Financial Inclusion in Muslim-Majority Countries: Overcoming Economic and Social Challenges Through Islamic Lending

Authors

  • Ramzi Abdullah Ahmed Hassan Swami Ramanand Teerth Marathwada University

DOI:

https://doi.org/10.21154/invest.v4i1.8340

Keywords:

financial inclusion, islamic lending, regulatory frameworks, socio-economic challenges

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.

Author Biography

Ramzi Abdullah Ahmed Hassan, Swami Ramanand Teerth Marathwada University

Ramzi Abdullah Ahmed Hassan is a seasoned academic with a diverse background. As a lecturer at  Seiyun University, he imparted knowledge in Islamic Sciences, and Islamic Banking.  Ph.D. research scholar in Economics from Swami University, India, and a Master's in Islamic Economics with honors, he combines academic rigor with practical insights. Ramzi has contributed extensively to conferences worldwide, presenting research on topics like digital payments, Islamic banking, and post-disaster reconstruction. His publications in reputable journals delve into Bitcoin economics, prizes in competitions, and the performance of digital payments in Yemen and India.

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Published

2024-06-30

How to Cite

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

Issue

Vol. 4 No. 1 (2024)

Section

Articles

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