Financial Inclusion in Muslim-Majority Countries: Overcoming Economic and Social Challenges Through Islamic Lending
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Abstract
This study explores the impact of Islamic loans on promoting financial inclusion and addressing socio-economic issues in Muslim-majority countries. It compares Islamic loans with other financial instruments to demonstrate their contribution to creating an inclusive financial system.The research analyzes the challenges associated with using Islamic loans to enhance financial inclusiveness and mitigate economic and social challenges. The research explores the unique characteristics of Islamic loans and their impact on financial accessibility, savings, credit availability, and comprehensive banking services through a comparative descriptive methodology, including a literature review and data analysis. The study's findings reveal that Islamic finance presents opportunities for financial inclusion. However, there are several obstacles that need to be addressed, including regulatory and legal frameworks, scalability issues, global integration, public awareness, and technical accessibility. To promote the adoption of Islamic finance and advance financial inclusion, collaboration among regulatory bodies, financial institutions, legislators, and the public is crucial. Further research and the development of effective strategies are necessary to promote financial inclusion in the Islamic economy.
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Ahmed Hassan, R. A. (2024). Financial Inclusion in Muslim-Majority Countries: Overcoming Economic and Social Challenges Through Islamic Lending. Invest Journal of Sharia & Economic Law, 4(1), 46-73. https://doi.org/10.21154/invest.v4i1.8340
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———. “Islamic Finance News.” 16-19, East Castle Street, London, W1W 8DY, United Kingdom,: IFN, 2023. https://www.islamicfinancenews.com/supplements/ifn-annual-guide-2023.
Islamic Finance Development Report. “PROGRESSING THROUGH ADVERSITY,” 2020. https://icd-ps.org/uploads/files/ICD-Refinitiv%20IFDI%20Report%2020201607502893_2100.pdf.
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Mediani, Mostafa. “The Financial Components of the Financing of Charities - Current Charity Model.” Majallat Al-Ijtihād Lil-Dirāsāt al-Qānūnīyah Wal-Iqtiṣādīyah 7, no. 4 (2018): 39–60.
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Naz, Syeda Arooj, and Saqib Gulzar. “Islamic Financial Development & Economic Growth: The Emergence of Islamic Financial Market in Pakistan.” Journal of Islamic Accounting and Business Research 14, no. 6 (August 15, 2023): 989–1012. https://doi.org/10.1108/JIABR-09-2022-0222.
Omani, Prof Lamia, Dr Wafaa Hamdoush, and Dr Aisha Salama Kaihli. “Financial Inclusion Strategy: A New Perspective to Combating Poverty.” Journal of the Performance of Algerian Institutions (ABPR 9, no. 2 (2020): 143–58.
R Tiffany and V Sangeetha. “A Study on Consumer Awareness And Usage of E-Banking Transactions through Mobile Phones in Thoothukudi,” September 19, 2018. https://doi.org/10.5281/ZENODO.1461468.
Renjith, Jose. “Effectiveness of Financial Inclusion Policies of Reserve Bank of India with Special Reference to Kerala.” Mahatma Gandhi University, 2019. https://shodhganga.inflibnet.ac.in:8443/jspui/handle/10603/166323.
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Shawtari, Fekri Ali, Bilal Ahmad Elsalem, Milad Abdelnabi Salem, and Mohamed Eskandar Shah. “Financial Development and Economic Diversification in Qatar: Does Islamic Finance Matters.” Journal of Islamic Accounting and Business Research, June 9, 2023. https://doi.org/10.1108/JIABR-01-2022-0021.
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Suez, Najwa. “Financial Inclusion: An Islamic Economic Appreciation.” Disertation, Al-Bayt University, 2021. https://search.mandumah.com/Record/1293349.
Sulaymān, Hibatu Allah Ahmad, Sherif Ismail Al-Halabi, and Sameh Abdel Maksoud Abu al-Dahab. “Tā’thīr al-Muḥaddadāt al-Iqtiṣādīyah ʿalā Iṣdār al-Ṣukūk al-Islāmīyah.” Al-Majallat al-‘Arabīyah lil-Idārah 42, no. 3 (September 1, 2022): 171–94. https://doi.org/10.21608/aja.2022.226695.
ʿUmar, Ghazāzī, and Rābiḥ Fawḍīl. “Istithmār Amwāl Ṣundūq Al-Zakāh Min Khalāl “al-Qarḍ al-Ḥasan.” Majallat Al-Iqtiṣād Wa al-Tanmīyah al-Basharīyah 3, no. 2 (2012): 33–46.
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Ahmad Malik, Firdous, and D. K. Yadav. “Impact of Recent Financial Inclusion Schemes on Status of Financial Inclusion in India: Secondary Data Analysis.” In Financial Inclusion Schemes in India, by Firdous Ahmad Malik and D. K. Yadav, 37–51. Singapore: Springer Nature Singapore, 2022. https://doi.org/10.1007/978-981-19-1316-7_3.
Al-Dubian, Debian bin Mohammed. Financial Transactions Authenticity and Contemporary. Riyadh: King Fahd National Library, 2012.
