Financial Inclusion Through Sharia Financing Supports Acceleration of Sustainable Development (Case Study of PT. Sarana Multi Infrastruktur)
DOI:
https://doi.org/10.53491/oikonomika.v6i2.1831Keywords:
Financial Inclusion, Islamic Financing, Sustainable Development, PT SMIAbstract
Development without considering environmental impacts threatens ecosystem sustainability. Islamic financial institutions become a catalyst for financing environmentally friendly projects. The purpose of this study is to identify financial inclusion through Islamic financing to accelerate sustainable development. Qualitative research with literature review, library data sources from books, journals, PT SMI internal reports, and relevant sources was conducted with content analysis. The findings of PT SMI as a financing catalyst with the main allocation of transition and renewable energy, waste management, mini-hydro electricity, and infrastructure projects, and multiplier effects have a social impact on job creation and poverty alleviation. The potential for Islamic financing of PT SMI is growing along with the increase in environmentally-based projects, regulations, support from national and international Islamic banks, and awareness of safe-haven assets. Islamic financing of PT SMI is effective in promoting sustainable development in Indonesia, supported by innovation, literacy, project risk mitigation management, human resource quality, and investor interest. The implications of this study are that Islamic financing of PT SMI plays a strategic role in impacting social, economic, and environmental aspects to strengthen the achievement of SDGs in Indonesia. Therefore, it is necessary to optimize and map funding allocation by prioritizing social and environmental projects that are in line with Islamic principles, SDGs achievements, and green taxonomy.
Downloads
References
Abdullah, F. D., Is, M. S., Wiwaha, S. M., Negeri, U. I., & Palembang, R. F. (2024). Contemporary Challenges for Sharia Financial Institutions to Increase Competitiveness and Product Innovation Perspective of Sharia Economic Law: Evidence in Indonesia. MILRev : Metro Islamic Law Review, 3(2), 141–173.
Abdullah, M. (2015). Metode Penelitian Kuantitatif. Aswaja Presindo.
Abdullahi, A., Othman, A. H. A., & Kassim, S. (2021). Financial inclusion enhancement through the adoption of Islamic microfinance in Nigeria. International Journal of Ethics and Systems, 37(3), 486–505. https://doi.org/10.1108/IJOES-02-2021-0040
Afandi, S. A., Afandi, M., & Erdayani, R. (2022). Pengantar Teori Pembangunan (N. H. Afandi (ed.); Issue September). CV. Bintang Semesta Media.
Ahmed, U., Maruf, A., Alam, S., & Azizah, L. (2024). The Role of Islamic Finance in Sustainable and Green Transition. Suhuf, 36(2), 118–139. https://doi.org/10.23917/suhuf.v36i2.6314
Alam, A., Ratnasari, R. T., Jannah, I. L., & Ashfahany, A. El. (2023). Development and Evaluation of Islamic Green Financing: A Systematic Review of Green Sukuk”. Environmental Economics, 14(1), 61–72. https://doi.org/10.21511/ee.14(1).2023.06
Alisjahbana, A. S., & Murniningtyas, E. (2018). Tujuan Pembangunan Berkelanjutan di Indonesia: Konsep, Target dan Strategi Implementasi (2nd ed.). Unpad Press.
Anbumozhi, V., Riefky, T., Hariyanto, E., & Alamsyah, H. (2023). Innovative Financing for Strategic Infrastructure Development (Vol. 1). Economic Research Institute for ASEAN and East Asia.
Ansari, N. (2024). Pembiayaan dan Investasi PT SMI Serap 1,8 Juta Tenaga Kerja. Kementrian Keuangan Direktorat Jendral Kekayaan Negara.
Cahyani, B. R., Arif, M., Ramadhan, W. F., Fithriyana, R., & Reza, S. (2025). Two Sides : Development of Non-Bank Islamic Financial Institutions in Indonesia. Journal of Financial and Business, 1(2), 89–102.
Ermi Rosmita, Sampe, P. D., Adji, T. P., Shufa, N. K. F., , Nasir Haya, I. I., Taroreh, F. J. H., Wongkar, V. Y., Honandar, I. R., Rottie, R. F. I., & Safii, M. (2024). Metode Penelitian Kualitatif. CV. Gita Lentera.
