The Role of Islamic Fintech in Enhancing Financial Inclusion and Promoting Sharia-Based Economic Growth in Indonesia

Enur Hotimah; Mohammad Hatta Fahamsyah; Adrianna Syariefur Rakhmat

doi:10.61132/santri.v4i5.2602

Authors

Enur Hotimah Sekolah Tinggi Ekonomi dan Bisnis Islam Yayasan Pelita Ilmu Insani
Mohammad Hatta Fahamsyah Universitas Pelita Bangsa
Adrianna Syariefur Rakhmat Universitas Pelita Bangsa

DOI:

https://doi.org/10.61132/santri.v4i5.2602

Keywords:

Financial Inclusion, Islamic Fintech, Islamic Finance, Sharia Economic Growth, Time Series

Abstract

Indonesia’s national financial inclusion index reached 93.61% in 2026, yet Islamic financial inclusion remained only 13.24%, indicating a substantial usage gap between the general and Sharia financial systems. This study examines whether the expansion of Islamic fintech contributes to Islamic financial inclusion and Sharia-based economic growth in Indonesia. An explanatory quantitative design using monthly secondary time-series data from January 2024 to May 2025 was employed. Islamic fintech was proxied by funds raised through Sharia Securities Crowdfunding (SCF), financial inclusion by third-party funds (DPK) of Islamic Commercial Banks and Sharia Business Units (BUS-UUS), and Sharia-based economic growth by BUS-UUS financing. The variables were transformed into natural logarithms. Augmented Dickey-Fuller tests showed non-stationarity in levels but stationarity in first differences; therefore, inference relied on first-difference regressions with Newey-West/HAC robust standard errors. Changes in Sharia SCF fundraising positively affected changes in DPK (β = 0.283; p = 0.015) and financing (β = 0.124; p = 0.027). In the mediation model, the direct effect of fintech remained significant (β = 0.134; p = 0.009), whereas DPK did not significantly affect financing (β = -0.034; p = 0.706). The indirect effect was not significant (Sobel z = -0.373; p = 0.709). The findings suggest that the short-run role of Islamic fintech is more visible through direct financing-channel expansion than through deposit-based mediation. Policy should strengthen interoperability, Sharia digital literacy, consumer protection, and the integration of fintech with Islamic banking and the halal value-chain ecosystem.

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