Enhancing Financial Inclusion through Shariah centric e-Wallet

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Thought Leadership | Global

The Islamic finance industry has experienced significant growth and expansion globally in recent decades, providing an alternative to conventional finance. Islamic finance utilizes techniques such as microfinance, micro-insurance, and mobile money accounts to increase financial inclusion, and its unique characteristic of prohibiting interest in transactions offers a valuable alternative to those with religious beliefs restricting their access to conventional finance. The emergence of fintech in the space of Islamic finance has further accelerated the industry’s growth, with the potential for greater innovation and cost efficiency. The industry is forecasted to reach a value of USD 128 billion by 2025 (State of the Global Islamic Economy Report, 2022).

Being cognizant that principles of Islamic finance advocate for financial inclusion among the unserved segments, the webinar attempts to explore two major trends, how Islamic finance can promote financial inclusion and how institutions can govern charity and aid disbursement better.

If you missed our webinar, watch the recording here.