Indonesia considers Shariah-compliant fintech to boost financial inclusion

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.

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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.