Integrating Islamic Social Finance and Islamic Fintech for Household Financial Resilience in Indonesia
DOI:
https://doi.org/10.64845/al-mudayanah.v1i2.61Keywords:
Digital Zakat Financial Resilience Islamic Social Finance Islamic Fintech Maqāṣid Al-SharīʿahAbstract
This conceptual paper explores how the integration of Islamic social finance (ISF) zakat, infaq, ṣadaqah and waqf with Islamic financial technology (Islamic fintech) can strengthen household financial resilience in Indonesia. Although Indonesia has a large Muslim population and strong potential of zakat and waqf actual collection remains far below its potential, and many Muslim households are still vulnerable to income shocks, limited savings buffers and reliance on informal debt. At the same time rapid growth of digital zakat platforms and Islamic fintech solutions such as peer to peer (P2P) financing, sharia compliant crowdfunding, and digital payment channels has opened new opportunities for inclusive, technology enabled Islamic finance. However existing studies tend to examine digital zakat adoption and Islamic fintech for financial inclusion separately with limited attention to household resilience outcomes and to the design of an integrated ecosystem. Using an integrative literature review this paper synthesizes recent findings on ISF, Islamic fintech and financial resilience from an Islamic economics perspective. It then proposes a three layer integration model: (1) digital safety nets through ISF for consumption smoothing; (2) sharia compliant productive financing for asset building; and (3) risk protection instruments (micro takāful and emergency funds) supported by digital infrastructure and data analytics. The model is anchored in maqāṣid al-sharīʿah, especially preservation and fair circulation of wealth (ḥifẓ al-māl), and offers practical implications for regulators, Islamic financial institutions and zakat waqf organizations in Indonesia.
References
Afif, M., & Rahmawati, N. (2024). Peran fintech syariah dalam meningkatkan inklusi keuangan di Indonesia. Jurnal Ekonomi Syariah dan Inovasi Keuangan, 9(1), 22–35.
Agustrisna, J., Fadilah, S., Kesuma, S. A., Astuti, W., & Adhitya, T. R. (2025). Digital zakat, infaq, and sadaqah (ZIS) acceptance: Empirical evidence from Indonesia. In M. Al Mubarak & A. Hamdan (Eds.), Innovative and Intelligent Digital Technologies (pp. 977–985). Springer. https://link.springer.com/chapter/10.1007/978-3-031-71649-2_80
Ahimsa, E. A., Sudarsono, H., Abdul Ghoni, M., & Affandi, M. T. (2023). Understanding muzaki adoption of digital zakat payments in Indonesia. Review of Islamic Social Finance and Entrepreneurship, 2(2), 182–193.
Ahmad, K., & Hassan, R. (2023). The role of Islamic fintech in enhancing financial inclusion: Evidence from Indonesia. Journal of Islamic Monetary Economics and Finance, 9(1), 91–110.
Ahmed, M. H. (2023). Indonesian low‑income households’ acceptance of micro‑takaful in East Java. Journal of Islamic Monetary Economics and Finance. https://doaj.org/article/e4efcb19712b45e9842bb48675c266ca
Al‑Ali, A. E. S., Ali, K. M., & Khaleequzzaman, M. (2020). Islamic fintech and financial inclusion. In A. E. S. Ali et al. (Eds.), Enhancing Financial Inclusion through Islamic Finance (Vol. I). Palgrave Macmillan. https://doi.org/10.1007/978-3-030-39935-1
Anwar, F. (2025). Digital lending platforms and Islamic financial technology in Indonesia: Reconciling sharia governance and state regulation. Indo‑Islamika, 15(2). https://journal.uinjkt.ac.id/indo-islamika/article/view/47045
Azizah, N., & Fadhilah, R. (2023). Cash waqf‑linked sukuk: Sharia financial innovation for productive waqf management in Indonesia. Syarah: Jurnal Hukum Ekonomi Syariah, 8(2), 123–140. https://journal.iainlhokseumawe.ac.id/index.php/syarah/article/download/3087/1203/12095
Badan Perencanaan Pembangunan Nasional. (2019). Indonesia Islamic Economic Masterplan 2019–2024. Bappenas.
