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All Journal Islamic Economics and Finance Journal Mutanaqishah: Journal of Islamic Banking
Muhibbuddin
Faculty of Islamic Economics and Business, IAIN Sultan Amai Gorontalo, Indonesia
Economics, Econometrics & Finance

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Financial Inclusion and Poverty Reduction: A Systematic Review of Literature in ASEAN Rifadli D. Kadir; Muhibbuddin; Chitra Yuliashri Katili; Nurul Fadhilah
Mutanaqishah: Journal of Islamic Banking Vol. 6 No. 1 (2026): January - June
Publisher : Department of Islamic Banking

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54045/mutanaqishah.v6i1.3658

Abstract

Purpose – This study aims to examine the role of financial inclusion in poverty alleviation within ASEAN countries by synthesizing existing scholarly evidence and identifying research trends, methodological patterns, key findings, policy implications, and future research gaps. Methodology – This study employs a PRISMA-guided Systematic Literature Review using the Scopus database. From 111 initial records, the screening process based on document type, source, language, and topic relevance resulted in 14 peer-reviewed studies selected for systematic analysis. Findings – The review shows that financial inclusion consistently contributes to poverty alleviation in ASEAN by expanding access to savings, credit, fintech, microfinance, and formal financial services. It also supports economic growth, reduces inequality in certain contexts, and helps address energy poverty. Most studies focus on Indonesia and apply quantitative econometric approaches, including panel data analysis, PVAR, FMOLS, AMG, and 2SLS. The dominant theoretical perspectives include endogenous growth theory, financial stability theory, financial innovation, and financial sector development, although several studies do not explicitly state their theoretical framework. Implications– Policymakers should strengthen inclusive access to finance, improve financial literacy, empower microfinance institutions, integrate financial inclusion into sustainable energy policies, and design context-sensitive programs for rural and vulnerable communities. Originality– This review offers a focused synthesis of the limited ASEAN literature on financial inclusion and poverty alleviation and identifies methodological, theoretical, and contextual gaps for future research.
Foreign Investment, Sustainable Development, and Green Sukuk Issuance: Evidence from OIC Countries Moh. Agus Nugroho; Immawan Muhajir Kadim; Muhibbuddin
Jurnal Ekonomi Islam Vol 5 No 2 (2026): August 2026
Publisher : Scimadly Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55657/iefj.v5i2.343

Abstract

The development of sustainable finance has increased the importance of green financing instruments that support environmental sustainability while complying with Islamic financial principles. This study aims to examine the effects of FDI and Sustainable Development on green sukuk issuance in five member countries of the OIC, namely Indonesia, Bangladesh, Türkiye, Malaysia, and Nigeria during the 2015-2023period. This study employed a quantitative approach using secondary data comprising 424 green sukuk issuances recorded between 2015 and 2023 across the five countries, with green sukuk issuance measured as the natural logarithm of its annual issuance value (USD). Multiple linear regression analysis was conducted using JASP to evaluate the relationships among the variables. The empirical findings reveal that Foreign Direct Investment and Sustainable Development have positive and statistically significant effects on green sukuk issuance. These results indicate that higher foreign investment inflows and stronger sustainable development performance encourage the expansion of green sukuk as a financing instrument for environmentally sustainable projects. This study contributes to the literature by providing cross-country empirical evidence on the determinants of green sukuk issuance in OIC countries. The findings also provide practical implications for governments and financial regulators to strengthen investment policies, improve sustainable development strategies, and expand the role of green sukuk in financing sustainable economic development and supporting the transition toward a green economy.
Co-Authors Chitra Yuliashri Katili Immawan Muhajir Kadim Moh. Agus Nugroho Nurul Fadhilah Rifadli D Kadir