Firdaus, A. T., & Anggra, A. S. (2023). Perspektif Intelijen : Analasis Menghadapi TantanganMewujudkan SDGs Pada Sektor Lingkungan Hidup diIndonesia. Jurnal Kajian Stratejik Ketahanan Nasional, 6(1), 6–7. https://doi.org/10.7454/jkskn.v6i1.10071
Fitri, M. (2015). Prinsip Kesyariahan Dalam Pembiayaan Syariah. Economica: Jurnal Ekonomi Islam, 6(1), 57–70. https://doi.org/10.21580/economica.2015.6.1.786
Franciosi, L. M. (2025). Ethical Features and Proactive Initiatives Promoting Financial Inclusion. EJIF: European Journal of Islamic Finance, 12(2), 30–47. https://doi.org/10.13135/2421-2172/11175
Frita, N., Hamdani , I., & Devi, A. (2021). Pengaruh Inklusi Keuangan dan Bank Syariah terhadap Infrastruktur Nasional Dan Pertumbuhan Ekonomi Dalam Program SDGs . El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 5(1), 155–182. https://doi.org/10.47467/elmal.v5i1.690
Hanifuddin, I., & Kasanah, N. (2025). Inklusi Keuangan Syariah Berbasis Nilai Budaya Lokal (1st ed.). PT. Adab Indonesia.
Harahap, B., Risfandy, T., & Futri, I. N. (2023). Islamic Law, Islamic Finance, and Sustainable Development Goals: A Systematic Literature Review. Sustainability (Switzerland), 15(8), 1–21. https://doi.org/10.3390/su15086626
Hardani, Auliyah, N. H., Andriani, H., Fardani, R. A., Ustiawaty, J., Utami, E. F., Sukmana, D. J., & Istiqomah, R. R. (2020). Metode Penelitain Kualitatif & Kuantitatif. CV. Pustaka Ilmu Group Yogyakarta.
Hasbi, M. Z. N. (2023). Ekonomi Islam dan Penguatan Keuangan Ekonomi Global - Jejak Pustaka. Jejak Pustaka.
Hermansjah, R. (2025). Mendorong Pertumbuhan Berkelanjutan Lewat Pembiayaan Infrastruktur. PT Sarana Multi Infrastruktur.
Hunjra, A. I., Hassan, M. K., Zaied, Y. Ben, & Managi, S. (2023). Sustainable Development, Green Finance and Environmental Degradation: Evidence from Developing Countries. Resources Policy, 81(103371), 0–30.
Jan, A., Mata, N., Albinsson, P. A., Martins, M., Hassan, R. B., & Mata, P. N. (2021). Alignment of Islamic Banking Sustainability Indicators with Sustainable Development Goals : Policy Recommendations for Addressing the COVID-19 Pandemic. Sustainability, 13(5). https://doi.org/10.3390/su13052607
Jedidia, K. Ben, Hamza, H., Toumi, K., & Ghroubi, M. (2025). Towards sustainable development goals SDGs : the potential of Islamic finance. Journal of Chinese Economic and Business Studies, 23(3), 321–328. https://doi.org/10.1080/14765284.2025.2528562
Johan, S. (2022). Complementary or Substitute: Sharia Financing, Green Financing, and Sustainable Development Goals? International Journal of Sustainable Development and Planning, 17(2), 487–495. https://doi.org/10.18280/ijsdp.170213
Kholil, A., & Zuardi, M. (2025). Optimizing Islamic Financial Instruments in Indonesia to Support SDGs : Maqashid Syariah Perspective. Profetika, 26(1), 191–210.
KNEKS. (2022). Pembiayaan Sindikasi Syariah Onshore Terbesar di Indonesia dalam USD. Komite Nasional Ekonomi Dan Keuangan Syariah.
KNEKS. (2024). Strategi Nasional Literasi dan Inklusi Ekonomi dan Keuangan Syariah Indonesia. KNEKS.
kumparanBISNIS. (2025). PT SMI Dukung Pengembangan Energi Berkelanjutan dengan Skema Syariah. Kumparan.Com.
