Islamic Financial Product Innovation as an Instrument for Sustainable MSME Financing : A Systematic Literature Review and Product Model Design
Keywords:
Islamic Financial Product Innovation, Sustainable MSME Financing, Diffusion of Innovation, Systematic Literature Review, Sustainable FinancingAbstract
Micro, Small, and Medium Enterprises (MSMEs) contribute 61 percent to Indonesia's GDP but face significant barriers in accessing adequate financing. The Islamic financial sector, with assets reaching IDR 919.83 trillion, demonstrates substantial potential as an alternative financing source, although its penetration for MSMEs remains low at 17.7 percent. This study aims to analyze the relative advantage of Islamic financial product innovation in enhancing the effectiveness of sustainable MSME financing, identify the influence of compatibility and ease of use on product adoption, and formulate an innovation model based on Diffusion of Innovation Theory. A systematic literature review methodology was employed, analyzing publications from 2020-2025 through the PSALSAR framework. The findings reveal that Islamic financial products possess significant relative advantages through principles of equity and balanced risk-sharing. While compatibility with MSME values is high, adoption is hindered by low Islamic financial literacy and perceived complexity. The recommended innovation model integrates platform digitalization, sector-based product diversification, procedural simplification, and multi-stakeholder collaboration to create an inclusive and sustainable Islamic financing ecosystem for Indonesian MSMEs
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