Productive Financing of Sharia Banks For MSMEs Development: A Systematic Literature Review
DOI:
https://doi.org/10.24252/iqtisaduna.v11i2.55603Keywords:
Productive Financing, Islamic Banking, SMES, Sistematic Literature ReviewAbstract
Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in Indonesia’s economy, yet their access to productive financing from Islamic banks remains limited. Despite the growth of Islamic banking, the proportion of productive funding is still low compared to consumer financing, reducing its potential impact on the real sector. This study aims to analyze the contribution of productive funding by Islamic banks to MSME development and identify gaps in product innovation and regulatory challenges the sector faces. Using a systematic literature review (SLR) approach and bibliometric analysis with VOSviewer, the findings reveal that Sharia-based financing schemes such as mudharabah and musyarakah offer significant potential to enhance MSME resilience. However, limited financial literacy, product diversification, and stringent collateral requirements remain major barriers. This study recommends policies to improve Sharia financial literacy, develop flexible financing products, and reform regulations to support MSME access to productive financing. These findings underscore the strategic role of Islamic banks as catalysts for financial inclusion and drivers of sustainable economic growth.
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References
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Aziz, R., & Tri, T. (2021). Determinant of Macro and Micro in Small Medium Enterprise Financing Through Islamic Banks. https://doi.org/10.4108/eai.17-7-2020.2302992
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Komarudin, P., Hadi, H., & Sodiki, M. (2023). Produktive Financing Problems in Islamic Banks, (Research at Universities in Indonesia : A Systematic Literature Review Analysis). Al-Insyiroh: Jurnal Studi Keislaman. https://doi.org/10.35309/alinsyiroh.v9i1.6483
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Kooli, C., Shanikat, M., & Kanakriyah, R. (2022). Towards a new model of productive Islamic financial mechanisms. International Journal of Business Performance Management. https://doi.org/10.1504/ijbpm.2022.119551
Kutty, F. (2020). Islamic Finance, Consumer Protection and Public Policy. In Faith, Finance, and Economy: Beliefs and Economic Well-Being. https://doi.org/10.1007/978-3-030-38784-6_7
Mahmoud, M. A., Umar, U. H., Danlami, M. R., & Ado, M. B. (2024). An analysis of Islamic financing access in Nigeria: perspectives of MSME owners. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-02-2024-0072
MOHOMED, A. B. R. N. (2017). Models of Personal Finance in Islamic Banking : an Attempt To. Thesis Submitted to the Faculty of College of Islamic Studies In Partial Fulfillment of the Requirements for the Degree of Master of Science in Islamic Finance, 1(April).
Mohsin Hakeem, M. (2019). Innovative Solutions to Tap “Micro, Small and Medium Enterprises” (MSME) Market a Way Forward for Islamic Banks. Islamic Economic Studies.
