From Financial Access to Productive Finance: A Comparative Institutional Analysis of MSME Financing in Indonesia’s Conventional and Islamic Banking Systems

Abstract

This study examines how financial-access priorities are represented in governance, product design and risk-allocation arrangements in Indonesian conventional and Islamic banking, and what public disclosures can establish about productive MSME finance. Using comparative qualitative document analysis, we purposively review source-located passages and selected administrative tables from BRI, Bank Mandiri, BSI and Bank Muamalat, with annual-report coverage framed around 2023–2025 and contextual regulatory and sustainability disclosures. All 12 bank–year annual reports were identified and checked selectively; comprehensive full-report coding and independent recoding were not conducted. The analyzed excerpts support three interpretive dimensions—governance translation, financing architecture and prudential allocation—while exposing non-equivalent product categories and reporting measures, including unresolved differences among BSI report versions and arithmetic tensions in Mandiri tables. Product labels and administrative balances do not establish realized productive use. Originality/value: The study develops a bounded institutional-alignment reading that connects observable organizational arrangements to the measurement limits of MSME financing, without asserting comparative system superiority, policy causality or borrower-level impact.