Al-Hadi., Maifi. “Al-Ḥajr ʿalā al-Ma’ūq Dhihnīan Dirāsah ʿalā Ḍaw’ al-Tashrīʿ al-Jazā’irī Wal-ʿArabī al-Muqāran.” Majallat Al-ʿUlūm al-Qānūnīyah Wa al-Siyāsīyah 9, no. 1 (2018): 652–73.
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Al-Samarrai, Shaker. “The Role of Islamic Banks in the Achievement of Financial Inclusion’s Dimensions in Jordan.” Al- Albayt university, 2018.
Al-Sāmirā’ī, Shākir Maḥmūd ’Abd al-Ghafūr. “Daur al-Maṣārif al-Islāmīyah fī Taḥqīq Ab’ād al-Ishtimāl al-Mālī fī al-Urdun.” Al-Albayt university, 2018. http://search.mandumah.com/Record/923212.
Al-Shahat Al-Jundi, Muhammad. The Loan As A Financing Tool In Islamic Law, 1996. https://www.noor-book.com/%D9%83%D8%AA%D8%A7%D8%A8-%D8%A7%D9%84%D9%82%D8%B1%D8%B6-%D9%83%D8%A3%D8%AF%D8%A7%D8%A9-%D9%84%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D9%81%D9%89-%D8%A7%D9%84%D8%B4%D8%B1%D9%8A%D8%B9%D8%A9-%D8%A7%D9%84%D8%A5%D8%B3%D9%84%D8%A7%D9%85%D9%8A%D8%A9-pdf.
Al-Siddiq, Bin Sheikh Abu Bakr. “Al-’Alāqah Bayna Idārat Amwāl al-Zakāh waMasāhmah Ṣundūq al-Zakāh Fī al-Tanmīyah waMu’ālajah al-Faqr Dirāsah Ḥālah Ṣundūq al-Zakāh liWilāyah Jījil.” Majallat Al-Sharī’ah Wal-Iqtiṣād 10, no. 2 (2021): 182–200. https://www.asjp.cerist.dz/en/article/175843.
Al-Suwais, Najwa Mahmoud Abdel-Rahman. “Financial Inclusion in the Light of the Islamic Economy.” Jarash Lil-Buḥūth Wal-Dirāsāt 23, no. 2 (2022). https://search.mandumah.com/Record/1308464.
Atef, Ahmed. “Al-Shumūl al-Mālī Wa al-Taqaddum al-Iqtiṣādī.” Majallat Al-Māl Wa al-Tijārah 000 (2018): 591. http://search.mandumah.com/Record/911649.
Bin ’Ayshūbah, Rafika. “Ṣinā’at al-Tamwīl al-Islāmī Wa Dūruhā Fī Ta’zīz al-Shumūl al-Mālī - Dirāsah Ḥālah al-Duwal al-’Arabīyah.” Majallat Al-Iqtiṣād Wa al-Tanmīyah al-Basharīyah 9, no. 2 (2021): 46–59.
Boukhatem, Jamel, and Fatma Ben Moussa. “The Effect of Islamic Banks on GDP Growth: Some Evidence from Selected MENA Countries.” Borsa Istanbul Review 18, no. 3 (September 2018): 231–47. https://doi.org/10.1016/j.bir.2017.11.004.
Butt, Hilal Anwar, Mohsin Sadaqat, and Falik Shear. “Does Islamic Financial Development Foster Economic Growth? International Evidence.” Journal of Islamic Accounting and Business Research 14, no. 6 (August 15, 2023): 1013–29. https://doi.org/10.1108/JIABR-10-2022-0267.
Eid, Qasim Mousa Abu, Mohyi Aldin Abu Al Houl, Mohammad Toma Suleiman Alqudah, and Mohammed Abd-Alkarim Almomani. “The Role of Financial Inclusion in the Stability of Islamic Banks.” International Journal of Professional Business Review 8, no. 4 (April 5, 2023): e01214. https://doi.org/10.26668/businessreview/2023.v8i4.1214.
Faouzi, Seddiki, and Ahmed Loualbia. “Masāhmah Al-Ta’līm al-Mālī Fī Ta’zīz al-Shumūl al-Mālī liTaḥqīq al-Numū al-Iqtiṣādī - Dirāsah Taḥlīlīyah.” Majallat Al-Taḥlīl Wa al-Istishrāf al-Iqtiṣādī 04, no. 01 (2023): 78–93. https://www.asjp.cerist.dz/en/downArticle/768/4/1/225913.
GUST, Marius. “Financial Inclusion.” Revista Economia Contemporană 2, no. 4 (2017). https://www.scribd.com/document/562861207/FINANCIAL-INCLUSION-Marius-GUST.
Islamic Corporation for the Development of the Private Sector. “Islamic Corporation for the Development of the Private Sector.” London, 2023. https://icd-ps.org/en/news/launch-of-icd-lseg-islamic-finance-development-report-2023-navigating-uncertainty.