Mufraini, M. A., Wicaksono, A. T. S., Meylianingrum, K., Ningtyas, M. N., & Supriyono. (2020). Islamic bank financing: Finding the spatial effect and influencing factors from an archipelagic Indonesia. International Journal of Economic Policy in Emerging Economies. https://doi.org/10.1504/ijepee.2020.106683
Mustafida, R., Fauziah, N. N., & Kurnia, Z. N. (2021). The Development of Islamic Crowdfunding in Indonesia and Its Impact towards SMEs. Hasanuddin Economics and Business Review. https://doi.org/10.26487/hebr.v4i3.2547
Nastiti, N. D., & Kasri, R. A. (2019). The role of banking regulation in the development of Islamic banking financing in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-10-2018-0365
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Putra, D. A., & Amanda Alvi Nurdiantoro. (2024). Determinant Profitability of The Islamic Banking Industry inIndonesia: Literature Review. Jurnal Akuntansi, 14(2), 171–180. https://doi.org/10.33369/jakuntansi.14.2.171-180
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Rejekiningsih, T. W., Kurnia, A. S., & Sugiyanto, F. X. (2022). ANALYSIS OF EFFICIENCY OF INTERMEDIATION FUNCTIONS FROM FINANCIAL INSTITUTIONS AND CONSUMER SURPLUS OF FUNDS IN INDONESIA. International Journal of Economics and Finance Studies. https://doi.org/10.34109/ijefs.20220017
Retnowati, A.-, & Jayanto, P. Y. (2020). Factors Affecting Non-Performing Financing at Islamic Commercial Banks in Indonesia. Accounting Analysis Journal. https://doi.org/10.15294/aaj.v9i1.20778
Rhoudri, S., & Ougoujil, S. (2024). Propensity toward Islamic debt financing among Moroccan MSMEs: assessing the mediating effect of entrepreneurial achievement motivation using PLS-MGA. International Journal of Bank Marketing. https://doi.org/10.1108/IJBM-01-2024-0070
Sabrina, S., & Majid, M. S. A. (2020). The Reluctance Phenomenon of Islamic Banks to Offer Profit-Loss Sharing Financing. JEJAK. https://doi.org/10.15294/jejak.v13i2.23891
Saifurrahman, A., & Kassim, S. H. (2024). Regulatory issues inhibiting the financial inclusion: a case study among Islamic banks and MSMEs in Indonesia. Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-05-2022-0086
Sari, M., & Sugianto, S. (2022). Determinants of the Financial Performance of Indonesian Islamic Banks (BSI) Kcp Kampung Tax. Jurnal Ekonomi, Manajemen, Akuntansi Dan Keuangan. https://doi.org/10.53697/emak.v3i3.608
Setiawan, R. A. (2022). Risk and Regulation of Islamic Banks: the Indonesian Experience. Western Sydney University.
Setiawan, R. A. (2023). The Future of Islamic Banking and Finance in Indonesia: Performance, Risk and Regulation. In The Future of Islamic Banking and Finance in Indonesia: Performance, Risk and Regulation. https://doi.org/10.4324/9781003393986
Siahaan, M. (2020). Increasing the Role of Bank Financial Institutions and Non-Bank Financial Institutions in Providing Optimal Distribution for Communities during the Covid-19 Pandemic. In .Proceeding Book of The 2 International Conference on Business and Banking Innovations ( ICOBBI ) 2020 “ Nurturing Business and Banking Sustainability".
Subkhan, M. (2023). Innovation Of Sharia Financial And Banking Products In MSME Development. Journal of Management, Economic, and Financial, 1(1), 8–22. http://jmef.polteksci.ac.id/index.php/jmef/article/view/1%0Ahttp://jmef.polteksci.ac.id/index.php/jmef/article/download/1/7
Thaker, M. A. B. M. T., Thaker, H. B. M. T., Pitchay, A. B. A., Amin, M. F. Bin, & Khaliq, A. Bin. (2020). LEVERAGING ISLAMIC BANKING AND FINANCE FOR SMALL BUSINESSES: EXPLORING THE CONCEPTUAL AND PRACTICAL DIMENSIONS. Adbi Working Paper.
Trimulato Ismawati, dan Nuraeni, A. K. (2020). “Optimalisai Peran Pembiayaan Produktif Bank Syariah Bagi UMKM di Indonesia,” Iqtishodia: Jurnal Ekonomi Syariah 5, no. 1, hlm. 3. Iqtishodia: Jurnal ….
