Ponorogokab. Bps. Go. Id,(Diakses Pada Tanggal 12 ….

    30. Sukardi, B. (2016). Inklusivisme Maqâsid Syarî’ah Menuju Pembangunan Berkelanjutan Bank Syariah di Indonesia. Tsaqafah.

    31. Usman, A. S., & Tasmin, R. (2016). The role of Islamic micro-finance in enhancing human development in Muslim countries. Journal of Islamic Finance.

    32. Widarwati, E., Sari, P., & Nurmalasari, N. (2019). Role of Financial Inclusion to Stability: The Case of Indonesia’s Sharia Banking. … of Business and Public ….

    33. Winanto, A. R., & Rapini, T. (2016). Peran Lembaga Keuangan Informal Terhadap Pemberdayaan Kelompok Usaha Informal. Ekuilibrium: Jurnal Ilmiah Bidang Ilmu ….

    34. Yumna, A., & Clarke, M. (2009). Integrating zakat and Islamic charities with microfinance initiative in the purpose of poverty alleviation in Indonesia. 8th International Conference on Islamic Economics and Finance.

    35. Zauro, N. A., Saad, R. A. J., Ahmi, A., & ... (2020). Integration of Waqf towards enhancing financial inclusion and socio-economic justice in Nigeria. International Journal of …. https://doi.org/10.1108/IJOES-04-2020-0054