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Volume 23 No. 1, April 2024


Article History:
Received: 31 December 2023
Accepted: 02 February 2024
Available online: 01 April 2024


The Roles of Islamic Financial Technology (FINTECH) in Fostering Financial Inclusion in Malaysia

Nurul’ain Mohd, Mastura Razali, Muhammad Hasif Yahaya and Zainur Nadiyah Baharuddin

Academy of Contemporary Islamic Studies (ACIS), Univeristi Teknologi MARA (UiTM)
Shah Alam 40450, Selangor, MALAYSIA


The financial sector is undergoing a paradigm shift due to technological improvements. As a result of these technical breakthroughs, the financial industry has experienced a significant transformation, characterised by a growing reliance on technology and the emergence of several opportunities and barriers. Thus, by examining official reports and the central bank’s website, the research aimed to analyse the roles played by Islamic fintech in promoting financial inclusion to gain a comprehensive understanding of fintech in Malaysia. The qualitative analytical approach employed in this study relies upon a wide range of sources, such as the Central Bank of Malaysia Financial Inclusion Framework 2023-2026, official papers on fintech, the Bank Negara Malaysia website, and pertinent journal articles. The findings indicated that the Islamic fintech sector in Malaysia has prioritised the empowerment of small and medium-sized firms, unbank population, marginalised communities, and vulnerable sectors to encourage financial inclusion in Malaysia. This approach is designed to stimulate economic growth and act as an intermediary for the progress of the digital economy through the provision of financial services accessibility.

Keywords: Financial Technology, Fintech, Islamic Fintech, Financial Inclusion, Digital Finance
Corresponding Author: Mastura Razali; Academy of Contemporary Islamic Studies (ACIS), Univeristi Teknologi MARA (UiTM) Shah Alam 40450, Selangor, Malaysia; Email: This email address is being protected from spambots. You need JavaScript enabled to view it.; Tel: +6012 502 8419


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