Trimulato, T. (2020). Pengembangan UMKM Melalui Fintech Syariah di Tengah Wabah Covid-19. Al Iqtishadiyah Jurnal Ekonomi Syariah Dan Hukum Ekonomi Syariah, 6(2), 64. https://doi.org/10.31602/iqt.v6i2.3867
Wahyudin, A., Sudarmiatin, S., & Wardana, L. W. (2023). MSMES Success Strategy: Unveiling the Secrets of Inspiring Small Business Success. West Science Journal Economic and Entrepreneurship. https://doi.org/10.58812/wsjee.v1i11.364
Yusron, Y., Ayuniyyah, Q., & Beik, I. S. (2023). Influence Of Internal And Macro Factors Islamic Bank External To Islamic Bank Mudharabah-Based Financing For MSMES. Proceedings of the 1st International Conference on Managementand Small Medium Enterprise, 1(March), 1–13. http://prosiding.uika-bogor.ac.id/index.php/ICMSME/article/view/447%0Ahttp://prosiding.uika-bogor.ac.id/index.php/ICMSME/article/download/447/306
Yusup, M., & Nasution, D. S. (2020). Implementation of the Maqashid Syariah Index Approach on the Performance of Sharia Regional Development Banks in Indonesia. Journal of Finance and Islamic Banking. https://doi.org/10.22515/jfib.v3i1.1952
Zuliansyah, A., & Lampung, R. I. (2019). Optimization of Financing Role of Islamic Banks Development of Micro Small and Medium Enterprises (MSME) In Bandar Lampung. In Journal of Islamic Business and Economic Review.
Zulkhibri, M. (2018). The impact of monetary policy on Islamic bank financing: bank-level evidence from Malaysia. Journal of Economics, Finance and Administrative Science. https://doi.org/10.1108/JEFAS-01-2018-0011
Abasimel, N. A. (2023). Islamic Banking and Economics: Concepts and Instruments, Features, Advantages, Differences from Conventional Banks, and Contributions to Economic Growth. Journal of the Knowledge Economy. https://doi.org/10.1007/s13132-022-00940-z
Abbas, S. (2022). The Role of Financial Intermediary and the Contribution of Islamic Banking in Financing Micro, Small and Medium Enterprises in North Maluku. Jurnal Manajemen Bisnis.
Abd Halim, F., & Tengku Ahmad Mazlin, T. D. A. (2018). Maqasid al-shariah in Islamic banks: before and after Value-Based Intermediation (VBI) implementation. Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Master of Islamic Banking and Finance.
Adelekan, A. S. (2021). Islamic Financing Effects on Small Medium Enterprises Competitiveness. Journal of Islamic Economic and Business Research. https://doi.org/10.18196/jiebr.v1i1.11753
Alfarizi, M., & Ngatindriatun. (2022). Determination of the Intention of MSMEs Owners Using Sharia Cooperatives in Improving Indonesian Islamic Economic Empowerment. Jurnal Ekonomi Syariah Teori Dan Terapan. https://doi.org/10.20473/vol9iss20226pp834-849
Andespa, R., Yeni, Y. H., Fernando, Y., & Sari, D. K. (2024). Sustainable Development of Islamic Banks by Creating Islamic Branding: Challenges, Importance, and Strategies of Islamic Branding. International Journal of Sustainable Development and Planning, 19(2), 637–650. https://doi.org/10.18280/ijsdp.190221
Ayu, F., Niu, L., Manado, P. N., Utara, S., Raya, J., & Ds, P. (2024). PRODUCTIVE FINANCING FOR MICRO , SMALL AND MEDIUM ENTERPRISES ( MSMES ): EFFORTS TO ACHIEVE THE SUSTAINABLE DEVELOPMENT GOALS ( SDGS ). Jurnal KUNUZ IAIN MAnado, 4(2), 120–133.
Ayu, P. (2019). Encouraging Islamic Financing to Achieve SDGs through Poverty Alleviation. Journal of Islamic Finance.