———. “Islamic Finance News.” 16-19, East Castle Street, London, W1W 8DY, United Kingdom,: IFN, 2023. https://www.islamicfinancenews.com/supplements/ifn-annual-guide-2023.
Islamic Finance Development Report. “PROGRESSING THROUGH ADVERSITY,” 2020. https://icd-ps.org/uploads/files/ICD-Refinitiv%20IFDI%20Report%2020201607502893_2100.pdf.
Kashi, Musa. “Dawr Al-Zakāh Fī Taḥqīq al-Tanmīyah al-Iqtiṣādīyah Wal-Ijtimā’īyah ‘The Role of Zakat in Achieving Economic and Social Development.’” Majallat Al-Sharī’ah Wal-Iqtiṣād 6, no. 1 (2017): 214–39.
Khaled, Ajoly Abdullah Egoly. “Obstacles to Islamic Sukuk and Ways of Their Success.” The Academy for Social and Human Studies, 2022.
Mahendra, Dev, and S. Mahendra. “Financial Inclusion: Issues and Challenges.” Economic and Political Weekly 41, no. 41 (2006): 4310–13.
Mediani, Mostafa. “The Financial Components of the Financing of Charities - Current Charity Model.” Majallat Al-Ijtihād Lil-Dirāsāt al-Qānūnīyah Wal-Iqtiṣādīyah 7, no. 4 (2018): 39–60.
Mousawi, Warda. “The Impact of Islamic Finance for Entrepreneurship Activities on Economic Growth : An Empirical Evidence from Malaysia.” Majallat Al-Dirāsāt al-Mālīyah, al-Muḥāsabīyah Wa al-Idārīyah 8, no. 2 (2021): 218–37.
Nabil, Bousaq. “Guarantees of the Human Right to Own Property and the Freedom to Invest in Islamic Law and International Covenants.” Majallat Al-Buḥūth al-Siyāsīyah Wa al-Idārīyah 6, no. 1 (2017): 226–37.
Naz, Syeda Arooj, and Saqib Gulzar. “Islamic Financial Development & Economic Growth: The Emergence of Islamic Financial Market in Pakistan.” Journal of Islamic Accounting and Business Research 14, no. 6 (August 15, 2023): 989–1012. https://doi.org/10.1108/JIABR-09-2022-0222.
Omani, Prof Lamia, Dr Wafaa Hamdoush, and Dr Aisha Salama Kaihli. “Financial Inclusion Strategy: A New Perspective to Combating Poverty.” Journal of the Performance of Algerian Institutions (ABPR 9, no. 2 (2020): 143–58.
R Tiffany and V Sangeetha. “A Study on Consumer Awareness And Usage of E-Banking Transactions through Mobile Phones in Thoothukudi,” September 19, 2018. https://doi.org/10.5281/ZENODO.1461468.
Renjith, Jose. “Effectiveness of Financial Inclusion Policies of Reserve Bank of India with Special Reference to Kerala.” Mahatma Gandhi University, 2019. https://shodhganga.inflibnet.ac.in:8443/jspui/handle/10603/166323.
Sakanko, Musa Abdullahi, Sufiyanu Umma Yahaya, and Salihu Abdullahi. “Financial Literacy and Financial Inclusion.” Zakariya Journal of Social Sciences 2, no. 1 (2023): 1–10.
Shawtari, Fekri Ali, Bilal Ahmad Elsalem, Milad Abdelnabi Salem, and Mohamed Eskandar Shah. “Financial Development and Economic Diversification in Qatar: Does Islamic Finance Matters.” Journal of Islamic Accounting and Business Research, June 9, 2023. https://doi.org/10.1108/JIABR-01-2022-0021.
Sidik, Zelin Nurfadia, Noer Azam Achsani, and Syamsul Hidayat Pasaribu. “Financial Inclusion and Demand for Money: A Dynamic Panel Data Approach.” Signifikan: Jurnal Ilmu Ekonomi 7, no. 2 (March 16, 2018): 137–48. https://doi.org/10.15408/sjie.v7i2.6838.
Suez, Najwa. “Financial Inclusion: An Islamic Economic Appreciation.” Disertation, Al-Bayt University, 2021. https://search.mandumah.com/Record/1293349.
Sulaymān, Hibatu Allah Ahmad, Sherif Ismail Al-Halabi, and Sameh Abdel Maksoud Abu al-Dahab. “Tā’thīr al-Muḥaddadāt al-Iqtiṣādīyah ʿalā Iṣdār al-Ṣukūk al-Islāmīyah.” Al-Majallat al-‘Arabīyah lil-Idārah 42, no. 3 (September 1, 2022): 171–94. https://doi.org/10.21608/aja.2022.226695.
ʿUmar, Ghazāzī, and Rābiḥ Fawḍīl. “Istithmār Amwāl Ṣundūq Al-Zakāh Min Khalāl “al-Qarḍ al-Ḥasan.” Majallat Al-Iqtiṣād Wa al-Tanmīyah al-Basharīyah 3, no. 2 (2012): 33–46.