Strengthening Indonesiaʼs Islamic Financial Inclusion: An Analytic Network Process Approach


  • Mohammad Mahbubi Ali IAIS Malaysia
  • Abrista Devi Ibn Khaldun University, Bogor, Indonesia
  • Hamzah Bustomi Pakuan University, Bogor, Indonesia
  • Hafas Furqani Universitas Islam Negeri Ar-Raniry, Banda Aceh, Indonesia
  • Muhammad Rizky Prima Sakti University College Bahrain (UCB)


Islamic finance, financial inclusion, Indonesia, Analytic Network Process, institutional solutions, product compatibility


This study proposes some strategies to strengthen Islamic financial inclusion in Indonesia. The study employs the Analytic Network Process (ANP) by interviewing Indonesian Islamic finance experts, including academics, regulators, and practitioners. The ANP results show that the strategies to strengthen Islamic financial inclusion in Indonesia, ranked based on their significance level, are product compatibility (0.28), financial infrastructure (0.25), human development (0.20), and demand creation (0.18). The study provides actionable recommendations for Islamic Financial Institutions (IFIs) in Indonesia when formulating their appropriate roadmaps and strategies for Islamic financial inclusion. This study is a pioneer work that develops an institutions-based strategy for Islamic financial inclusion in Indonesia based on expert judgments.


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Author Biographies

Mohammad Mahbubi Ali, IAIS Malaysia

Associate Fellow and Head of the Economics, Finance, Awqaf and Zakat division at IAIS Malaysia.

Abrista Devi, Ibn Khaldun University, Bogor, Indonesia

Lecturer at Ibn Khaldun University, Bogor, Indonesia

Hamzah Bustomi, Pakuan University, Bogor, Indonesia

Lecturer at Pakuan University, Bogor, Indonesia.

Hafas Furqani, Universitas Islam Negeri Ar-Raniry, Banda Aceh, Indonesia

Senior Lecturer at Universitas Islam Negeri Ar-Raniry, Banda Aceh, Indonesia.

Muhammad Rizky Prima Sakti, University College Bahrain (UCB)

Assistant Professor (Islamic Finance) at the Department of Business Administration, University College Bahrain (UCB).


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How to Cite

Mohammad Mahbubi Ali, Abrista Devi, Hamzah Bustomi, Hafas Furqani, and Muhammad Rizky Prima Sakti. 2020. “Strengthening Indonesiaʼs Islamic Financial Inclusion: An Analytic Network Process Approach”. ICR Journal 11 (2):225-51.