Aziz, R., & Tri, T. (2021). Determinant of Macro and Micro in Small Medium Enterprise Financing Through Islamic Banks. https://doi.org/10.4108/eai.17-7-2020.2302992
Benaicha, M. (2020). An analysis of the normative parameters of reward and risk in Islamic finance. ISRA International Journal of Islamic Finance. https://doi.org/10.1108/IJIF-07-2019-0100
D’Alvia, D. (2020). Risk, uncertainty and the market: A rethinking of Islamic and Western finance. International Journal of Law in Context. https://doi.org/10.1017/S1744552320000154
Dewi, S., Yaswirman, Febriamansyah, R., & Henmaidi. (2024). The Role of Islamic Banking in Achieving Sustainable Development Goals (SDGs) in West Sumatera. Journal of Ecohumanism, 3(4), 3489–3502. https://doi.org/10.62754/joe.v3i4.3866
Dharmadasa, P. D. C. S. (2021). “Fintech Services” and the Future of Financial Intermediation: A Review. Sri Lanka Journal of Economic Research. https://doi.org/10.4038/sljer.v8i2.135
Faizi, F. (2024). How are Islamic banking products developed? Evidence from emerging country. Cogent Economics & Finance, 12(1). https://doi.org/10.1080/23322039.2024.2378961
Ferguson, A., & Lam, P. (2023). Information Asymmetry, Financial Intermediation, and Wealth Effects of Project Finance Loans. Review of Corporate Finance Studies. https://doi.org/10.1093/rcfs/cfab022
Fitria Yustiardhi, A., Arifatu Diniyya, A., Amirah Ahmad Faiz, F., Shazni Subri, N., & Nabila Kurnia, Z. (2020). Issues and Challenges of the Application of Mudarabah and Musharakah in Islamic Bank Financing Products. Journal of Islamic Finance, 9(2), 26–41.
Goldstein, I. (2023). Information in Financial Markets and Its Real Effects. Review of Finance. https://doi.org/10.1093/rof/rfac052
Habibi, A., Utami, P., Muzammil, R., & Nasor, M. (2023). The Policy Role of Bank Syariah Indonesia for MSMEs Sector in Community Economic Empowerment. Jurnal Kewirausahaan Dan Bisnis. https://doi.org/10.20961/jkb.v28i1.67178
Harfandi, H., & Ilahi, I. (2022). The Strategies for Optimizing Islamic Bank Financing in Developing Micro, Small And Medium Enterprises (MSMEs) in Indonesia. In Journal of Positive School Psychology.
Hassan, A., & Mollah, S. (2018). Islamic finance: Ethical underpinnings, products, and institutions. In Islamic Finance: Ethical Underpinnings, Products, and Institutions. https://doi.org/10.1007/978-3-319-91295-0
Hernández-Chea, R., Mahdad, M., Minh, T. T., & Hjortsø, C. N. (2021). Moving beyond intermediation: How intermediary organizations shape collaboration dynamics in entrepreneurial ecosystems. Technovation. https://doi.org/10.1016/j.technovation.2021.102332
Ismail, A. G. (2019). Islamic Finance and Economic Development. In A. M. El Tiby & W. Grais (Eds.), Islamic Finance and Economic Development (Vol. 1, Issue March). Wiley. https://doi.org/10.1002/9781119204343
Khafagy, A. (2023). The Concrete Function of the Banking System: Samir Amin’s Monetary Theory of Financial Underdevelopment. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4317363
Komarudin, P., Hadi, H., & Sodiki, M. (2023). Produktive Financing Problems in Islamic Banks, (Research at Universities in Indonesia : A Systematic Literature Review Analysis). Al-Insyiroh: Jurnal Studi Keislaman. https://doi.org/10.35309/alinsyiroh.v9i1.6483
Konstantakopoulou, I. (2023). Financial Intermediation, Economic Growth, and Business Cycles. In Journal of Risk and Financial Management. https://doi.org/10.3390/jrfm16120514
Kooli, C., Shanikat, M., & Kanakriyah, R. (2022). Towards a new model of productive Islamic financial mechanisms. International Journal of Business Performance Management. https://doi.org/10.1504/ijbpm.2022.119551
Kutty, F. (2020). Islamic Finance, Consumer Protection and Public Policy. In Faith, Finance, and Economy: Beliefs and Economic Well-Being. https://doi.org/10.1007/978-3-030-38784-6_7
Mahmoud, M. A., Umar, U. H., Danlami, M. R., & Ado, M. B. (2024). An analysis of Islamic financing access in Nigeria: perspectives of MSME owners. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-02-2024-0072
MOHOMED, A. B. R. N. (2017). Models of Personal Finance in Islamic Banking : an Attempt To. Thesis Submitted to the Faculty of College of Islamic Studies In Partial Fulfillment of the Requirements for the Degree of Master of Science in Islamic Finance, 1(April).
