Islamic Fintech and Financial Inclusion: Bridging the Gap in the Digital Economy
DOI:
https://doi.org/10.62872/1y4wec72Keywords:
Islamic fintech, financial inclusion, digital economy, maqāṣid al-Sharīʿah, Shariah governanceAbstract
The rapid expansion of digital financial services has reshaped the global discourse on financial inclusion, yet more than a billion adults, a large share of them in Muslim-majority countries, remain excluded from formal financial systems, partly because conventional products conflict with Shariah principles. Islamic fintech has emerged as a strategic instrument that merges religious compliance with digital innovation to close this gap. This article synthesizes recent literature (2023-2026) on the relationship between Islamic fintech and financial inclusion within the digital economy, drawing on peer-reviewed studies indexed through Google Scholar and Consensus databases. Using a qualitative narrative-review method structured around identification, screening, eligibility, and synthesis stages, the study maps the instruments, drivers, and barriers shaping Islamic fintech adoption, including digital sharia banking, peer-to-peer sharia financing, digital zakat and waqf platforms, and blockchain-based instruments. The findings show that regulatory harmonization, Shariah governance, digital literacy, and public trust are decisive determinants of inclusion outcomes, while unresolved fiqh muamalah issues and infrastructural gaps in rural regions remain persistent obstacles. The article contributes an integrative framework linking maqāṣid al-Sharīʿah with digital financial inclusion indicators and offers policy implications for regulators, Islamic financial institutions, and fintech developers seeking equitable digital economic participation.
Downloads
References
Alfian, I., Majid, M. Abd., & Sugianto. (2025). The role of sharia fintech in enhancing financial inclusion in the digital era. Journal of Finance and Islamic Banking, 8(1). https://doi.org/10.22515/jfib.v8i1.11798
Alsaghir, M. (2023). Digital risks and Islamic FinTech: A road map to social justice and financial inclusion. Journal of Islamic Accounting and Business Research. https://doi.org/10.1108/jiabr-10-2022-0262
Anggara, M. R., & Nuraeni, N. (2025). Enhancing the sustainability of small and medium enterprises (SMEs) through Islamic FinTech: A comprehensive review of emerging trends (2018-2024). Civilization Research: Journal of Islamic Studies, 4(1). https://doi.org/10.61630/crjis.v4i1.50
Farah, A. A., Mohamed, M., Farah, M. A., Yusuf, I., & Abdulle, M. S. (2025). Impact of Islamic banking on economic growth: A systematic review of SCOPUS-indexed studies (2009-2024). Cogent Economics & Finance, 13. https://doi.org/10.1080/23322039.2025.2490819
Haris, C., & Manangin, S. (2024). The digital revolution in exploring the impact of fintech on Islamic financial services. Kunuz: Journal of Islamic Banking and Finance, 4(2). https://doi.org/10.30984/kunuz.v4i2.1267
Jihad, B., Lamrabet, H., & Oussama, B. (2024). Islamic innovation in financial technology: Islamic digital currencies as a model. Kuey, 30(5). https://doi.org/10.53555/kuey.v30i5.2361
Kanwal, A., Tayyab, M., & Idrees, S. (2023). Exploring the nexus of financial technologies, financial inclusion, and blockchain in Islamic finance within digital transformation. Pakistan Journal of Humanities and Social Sciences, 11(4). https://doi.org/10.52131/pjhss.2023.1104.0675
Kassim, S. F. M., Ramli, M. A. R., Zain, S. N. M., & Shafii, Z. (2025). Fuzzy agent-based modeling of Islamic crowdfunding platforms: Governance, technology, regulation, trust, digital literacy, and economic stability in advancing financial inclusion. International Journal of Academic Research in Accounting, Finance and Management Sciences, 15(3). https://doi.org/10.6007/ijarafms/v15-i3/26216
Kholidah, H., Fianto, B. A., Herianingrum, S., Ismail, S., & Mohd Hidzir, P. A. (2025). Do Islamic fintech lending promote microenterprises performance in Indonesia? Evidence of difference-in-difference model. International Journal of Islamic and Middle Eastern Finance and Management, 18(1), 224-246. https://doi.org/10.1108/IMEFM-08-2023-0310
Malik, D., & Shahzad, I. (2025). Digital disruption in Islamic finance: A comparative study of FinTech in Islamic and conventional financial systems (2020-2025). Journal of Accounting and Finance in Emerging Economies, 11(1). https://doi.org/10.26710/jafee.v11i1.3294
Mohamed, H. A., & Otake, T. (2025). The role of Islamic FinTech in digital financial inclusion and sustainable development post COVID-19: Cross-country analysis. International Journal of Islamic and Middle Eastern Finance and Management, 18(3), 649-670. https://doi.org/10.1108/imefm-02-2024-0100
Muin, R., Syamsuri, H., Syamsiah, Fauziah, & Possumah, B. T. (2025). The evolution of Islamic finance in the digital age: Analyzing asset growth patterns and stakeholder attitudes in emerging market economies. International Journal of Innovative Research and Scientific Studies, 8(2). https://doi.org/10.53894/ijirss.v8i2.6001
Mujiatun, S., Trianto, B., Cahyono, E. F., & Rahmayati. (2023). The impact of marketing communication and Islamic financial literacy on Islamic financial inclusion and MSMEs performance: Evidence from halal tourism in Indonesia. Sustainability, 15(13), 9868. https://doi.org/10.3390/su15139868
Muryanto, Y. T. (2023). The urgency of sharia compliance regulations for Islamic Fintechs: A comparative study of Indonesia, Malaysia and the United Kingdom. Journal of Financial Crime, 30(5), 1264-1278. https://doi.org/10.1108/JFC-05-2022-0099
Olowoyo, M. B. (2024). Assessing the effect of Islamic fintech on financial inclusion. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4746005
Pajaria, Y. (2025). Obstacles and challenges of Islamic banking inclusion in banking digitalization in the era of financial technology (fintech). Worldview (Jurnal Ekonomi Bisnis dan Sosial Sains), 3(2). https://doi.org/10.38156/worldview.v3i2.479
Rofik, M., & Huda, N. (2025). Integration of Islamic financial technology and digital financial inclusion in Indonesia. Journal of Economics and Social Sciences (JESS), 4(2). https://doi.org/10.59525/jess.v4i2.1047
Rohman, D. A., Irfangi, M., & Abdillah, M. H. (2026). Transformation of sharia economy in the digital era: A conceptual analysis of the integration of sharia fintech, maqāṣid al-Sharīʿah, and the financial inclusion of the ummah. Journal of Scientific Research, Education, and Technology (JSRET), 5(1). https://doi.org/10.58526/jsret.v5i1.1042
Said, M., Madi, M., Naharuddin, Hajrawati, & Taufiq, M. (2025). Optimizing sharia investment policy based on financial technology (fintech) to support an inclusive digital economy. Human Falah: Jurnal Studi Ekonomi dan Bisnis Islam, 12(1). https://doi.org/10.30829/hf.v12i1.25217
Sari, N. (2025). Islamic fintech and digital banking adoption: A systematic review of established models of fintech adoption and their influence on sharia financial inclusion and performance. Ihtiyath: Jurnal Manajemen Keuangan Syariah, 9(2). https://doi.org/10.32505/ihtiyath.v9i2.11684
Smolo, E. (2026). Islamic finance in the digital age: Fintech as a civilizational tool. Religions, 17(2), 218. https://doi.org/10.3390/rel17020218
Wahyudi, H., Tubarat, C. P. T., Rodliyah, N., Kusnadi, A., & Leny, S. M. (2024). The nexus of crowdfunding and e-Wakaf to Islamic fintech in Indonesia in the era of Industrial Revolution 5.0. Journal of Ecohumanism, 4(1), 208-219. https://doi.org/10.62754/joe.v4i1.4657
Widagdo, R., Rokhlinasari, S., & Wartoyo. (2026). Islamic fintech, financial inclusion, and MSME sustainability: Evidence from a mixed-method study in Indonesia's digital economy. Journal of Islamic Economics Lariba, 12(1). https://doi.org/10.20885/jielariba.vol12.iss1.art11
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Lina Maulidiana, Rika Santina, Adriansyah Kartadinata (Author)
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