Ledhem, M. A. (2022). Does Sukuk Financing Boost Economic Growth? Empirical Evidence from Southeast Asia. PSU Research Review, 6(3), 141–157. https://doi.org/10.1108/PRR-09-2020-0028
Mbodj, A., & Laye, S. (2023). Reducing Poverty Through Financial Growth: The Impact of Financial Inclusion and Development in Emerging Economies. Jurnal of Bussines and Economics Options, 8(1), 61–76.
Mohd Aziz, N. I. (2025). The Effect of Quantitative Shariah-screening on Portfolio Performance in Malaysia. Journal of Islamic Finance, 14(Vol. 14 No. 1 (2025)), 1–13. https://journals.iium.edu.my/iiibf-journal/index.php/jif/article/view/940
Munir, M. M. (2023). Islamic FInance for Gen Z Karakter dan Kesejahteraan Financial untuk Gen Z: Penerapan Islamic FInance Sebagai Solusi (Komarudin (ed.)). CV. Green Publisher Indonesia.
Musthofa, K., & Nafidzi, E. (2023). The Existence of Green Sukuk As a Sustainable Islamic Financial Investment Instrument. AKSY Jurnal Ilmu Akuntansi Dan Bisnis Syariah, 5(1), 113–126. https://doi.org/10.15575/aksy.v5i1.25535
Nirmala, T., & Putri, R. A. (2022). Penyaluran Dana Ke Sektor Properti di Indonesia Periode 2014-2020. REVENUE : Jurnal Manajemen Bisnis Islam, 3(1), 101–122.
Nurohman, Y. A., Kusuma, M., & Narulitasari, D. (2021). Fintech, Financial Inclusion, and Sustainability: A Quantitave Approach of Muslims SMEs. IJIBE International Journal of Islamic Business Ethics, 6(1), 54–67.
O’Callaghan, B., Yau, N., & Hepburn, C. (2022). How Stimulating Is a Green Stimulus? The Economic Attributes of Green Fiscal Spending. Annual Review of Environment and Resources, 47, 697–723. https://doi.org/10.1146/annurev-environ-112420-020640
OJK. (2024). Salinan Peraturan Otoritas Keuangan Republik Indonesia Nomor 16 Tahun 2024 Tentang Pengawasan PT Sarana Multi Infrastruktur. OJK.
Ompusunggu M. (2018). Challenge, Study to Marine, claim Indonesia second-biggest Polluter. https://www.thejakartapost.com/news/2018%0A/02/23/study-to-challenge-claim-indonesiasecond-biggest-marine-polluter.html%0D
Osman, M., & Elamin, I. (2023). Advancing Ethical and Sustainable Economy: Islamic Finance Solutions for Environmental, Social, & Economic Challenges in the Digital Age. International Journal of Membrane Science and Technology, 10(5), 408–429. https://doi.org/10.15379/ijmst.v10i5.2515
Pellu, A. (2024). Peningkatan Akses Keuangan: Mendorong Pertumbuhan Ekonomi Inklusif. Currency: Jurnal Ekonomi Dan Perbankan Syariah, 2(2), 279–295. https://doi.org/10.32806/ffyp8n53
Prabu Aji, S., & Kartono, D. T. (2022). Kebermanfaat Adanya Sustainable Development Goals (Sdgs). Journal of Social Research, 1(6), 507–512. https://doi.org/10.55324/josr.v1i6.110
PT Sarana Multi Infrastruktur. (2019). Senantiasa Berupaya untuk Pembangunan Berkelanjutan yang Berdampak. Laporan Tahunan, 86, 465.
PT SMI. (2022). Laporan Keberlanjutan 2022 Sustainability Report Bersama Mendorong Batas Menuju Keberlanjutan.
PT SMI. (2023a). Laporan Obligasi Berwawasan Lingkungan Green Bond Report 2023.
PT SMI. (2023b). Mempertajam Strategi untuk Mendukung Pembangunan Berkelanjutan Negeri.
PT SMI. (2023c). PT SMI Tandatangani Kesepakatan Kerjasama Internasional untuk Percepat Pembangunan Indonesia.
PT SMI. (2024). Laporan Keuangan PT Sarana Multi Infrastruktur Tanggal 31 Desember 2024 dan 2023.
PT SMI. (2025a). Informasi Obligasi.
