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All Journal Journal of Indonesian Sharia Economics
Syifa Yumi Adhali
Universitas Islam Negeri Sunan Gunung Djati Bandung
Economics, Econometrics & Finance

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Islamic Financial Inclusion and Human Development in Indonesia: Constructing an Islamic Financial Inclusion Index and Evidence from Long-Run Time Series Analysis Fikram Rasyad; Lintang Pertiwi Abadi; Syifa Yumi Adhali
JIOSE: Journal of Indonesian Sharia Economics Vol 5 No 2 (2026): September 2026
Publisher : Fakultas Syariah dan Ekonomi Islam Institut Pesantren Mathali'ul Falah

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35878/jiose.v5i2.2357

Abstract

This study analyzes the effect of the Islamic Financial Inclusion Index (IFII) on the Human Development Index (HDI) in Indonesia from January 2013 to December 2024 using a time series econometric approach. The IFII was constructed using the Sarma (2008) method, integrating the dimensions of availability, penetration/accessibility, and Islamic financial services availability. Two estimation methods were employed: Ordinary Least Squares (OLS) as the baseline model and Fully Modified Ordinary Least Squares (FMOLS) as the main estimator for long-run relationships, controlling for Trade Openness, Inflation, Gini Ratio, Regulatory Quality, and a COVID-19 dummy. The Augmented Dickey-Fuller test confirmed that all variables are integrated at order I(1), while the Johansen cointegration test identified seven long-run cointegrating equations. The OLS model exhibited heteroskedasticity and autocorrelation, reinforcing the suitability of FMOLS. The FMOLS results show that IFII has a positive and significant effect on HDI, as do Regulatory Quality and the COVID-19 dummy (negative effect), while Trade Openness and Inflation are not significant. These findings suggest that Islamic financial inclusion should be integrated into national human development policy.
Co-Authors Fikram Rasyad Lintang Pertiwi Abadi