Financial inclusion, financial inclusion policy and Islamic finance

Zulkhibri, Muhamed

doi:10.1080/17520843.2016.1173716

Cited by 54 publications

(58 citation statements)

References 12 publications

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“…Regarding the religious commitment latent variables, this study reveals that fears of punishment are the highest indicator in explaining religious commitment. This finding confirms those of previous studies (Gerrans et al, 2009;Hassan et al, 2019;Khan, 2010;Zulkhibri, 2016) in that 'faith premiums' affect financial decisions. Nevertheless, due to a lack of knowledge and awareness (Dupas & Robinson, 2012;Ellis, Lemma & Rud, 2010), there is a misconception among those in the low-income segment that participating in formal institutions has no religious implications.…”

Section: Discussionsupporting

confidence: 92%

Determinants of Islamic Financial Exclusion in Indonesia

Ali

Devi

Bustomi

2020

JIMF

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The study aims to uncover the determinants of Islamic financial exclusion in Indonesia by gathering the response from financially-excluded respondents. A total of 110 respondents were surveyed, representing five provinces, namely West Java, South Sulawesi, Aceh, East Kalimantan, and North Maluku. The criteria of financially-excluded respondents are those who do not have any Islamic financial products, neither saving, financing, nor capital market account. The study employs Confirmatory Factor Analysis (CFA) to identify indicators explaining Islamic financial exclusion determinants in Indonesia. The paper found that location is the key barrier to obtain financing from and participate in saving in Islamic banks/Islamic microfinance, while lack of financial knowledge is identified as the critical barrier to deal with Islamic capital market products. Overall, most of the respondents perceive human capital, as well as product and services as the two most significant determinant of Islamic financial exclusion in Indonesia, followed by infrastructure, policies and regulation, financial literacy, social influence, and religious commitment, respectively. The originality of the paper lies in detailed insight into the perception of financially-excluded on the factors leading to Islamic financial exclusion.

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Section: Discussionsupporting

confidence: 92%

Determinants of Islamic Financial Exclusion in Indonesia

Ali

Devi

Bustomi

2020

JIMF

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“…Few aspects are known in relation to financial inclusion and financial hardship in the Gulf region and KSA. Previous literature on financial inclusion in the KSA has mainly focused on its effects on levels of development and poverty, 21 , 22 the prevalence of financial exclusion in the presence of growth in the financial sector 23 and the gender differentials. 24 The findings’ consensus points to the narrative that individuals with deprived backgrounds and the poor are more likely to face financial hardships and the results from the Gulf region are in tandem with estimates from Tunisia, 25 Lebanon, 26 the GCC, 27 and in other European regions.…”

Section: Introductionmentioning

confidence: 99%

<p>Effects of Financial Inclusion on Access to Emergency Funds for Healthcare in the Kingdom of Saudi Arabia</p>

Al-Hanawi

Chirwa

Kamninga

et al. 2020

JMDH

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Background: Having access to convenient and quality healthcare at all times is not only a human right but also a goal that many countries strive to achieve for their population. However, access to healthcare might face blocks in the presence of financial exclusions. Saudi Arabia has, over the years, continued to pursue policy and system reforms to enhance its population's access to financial inclusion, as well as proper health coverage to improve health outcomes. This study seeks to estimate the effects of financial inclusion on the financial hardships in accessing healthcare in Saudi Arabia. Methods: This study uses a nationally representative survey conducted with 1009 adults, using the 2017 World Bank Global Findex Study data. The study estimates the conditional probability of coming up with emergency funds and the conditional probability of borrowing for medical purposes to understand access to healthcare. A composite value is created for financial inclusion using several variables for individuals' interactions with financial institutions, such as access to financial services and loans. Results: The results revealed that financially included individuals have a higher conditional probability of both borrowing for medical purposes and coming up with emergency funds, compared to those who are financially excluded. Additionally, the study showed that individuals in low-income brackets are more likely to be financially excluded and have a reduced chance of coming up with emergency funds and borrowing for medical purposes. Conclusion: These findings indicate that there is need for authorities to roll out a financial inclusion drive that will not only incentivise the financially excluded population to become included but that will also aim at promoting various financial products so that those who are already financially included have a wide range from which they can choose.

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“…The Islamic Fintech is going to be the game changer for Islamic finance mainly due several reasons as shown in figure 3 [26]- [28] . services are efficient and it also promotes financial inclusion because it provides an opportunity to neglected and ignored section of society to come in the main stream and use the valuable financial services [29], [30]. Finally, Fintech based financial services are innovative and it has ability to be the game changer for Islamic finance in the post COVID-19 era [31].…”

Section: Covid-19 and Role Of Islamic Fintechmentioning

confidence: 99%

Embracing of Fintech in Islamic Finance in the post COVID era

Rabbani

Abdulla

Basahr

et al. 2020

2020 International Conference on Decision Aid Sciences and Application (DASA)

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The novel corona virus (COVID-19) is a phenomenon with the aftereffects of this pandemic can be felt in the next few years to come. Economic consequences of the pandemic are huge on the Islamic finance industry, it is also evident from the slow growth forecast by the various agencies for the industry. In this paper, we consider this pandemic as an opportunity for the Islamic finance industry to grow and prove its worth again after the global financial crisis of 2008 and emerge as a major contender to the conventional financial system. We develop a model which reveals that COVID-19 is an opportunity with more integrated and transformative growth with high level of standardization, with key focus of the industry on the social cause and tactical adoption of Financial technology. The paper has an implication to the Islamic finance and banking industry as it provides a framework for the future researchers and practitioners to understand and adopt Islamic finance in the post COVID-19 era.

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Financial inclusion, financial inclusion policy and Islamic finance

Cited by 54 publications

References 12 publications

Determinants of Islamic Financial Exclusion in Indonesia

Determinants of Islamic Financial Exclusion in Indonesia

<p>Effects of Financial Inclusion on Access to Emergency Funds for Healthcare in the Kingdom of Saudi Arabia</p>

Embracing of Fintech in Islamic Finance in the post COVID era

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