PT SMI. (2025b). Menjadi Agen Pembangunan Berkelanjutan untuk Meningkatkan Kesejahteraan Bangsa. PT Sarana Multi Infrastruktur.
PT SMI. (2025c). Mitra Pendanaan. PT Sarana Multi Infrastruktur.
PT SMI. (2025d). Sukuk Mudharabah. PT Sarana Multi Infrastruktur.
PT SMI. (2025e). Tanggung Jawab Sosial & Lingkungan (TJSL). PT Sarana Multi Infrastruktur.
Puspitasari, S., Mahri, A. J. W., & Utami, S. A. (2020). Indeks Inklusi Keuangan Syariah di Indonesia. Amwaluna: Jurnal Ekonomi Dan Keuangan Syariah, 4(1), 15–31. https://doi.org/10.29313/amwaluna.v4i1.5094
Raimi, L., Abdur-Rauf, I. A., & Ashafa, S. A. (2024). Does Islamic Sustainable Finance Support Sustainable Development Goals to Avert Financial Risk in the Management of Islamic Finance Products? A Critical Literature Review. Journal of Risk and Financial Management, 17(6). https://doi.org/10.3390/jrfm17060236
Raimi, L., & Bamiro, N. B. (2025). Role of Islamic sustainable finance in promoting green entrepreneurship and sustainable development goals in emerging Muslim economies. International Journal of Social Economics. https://doi.org/10.1108/IJSE-05-2024-0408
Rambaud, S. C., Pascual, J. L., & Santandreu, E. M. (2022). Staggered Loans: A Flexible Modality of Long-term Financing for SMEs in Global Health Emergencies. Quantitative Finance and Economics, 6(4), 553–569. https://doi.org/10.3934/qfe.2022024
Saleem, R., Nasreen, S., & Azam, S. (2022). Role of financial inclusion and export diversification in determining green growth: evidence from SAARC economies. Environmental Science and Pollution Research, 29(40), 60327–60340. https://doi.org/10.1007/s11356-022-20096-2
Saratian, E. T. P., Arief, H., Ramli, Y., Permana, D., & Soelton, M. (2022). SHARIA FINANCIAL INCLUSION AS THE CATALYST FOR THE SUSTAINABILITY OF THE INDONESIAN MSMES. ICCD (International Conference on Community Development), 4(1), 237–243.
Sekretariat Kabinet RI. (2022). Puncak Peringatan HMD KE-72: Expose Nasional Monitoring & Adaptasi Perubahan Iklim 2022. https://www.youtube.com/watch?v=Nf76C%0AeScwok%0D
Selamat Pohan. (2021). Ekonomi Mikro Islam. Umsu Press. https://books.google.co.id/books?id=1pxrEAAAQBAJ&newbks=0&printsec=frontcover&pg=PT78&dq=pembiayaan+syariah&hl=en&redir_esc=y#v=onepage&q=pembiayaan syariah&f=false
Sommer, C. (2024). The Impact of Long-Term Finance on Job Quality, Investments and Firm Performance: Cross-Country Evidence. European Journal of Development Research, 36(4), 747–776. https://doi.org/10.1057/s41287-023-00611-y
Supriadi, I. (2025). Islamic financial inclusion and sustainability mindset : Pathways to MSME performance and SDG achievement. Alkash, 4(June), 51–72.
Tekin, H. (2024). Financial inclusion and sustainable development of banks: the place of organization of Islamic cooperation (OIC) in emerging markets. Journal of Economic Studies, 52(1), 161–178. https://doi.org/10.1108/JES-10-2023-0555
Wekke, I. S. (2019). Metode Penelitian Ekonomi Syariah. Gawe Buku.
Yusmalinda. (2022). Problems of Mudharabah Financing in Islamic Banking After the Implementation of Qanun of Islamic Financial Institutions in Aceh. Justicia Islamica : Jurnal Kajian Hukum Dan Sosial, 19(1), 1–20. https://doi.org/10.21154/justicia.v19i1.3009
Zulkhibri, M. (2017). Green Sukuk as a Sustainable Financing Instrument in Indonesia. Jurnal Ekonomi Islam, 8(2), 152–165.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Lisa Yuni Lestari, M. Nanang Febrianto, Qomarul Huda
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
