The Innovation Landscape of Indonesian SNBFIs: Balancing Sharia Compliance and Market Competitiveness
DOI:
https://doi.org/10.61166/lpi.v2i1.90Keywords:
LKNB Syariah, Inovasi Produk, Keuangan SyariahAbstract
This research aims to identify and analyze product innovation in Sharia Non-Bank Financial Institutions (SNBFIs) in Indonesia, including the mechanisms of driving factors, barriers, and their implications for the industry's competitiveness and sustainability. This study employs a qualitative approach with a library research design, analyzing various scientific literatures, industry reports, and relevant policy documents. The findings indicate that the driving mechanisms for innovation include increasingly diverse customer needs, industrial competitive pressures, and rapid advancements in digital technology. A prominent form of innovation identified is the development of Sharia micro-insurance (micro-takaful), which is affordable for low-income communities, as well as the utilization of Sharia crowdfunding platforms for MSME financing based on Sharia contracts. Conversely, product innovation faces several barriers, particularly regarding regulatory and resource aspects. The Sharia compliance process, which requires fatwa validation, is often time-consuming, compounded by a shortage of human resources proficient in both fiqh muamalah and technology, and limited funding for research and development. Furthermore, regulatory rigidity in the early stages of innovation poses a significant challenge for new product development. This study affirms that product innovation is a strategic necessity for SNBFIs to enhance competitiveness and expand Sharia financial inclusion. Therefore, synergy among institutions, regulators, and the digital ecosystem is required to create adaptive, inclusive, and Sharia-compliant innovations.
References
Adlini, M. N. M., Hanifa, A. D., Yulinda, S., Chotimah, O., & Merliyana, S. J. (2022). Metode Penelitian Kualitatif Studi Pustaka. Jurnal Edumaspul, 6(1), 974–980.
Ahsani, T., Lestari, D., Maharani, F. N., Prasetya, L., & Anggraeni, L. S. (2024). Inovasi Produk dan Layanan Keuangan Syariah di Era Digital. Jurnal Ekonomi & Bisnis, 12(25), 209–220.
Ascarya, & Yuniarti, R. (2017). Financial Inclusion and Islamic Finance in Indonesia. Journal of Islamic Economics, Business and Philanthropy, 1(2), 173–196.
Chapra, M. U. (2008). The Islamic Vision of Development in the Light of Maqasid al-Shariah. London: Islamic Research and Training Institute.
Creswell, J. W. (2014). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches (4th ed.). California: Sage Publications.
Farida Catur Wahyu Anggriyani, Sugianor, & Farhan. (2025). Implementation of Civics Education Learning on the Topic of Respecting Cultural and Religious Differences in Daily Life for 6th Grade Elementary/Islamic Elementary School Students. Lentera Pendidikan: Jurnal Ilmu Pendidikan Dan Keguruan Islam, 1(2), 78–84. https://doi.org/10.61166/lpki.v1i2.6
Fazar Ramadhan, Nurjaya, Sumarta, S., Kusyana, K., & Rifqi, R. (2025). The Dynamics of Understanding and Rejecting Hadith as a Source of Islamic Law: A Study of Inkar al-Sunnah and Syiah. Lentera Demokrasi: Jurnal Ilmu Sosial, Politik, Hukum, Ekonomi Dan Pemerintahan, 1(2), 84–94. https://doi.org/10.61166/ld.v1i2.7
Hasan, M. (2021). Innovation in Islamic Finance: Theory and Practice. Journal of Islamic Accounting and Business Research, 12(5), 789–804.
Indri Nailatul Ma’rifah, & Rifqi. (2025). Investment and Capital Investment in Indonesia: PMDN, PMA, and Investment Policies. Lentera Demokrasi: Jurnal Ilmu Sosial, Politik, Hukum, Ekonomi Dan Pemerintahan, 1(4), 160–166. https://doi.org/10.61166/ld.v1i4.24
Islamic Financial Services Board. (2021). Islamic Financial Services Industry Stability Report 2021. Kuala Lumpur: IFSB.
Lisanul Hal. A. Panggabean, Khairunisa Aulia Azahwa, Nurjaya, & Rosidin. (2025). Aqidah in Islamic Teachings: The Foundation of Faith and Its Influence on the Life of a Muslim. Lentera Pendidikan: Jurnal Ilmu Pendidikan Dan Keguruan Islam, 1(2), 98–104. https://doi.org/10.61166/lpki.v1i2.8
Mila Marshela, Nurjaya, N., Sumarta, S., Kusyana, K., & Hudallah, H. (2025). Understanding and Implementation of Syariah in the Midst of Urban Modernity. Lentera Demokrasi: Jurnal Ilmu Sosial, Politik, Hukum, Ekonomi Dan Pemerintahan, 1(2), 73–83. https://doi.org/10.61166/ld.v1i2.9
Miles, M. B., Huberman, A. M., & Saldaña, J. (2014). Qualitative Data Analysis: A Methods Sourcebook (3rd ed.). California: Sage Publications.
Otoritas Jasa Keuangan. (2021). Roadmap Pengembangan Keuangan Syariah Indonesia 2021–2025. Jakarta: OJK.
Otoritas Jasa Keuangan. (2022). Survei Nasional Literasi dan Inklusi Keuangan (SNLIK). Jakarta: OJK.
Otoritas Jasa Keuangan. (2023). Statistik Perkembangan Keuangan Syariah Indonesia. Jakarta: OJK.
Rizki Yana, Nurjaya, & Hudallah. (2025). The Significance of Interreligious Harmony in the Context of Islam and Indonesian Pluralism. Lentera Demokrasi: Jurnal Ilmu Sosial, Politik, Hukum, Ekonomi Dan Pemerintahan, 1(2), 106–110. https://doi.org/10.61166/ld.v1i2.11
Setiawan, R., & Rahadi, D. R. (2020). Peran Fintech dalam Inovasi Produk Keuangan Syariah di Indonesia. Jurnal Ekonomi Syariah Teori dan Terapan, 7(1), 1–17.
Sifah Faoziah, Indri Nailatul Ma’rifah, & Hudallah. (2025). Economic Development: Development Theories and Their Implementation in Indonesia. Lentera Demokrasi: Jurnal Ilmu Sosial, Politik, Hukum, Ekonomi Dan Pemerintahan, 1(4), 154–159. https://doi.org/10.61166/ld.v1i4.23
Winda Prameswari Prabowo, Nurjaya, N., Sumarta, S., & Kusyana, K. (2025). Islamic Law, Human Rights, and Democracy from an Islamic Perspective. Lentera Demokrasi: Jurnal Ilmu Sosial, Politik, Hukum, Ekonomi Dan Pemerintahan, 1(2), 64–72. https://doi.org/10.61166/ld.v1i2.10