Mohsin Hakeem, M. (2019). Innovative Solutions to Tap “Micro, Small and Medium Enterprises” (MSME) Market a Way Forward for Islamic Banks. Islamic Economic Studies.
Mufraini, M. A., Wicaksono, A. T. S., Meylianingrum, K., Ningtyas, M. N., & Supriyono. (2020). Islamic bank financing: Finding the spatial effect and influencing factors from an archipelagic Indonesia. International Journal of Economic Policy in Emerging Economies. https://doi.org/10.1504/ijepee.2020.106683
Mustafida, R., Fauziah, N. N., & Kurnia, Z. N. (2021). The Development of Islamic Crowdfunding in Indonesia and Its Impact towards SMEs. Hasanuddin Economics and Business Review. https://doi.org/10.26487/hebr.v4i3.2547
Nastiti, N. D., & Kasri, R. A. (2019). The role of banking regulation in the development of Islamic banking financing in Indonesia. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-10-2018-0365
Nugroho, L., & Nugraha, E. (2020). the Role of Islamic Banking and E-Commerce for the Development of Micro, Small, and Medium Entrepreneur Businesses. Business, Economics and Management Research Journal - BEMAREJ.
Onyeje, S. A., Court, T. O., & Agbaeze, E. K. (2022). National Enterprise Policy Dimensions and Sustainability of Micro, Small and Medium Enterprises (MSMEs). Journal of African Business. https://doi.org/10.1080/15228916.2020.1838838
Putra, D. A., & Amanda Alvi Nurdiantoro. (2024). Determinant Profitability of The Islamic Banking Industry inIndonesia: Literature Review. Jurnal Akuntansi, 14(2), 171–180. https://doi.org/10.33369/jakuntansi.14.2.171-180
Ratnawati, K. (2020). The Influence of Financial Inclusion on MSMEs’ Performance Through Financial Intermediation and Access to Capital. Journal of Asian Finance, Economics and Business. https://doi.org/10.13106/jafeb.2020.vol7.no11.205
Rejekiningsih, T. W., Kurnia, A. S., & Sugiyanto, F. X. (2022). ANALYSIS OF EFFICIENCY OF INTERMEDIATION FUNCTIONS FROM FINANCIAL INSTITUTIONS AND CONSUMER SURPLUS OF FUNDS IN INDONESIA. International Journal of Economics and Finance Studies. https://doi.org/10.34109/ijefs.20220017
Retnowati, A.-, & Jayanto, P. Y. (2020). Factors Affecting Non-Performing Financing at Islamic Commercial Banks in Indonesia. Accounting Analysis Journal. https://doi.org/10.15294/aaj.v9i1.20778
Rhoudri, S., & Ougoujil, S. (2024). Propensity toward Islamic debt financing among Moroccan MSMEs: assessing the mediating effect of entrepreneurial achievement motivation using PLS-MGA. International Journal of Bank Marketing. https://doi.org/10.1108/IJBM-01-2024-0070
Sabrina, S., & Majid, M. S. A. (2020). The Reluctance Phenomenon of Islamic Banks to Offer Profit-Loss Sharing Financing. JEJAK. https://doi.org/10.15294/jejak.v13i2.23891
Saifurrahman, A., & Kassim, S. H. (2024). Regulatory issues inhibiting the financial inclusion: a case study among Islamic banks and MSMEs in Indonesia. Qualitative Research in Financial Markets. https://doi.org/10.1108/QRFM-05-2022-0086
Sari, M., & Sugianto, S. (2022). Determinants of the Financial Performance of Indonesian Islamic Banks (BSI) Kcp Kampung Tax. Jurnal Ekonomi, Manajemen, Akuntansi Dan Keuangan. https://doi.org/10.53697/emak.v3i3.608
Setiawan, R. A. (2022). Risk and Regulation of Islamic Banks: the Indonesian Experience. Western Sydney University.
