Structural equation modeling

Meanwhile, to identify new models for the integration of Islamic social finance with commercial
finance towards inclusive growth and identify challenges that prevent the application of the model, we
will apply Delphi and Cognitive Map methods. The Delphi method is a systematic method of gathering
opinions from a group of experts through a series of questionnaires, where there are feedback
mechanisms through round questions held while maintaining the anonymity of respondents' responses
(experts) (Foley, 1972). In this study, this method is used to provide an overview of the integration of
Islamic social finance with commercial finance towards inclusive growth. However, Cognitive Map is a
view of thinking about a problem followed by a mapping process (Eden, 2004). It used to describes
decision problems qualitatively and analyze causal statements expressed by individuals (experts). In this
study, the cognitive map is an extended approach from the Delphi results which is used to map issues and
problems related to the integration of Islamic social finance with commercial finance towards inclusive
growth and identify challenges that prevent the application of the model. In doing so, we will design an
instrument to gather data or information from several experts in their fields through in-depth interviews.

Furthermore, we will apply Structural Equation Modeling to reveal integration between an

effective social and commercial finance from legal, product or services, HR, infrastructure, and other
aspects as well as to analyze their implications, positive or negative. In general, the modeling stages
that will be carried out include: