Indonesia considers Shariah-compliant fintech to boost financial inclusion

By Olivia Minnock
Indonesia, the country with the world’s largest Muslim population, is set to leverage fintech in order to enhance financial inclusion. The country w...

Indonesia, the country with the world’s largest Muslim population, is set to leverage fintech in order to enhance financial inclusion.

The country will look to introduce Shariah-compliant financial technology in order to increase options for more of its population.

SEE ALSO:

Ma’ruf Amin, chairman of the Shariah Economic Society supervisory board, stated in Jakarta recently that the introduction of such technology could increase loan options for many Indonesians who are currently underserved financially.

He stated Islamic society within Indonesia “should be empowered to have access to economic and financial services” and argued the country should “push for bottom-up economic development”.

 Leveraging fintech could form a vital part of Indonesia’s National Strategy for Financial Inclusion which aims to make financial products accessible for 75% of the population this year.

Ma’ruf expressed that Shariah-compliant fintechs could help give access to financial services to people in rural areas, as well as helping to introduce more innovative products.

Share

Featured Articles

Moody’s: Financial Crime at Shell Companies – The Key Signs

In this deep dive, Moody’s Analytics' Senior Director Ted Datta details how to tell if a shell company is being used for financial crime…

EU Council Adopts Instant Payments Regulation

The Council of the European Union has adopted new regulation that will make instant payments in the euro currency available to all EU and EEA members

Ericsson and HPE Partner to Launch Fintech Cloud Services

Announced at MWC 2024, Ericsson is collaborating with Hewlett-Packard Enterprise (HPE) to deploy fintech cloud services on HPE GreenLake

Capital One's Takeover of Discover: All you Need to Know

Financial Services (FinServ)

Sustainability LIVE Net Zero: Sustainable Finance Insights

Sustainability

EPAM: 96% of Consumers Happy With AI in Banking

Banking