Yuyun Ristianawati, Setyo Budi Hartono


The emergence of financial inclusion in Islamic financial institutions has rendered the financial services offered suboptimal. Decisions available to Islamic financial institutions can determine the form of financial inclusion, the strengths of financial intermediation, and the realization of financial intermediation in investment diversification pathways in the challenges faced by financial intermediation. The study was conducted in Islamic financial institutions, using indicators of the financial inclusion dimension to find non-financial financing methods. The results show that the challenges of FI, the benefits of FI, and the perception of FI have a positive and significant impact on Agility's strategic diversification investment. This suggests that addressing financial inclusion requires an approach that goes beyond financial measures.

Full Text:



Adewusi, Y. (2011). Non-Interest Banking and Financial Inclusion. paper presented at the International Conference on Non-Interest Banking organized by the Central Bank of Nigeria in Collaboration with the Islamic Development Bank (IDB), Jeddah held at Transcop Hotel, Abuja.

Ahmad, A. H., Green, C., & Jiang, F. (2020). Mobile Money, Financial Inclusion And Development: A Review With Reference To African Experience. Journal of Economic Surveys, (), joes.12372–. doi:10.1111/joes.12372

Ali, O., Ally, M., Clutterbuck., Dwivedi., & Yogesh. (2020). The state of play of blockchain technology in the financial services sector: A systematic literature review. International Journal of Information Management, 54(), 102199–. doi:10.1016/j.ijinfomgt.2020.102199

Antara, P.M., Musa, R., & Hassan, F. (2017). Conceptualisation and Operationalisation of Islamic Financial Literacy Scale. Journal of Social and Humanities, 25, 251-260.

Carbo, S., Gardener, E.P. & Molyneux, P. (2005). Financial Exclusion, Palgrave MacMillan, Basingstoke.

Collard, S., Kempson, E. & Whyley, C. (2001). Tackling Financial Exclusion, Policy.

D'Aveni, R. A. (1994). Hypercompetition: Managing the dynamics of strategic maneuvering. New York: Free Press.

Demirguc-Kunt, A., Klapper, L., & Randall, D. (2013), “Islamic finance and financial inclusion; measuring use of and demand for formal financial services among Muslim adults”, Policy Research Working Paper No. WPS 6642, World Bank, Washington, DC, available at:

Demirgüç-Kunt, A., Klapper, L., Singer, D; Ansar, S., Hess, J. (2020). The Global Findex Database 2017: Measuring Financial Inclusion and Opportunities to Expand Access to and Use of Financial Services. The World Bank Economic Review, (), lhz013–. doi:10.1093/wber/lhz013.

DeYoung, R., & Rice, T. N. (2004). Noninterest Income and Financial Performance at U.S. Commercial Banks. Financial Review, 19(1), 101–127.Doz, Y., & Kosonen, M. 2007. Strategic renewal: Building strategic agility, International Strategic Management Society Conference. San Diego, CA.

Fahmi, I. (2018). Pengantar Teori Portofoli dan Analisis Investasi. Bandung: Alfabeta.

Hair et al., (1998). Multivariate Data Analysis, Fifth Edition, Prentice Hall, Upper Saddle River : New Jersey.

Hendriks, S. (2019). The role of financial inclusion in driving women’s economic empowerment. Development in Practice, 29(8), 1029–1038. doi:10.1080/09614524.2019.1660308

Jamrog, J. J., McCann, J. E., III, Lee, J. M., Morrison, C. L., Selsky, J. W., & Vickers, M. (2006). Agility and Resilience in the Face of Continuous Change: A Global Study of Current Trends and Future Possibilities 2006-2016. New York: American Management Association.

Hamel, G., & Prahalad, C. K. (1993). Strategy as stretch and leverage. Harvard Business Review, Vol. 71, No. 2. pp 75-85.

Grandolini, G.M. (2014). Five challenges prevent financial access for people in developing countries, available at:

Kasali, R. (2005). Manajemen Public Relations Konsep dan Aplikasinya di Indonesia. PT Pustaka Utama Grafiti.Jakarta

Lamb, L. (2016). Financial exclusion and financial capabilities in Canada. Journal of Financial Economic Policy, 8(2), 212 -227.

Markowitz, H. (1952). Portfolio Selection. Journal of Finance, Vol. VII, No. 1, pp. 77-91.

Mohamed, A.B.M.T.T., Hassanudin, B.M.T.T. & Anwar, B.A.P. (2018). Public relation activities in the islamic banking industry: an approach of the circuit of culture (COC) model. Journal of Islamic Marketing, 9(2), 283-295.

Ouma, S. A; Odongo, T. M; & Were, M. (2017). Mobile financial services and financial inclusion: Is it a boon for savings mobilization?. Review of Development Finance. S1879933716301695–. doi:10.1016/j.rdf.2017.01.001.

Ozili, P. K. (2020). Financial inclusion research around the world: A review. Forum for Social Economics, (), 1–23. doi:10.1080/07360932.2020.1715238

Park, C.Y. & Mercado, R.V. Jr. (2015). Financial inclusion, poverty, and income inequality in developing asia. Asian Development Bank Economics Working Paper Series (426).

Porkodi, S. & Aravazhi, D. (2013). Role of micro finance and self help agroups in financial inclusion. International Journal of Marketing, Financial Services & Management Research, 2(3), 137-149.

Sarma, M. & Pais, J. (2008). Financial inclusion and development: a cross country analysis, paper presented at the Annual Conference of the Human Development and Capability Association, New Delhi.

Schuetz, S., & Venkatesh, V. (2019). Blockchain, adoption, and financial inclusion in India: Research opportunities. International Journal of Information Management, (), S0268401219301872–. doi:10.1016/j.ijinfomgt.2019.04.009

Ristianawati, Y. Ghoniyah, N. & Hartono, S. B. (2021). Strategic Agility Diversification Investment: Islamic Financial Inclusion on the Financial Performance of Sharia Banks. Annals of R.S.C.B. 25(4), 2937-2945.

Ristianawati, Y. and Hartono, S. B. (2022). Determinasi Tantangan FI, Manfaat FI, dan Realisasi FI Pada Strategi Agility Diversifikasi Investasi, Jurnal Ilmiah Ekonomi Islam, 8(01), 2022, 699-706.

Shinkafi, A.A., Yahaya, A., Sani, T.A. (2019). Realising financial inclusion in Islamic finance. Journal of Islamic Marketing, 11(1), 143-160.

Subbarao, D. (2009). Financial inclusion: challenges and opportunities. Address delivered at the Bankers Club in Kolkata on December, p. 9.

Thomas, L. G. I. (1996). The Two Faces of Competition: Dynamic Resourcefulness and the Hypercompetitive Shift. Organization Science, 7(3), 221-242.

WorldBank, T. (2016). Working for a world free of poverty/financial inclusion. available at:

Zulkhibri, M., & Ismail, A.G. (2017). Financial inclusion and inclusive development: perspectives from Islamic institutions and instruments preface. Financial Inclusion and Poverty Alleviation: Perspectives from Islamic Institutions and Instruments. 7-15, doi: 10.1007/978-3-319-69799-4.


  • There are currently no refbacks.
echo 'slot gacor