Analysis of the Development of Sharia Fintech in Supporting the Islamic Digital Economy in Indonesia

Imron Natsir; Septiana Na'afi; Tarjono Tarjono; Laksono Edhi Lukito; Fiqri Khairuddin Abda

doi:10.63922/ijebir.v5i05.5730

Imron Natsir Universitas PTIQ Jakarta, Indonesia
Septiana Na'afi Universitas Islam Negeri Walisongo Semarang, Indonesia
Tarjono Tarjono Universitas Yayasan Pendidikan Imam Bonjol Majalengka, Indonesia
Laksono Edhi Lukito Universitas Islam Syekh – Yusuf, Indonesia
Fiqri Khairuddin Abda Politeknik Negeri Pontianak, Indonesia

DOI: https://doi.org/10.63922/ijebir.v5i05.5730

Keywords: Sharia Fintech, Islamic Digital Economy, Financial Inclusion, MSMEs, Sharia Finance

Abstract

The development of digital technology has driven significant transformation in the financial sector and opened new opportunities for the development of the Islamic economy in Indonesia. One form of this transformation is the development of Sharia financial technology (fintech), which integrates technological innovation with Islamic financial principles. This study aims to analyze the development of Sharia fintech in supporting the Islamic digital economy in Indonesia, particularly in the aspects of financial inclusion, MSME financing, transaction digitalization, and the opportunities and challenges of its development. The study used a qualitative descriptive approach with library research methods. Data were obtained from reports from Bank Indonesia, the Financial Services Authority (OJK), relevant ministries, scientific journals, books, and relevant regulatory documents. The analysis was conducted through identification, reduction, grouping, interpretation, and drawing conclusions from various data and literature. The results show that Sharia fintech has strategic potential in expanding access to Sharia financial services, increasing financing for MSMEs, supporting digital transactions, and developing a halal economic ecosystem. The development of digital payment infrastructure, marked by the increasing use of QRIS (Qualifying Transaction Recognition System) and the growth of digital financing, further strengthens the opportunities for Sharia fintech development. However, its development still faces challenges such as low levels of Sharia and digital financial literacy, public trust, data security, consumer protection, risk management, governance, and compliance with Sharia principles. Therefore, strengthening regulations, literacy, technological innovation, oversight, and collaboration among stakeholders is necessary to ensure Sharia fintech can develop inclusively, reliably, and sustainably to support the Islamic digital economy in Indonesia.

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