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THE CAUSAL IMPACT OF ISLAMIC FINANCIAL INCLUSION ON HUMAN DEVELOPMENT: A REGRESSION DISCONTINUITY ANALYSIS OF INDONESIAN PROVINCES

Finansha: Journal of Sharia Financial Management · Vol. 7 No. 1 (2026) · hlm. 1–25

DOI
10.15575/fjsfm.v7i1.55281
ISSN
2774-2687, 2775-0868
Terbit
2026-06-16
Penerbit
UIN Sunan Gunung Djati Bandung
Bahasa
eng

Abstrak

This study examines whether Islamic financial inclusion contributes to improvements in the Human Develop­ment Index (HDI) in Indonesia during the period 2020–2024. While previous studies generally report positive associations between financial inclusion and development outcomes, evidence regarding whether Islamic financial inclusion improves human development remains limited, particularly from a causal perspective and in the context of regional disparities. To address this gap, this study measures Islamic financial inclusion using the Islamic Financial Inclusion Index (IFII) based on the dimensions of accessibility, availability, and usage following Sarma (2012), and employs a Regression Discontinuity Design (RDD) to provide stronger evidence on its causal impact. The results show that Islamic financial inclusion in Indonesia remains low and uneven across provinces. Most provinces are in the low category, except Aceh, which is classified as high (0.719), and DKI Jakarta as moderate (0.548). The RDD estimation indicates a negative relationship between IFII/IFII and HDI (−4.1893), but no statistically significant discontinuity is found around the cutoff. This finding suggests that improvements in Islamic financial inclusion have not yet translated into measurable gains in human development outcomes during the study period, possibly because the benefits of financial inclusion require longer adjustment periods and supportive structural conditions before being reflected in HDI indicators.These findings indicate that financial inclusion alone may be insufficient to improve human development outcomes. Its effectiveness appears to depend on complementary factors such as financial literacy, infrastructure quality, institutional capacity, and the productive utilization of financial services.

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  • Universitas Halu Oleo
  • Universitas Islam Negeri Imam Bonjol Padang
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  • Organisasi berbeda
  • Organisasi sama
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Rekan penulisOrganisasiArtikel bersama
Rozalinda RozalindaAfiliasi tidak diketahui3
Wahyuni Lely AugusnaAfiliasi tidak diketahui2
Yenti AfridaAfiliasi tidak diketahui2
Alfian AlfianUniversitas Halu Oleo1
Mohamad Soleh NurzamanAfiliasi tidak diketahui1
Rahmad Tri HadiAfiliasi tidak diketahui1
Widia FithriAfiliasi tidak diketahui1
Perengki SusantoAfiliasi tidak diketahui1
Yummil YummilAfiliasi tidak diketahui1
Dina PatrisiaAfiliasi tidak diketahui1
Fitri AudilaAfiliasi tidak diketahui1
Annisa' Suryani OktapiaAfiliasi tidak diketahui1
Ahmad FernandaAfiliasi tidak diketahui1
Aulia IkhwaniAfiliasi tidak diketahui1
Misi AnggrainiAfiliasi tidak diketahui1
Septia SeptiaAfiliasi tidak diketahui1
Nurul HudaAfiliasi tidak diketahui1
Meirison MeirisonUniversitas Islam Negeri Imam Bonjol Padang1
Ahmad Sunawari LongAfiliasi tidak diketahui1
Nurul Asikin Binti Abdul RazakAfiliasi tidak diketahui1
Shofian Bin AhmadAfiliasi tidak diketahui1
Zamzuri Bin ZakariaAfiliasi tidak diketahui1
Shafinar IsmailAfiliasi tidak diketahui1
Gusnam HarisAfiliasi tidak diketahui1
Alfi SyukriaAfiliasi tidak diketahui1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.uinsgd.ac.id/index.php/finansha/oai, pertama di-harvest 7 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en-US">THE CAUSAL IMPACT OF ISLAMIC FINANCIAL INCLUSION ON HUMAN DEVELOPMENT: A REGRESSION DISCONTINUITY ANALYSIS OF INDONESIAN PROVINCES</dc:title>
	<dc:creator>Alfian, Annisa Maulidia</dc:creator>
	<dc:creator>Wira, Ahmad</dc:creator>
	<dc:creator>Zulvianti, Nora</dc:creator>
	<dc:subject xml:lang="en-US">Islamic Financial Inclusion</dc:subject>
	<dc:subject xml:lang="en-US">Human Development Index</dc:subject>
	<dc:subject xml:lang="en-US">Regression Discontinuity Design</dc:subject>
	<dc:description xml:lang="en-US">



This study examines whether Islamic financial inclusion contributes to improvements in the Human Develop­ment Index (HDI) in Indonesia during the period 2020–2024. While previous studies generally report positive associations between financial inclusion and development outcomes, evidence regarding whether Islamic financial inclusion improves human development remains limited, particularly from a causal perspective and in the context of regional disparities. To address this gap, this study measures Islamic financial inclusion using the Islamic Financial Inclusion Index (IFII) based on the dimensions of accessibility, availability, and usage following Sarma (2012), and employs a Regression Discontinuity Design (RDD) to provide stronger evidence on its causal impact. The results show that Islamic financial inclusion in Indonesia remains low and uneven across provinces. Most provinces are in the low category, except Aceh, which is classified as high (0.719), and DKI Jakarta as moderate (0.548). The RDD estimation indicates a negative relationship between IFII/IFII and HDI (−4.1893), but no statistically significant discontinuity is found around the cutoff. This finding suggests that improvements in Islamic financial inclusion have not yet translated into measurable gains in human development outcomes during the study period, possibly because the benefits of financial inclusion require longer adjustment periods and supportive structural conditions before being reflected in HDI indicators.These findings indicate that financial inclusion alone may be insufficient to improve human development outcomes. Its effectiveness appears to depend on complementary factors such as financial literacy, infrastructure quality, institutional capacity, and the productive utilization of financial services.



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	<dc:publisher xml:lang="en-US">UIN Sunan Gunung Djati Bandung</dc:publisher>
	<dc:date>2026-06-16</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.uinsgd.ac.id/index.php/finansha/article/view/55281</dc:identifier>
	<dc:identifier>10.15575/fjsfm.v7i1.55281</dc:identifier>
	<dc:source xml:lang="en-US">Finansha: Journal of Sharia Financial Management; Vol. 7 No. 1 (2026): Finansha: Journal of Sharia Financial Management ; 1-25</dc:source>
	<dc:source>2774-2687</dc:source>
	<dc:source>2775-0868</dc:source>
	<dc:source>10.15575/fjsfm.v7i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.uinsgd.ac.id/index.php/finansha/article/view/55281/16585</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2026 Annisa Maulidia Alfian, Ahmad Wira, Nora Zulvianti</dc:rights>
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