Setiawan, R. A. (2023). The Future of Islamic Banking and Finance in Indonesia: Performance, Risk and Regulation. In The Future of Islamic Banking and Finance in Indonesia: Performance, Risk and Regulation. https://doi.org/10.4324/9781003393986
Siahaan, M. (2020). Increasing the Role of Bank Financial Institutions and Non-Bank Financial Institutions in Providing Optimal Distribution for Communities during the Covid-19 Pandemic. In .Proceeding Book of The 2 International Conference on Business and Banking Innovations ( ICOBBI ) 2020 “ Nurturing Business and Banking Sustainability".
Subkhan, M. (2023). Innovation Of Sharia Financial And Banking Products In MSME Development. Journal of Management, Economic, and Financial, 1(1), 8–22. http://jmef.polteksci.ac.id/index.php/jmef/article/view/1%0Ahttp://jmef.polteksci.ac.id/index.php/jmef/article/download/1/7
Thaker, M. A. B. M. T., Thaker, H. B. M. T., Pitchay, A. B. A., Amin, M. F. Bin, & Khaliq, A. Bin. (2020). LEVERAGING ISLAMIC BANKING AND FINANCE FOR SMALL BUSINESSES: EXPLORING THE CONCEPTUAL AND PRACTICAL DIMENSIONS. Adbi Working Paper.
Trimulato Ismawati, dan Nuraeni, A. K. (2020). “Optimalisai Peran Pembiayaan Produktif Bank Syariah Bagi UMKM di Indonesia,” Iqtishodia: Jurnal Ekonomi Syariah 5, no. 1, hlm. 3. Iqtishodia: Jurnal ….
Trimulato, T. (2020). Pengembangan UMKM Melalui Fintech Syariah di Tengah Wabah Covid-19. Al Iqtishadiyah Jurnal Ekonomi Syariah Dan Hukum Ekonomi Syariah, 6(2), 64. https://doi.org/10.31602/iqt.v6i2.3867
Wahyudin, A., Sudarmiatin, S., & Wardana, L. W. (2023). MSMES Success Strategy: Unveiling the Secrets of Inspiring Small Business Success. West Science Journal Economic and Entrepreneurship. https://doi.org/10.58812/wsjee.v1i11.364
Yusron, Y., Ayuniyyah, Q., & Beik, I. S. (2023). Influence Of Internal And Macro Factors Islamic Bank External To Islamic Bank Mudharabah-Based Financing For MSMES. Proceedings of the 1st International Conference on Managementand Small Medium Enterprise, 1(March), 1–13. http://prosiding.uika-bogor.ac.id/index.php/ICMSME/article/view/447%0Ahttp://prosiding.uika-bogor.ac.id/index.php/ICMSME/article/download/447/306
Yusup, M., & Nasution, D. S. (2020). Implementation of the Maqashid Syariah Index Approach on the Performance of Sharia Regional Development Banks in Indonesia. Journal of Finance and Islamic Banking. https://doi.org/10.22515/jfib.v3i1.1952
Zuliansyah, A., & Lampung, R. I. (2019). Optimization of Financing Role of Islamic Banks Development of Micro Small and Medium Enterprises (MSME) In Bandar Lampung. In Journal of Islamic Business and Economic Review.
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Published
2025-07-29
How to Cite
Trimulato, T., Rodoni, A., Amelia, E., & Azis, R. M. (2025). Productive Financing of Sharia Banks For MSMEs Development: A Systematic Literature Review. Jurnal Iqtisaduna, 11(2), 327–344. https://doi.org/10.24252/iqtisaduna.v11i2.55603
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Volume 11 Nomor 2 (2025)