Badan Wakaf Indonesia. (2022). Indeks Wakaf Nasional 2022. https://www.bwi.go.id/wp-content/uploads/2023/03/Indeks-Wakaf-Nasional-2022.pdf
Banna, H., Hassan, M. K., & Bataineh, H. (2024). Digital financial inclusion and bank stability in a dual‑banking system: Does financial literacy matter? Journal of Islamic Monetary Economics and Finance. https://www.jimf-bi.org/index.php/JIMF/article/view/2650
Beik, I. S., Arsyianti, L. D., & Permatasari, N. (2023). Analysis on the determinant of millennials’ zakat payment through digital platform. Journal of Islamic Marketing. https://doi.org/10.1108/JIMA-09-2021-0313
Elmassri, M., et al. (2024). The role of Islamic FinTech in digital financial inclusion and sustainable development post‑COVID‑19: A cross‑country analysis. International Journal of Islamic and Middle Eastern Finance and Management, 18(3), 649–671. https://doi.org/10.1108/IMEFM-02-2024-0100
Fitch Ratings. (2022). Indonesia takaful dashboard 2022. https://www.fitchratings.com/research/insurance/indonesia-takaful-dashboard-2022-11-02-2022
Hamdani, L., Sunarsih, S., Yusfiarto, R., Rizal, A., & Khoirunnisa, A. N. (2024). Social media, trust and intention to pay zakat through institution: Lessons from Indonesian experience. Journal of Islamic Marketing, 15(9), 2399–2418. https://doi.org/10.1108/JIMA-01-2023-0016
Haryanto, R., (2023). Determinants of digital zakat payments: Lessons from Indonesian experience. Journal of Islamic Accounting and Business Research, 12(3), 362–379.
Hassan, R., & Wahyuni, I. (2024). Transformation of Islamic fintech in enhancing financial inclusion: Digitalization based on maqashid shariah. Indonesian Journal of Sharia and Business Innovation Studies, 3(2), 1–13. https://jurnal.umsu.ac.id/index.php/insis/article/download/23878/pdf
Hikam, M. (2025). Integrating digital services in Islamic social finance: A service ecosystem perspective. Share: Jurnal Ekonomi dan Keuangan Islam.
Hadziq, M. F., & Ali, N. (2025). Awareness of Indonesian Migrant Workers in Paying Zakat : Case Study of Borneo Palm Oil Plantations Samudera Langkon , Marudu , Sabah Malaysia. JIESBI: Journal of Islamic Economics and Business Ethics, 2(1), 44–67. https://doi.org/10.24235/jiesbiv1i3
Hana Mabrukah, A. I. S. (2024). Transformation of Zakat Into Rotating Business Capital: A Sustainable Economic Empowerment Solution. Journal of lslamic Economics and Bussines Ethics, 1(3), 163–175. https://doi.org/10.24235/jiesbi.v1i2.133
Hasbi, M. Z. N. (2023). Potret Pelaksanaan Zakat di Indonesia Sebagai Stimulus Aktualisasi Triple Bottom Line Pada Perusahaan. IJMA (Indonesian Journal of Management and Accounting), 4(1), 1–13.
Iswanaji, C., Nafi’ Hasbi, M. Z., Salekhah, F., & Amin, M. (2021). Implementasi Analitycal Networking Process (Anp) Distribusi Zakat Terhadap Pembangunan Ekonomi Masyarakat Berkelanjutan (Study Kasus Lembaga Baznas Kabupaten Jember Jawa Timur). Jurnal Tabarru’: Islamic Banking and Finance, 4(1), 195–208. https://doi.org/10.25299/jtb.2021.vol4(1).6681
Ichsan, N., & Fuadiyah, H. (2024). Determinants of paying zakat through e‑zakat in Tarakan. Signifikan: Jurnal Ilmu Ekonomi, 13(1). https://doi.org/10.15408/sjie.v13i1.40942
International Journal of Zakat. (2025). Zakat Payment Antecedents via Digital Platform. International Journal of Zakat. https://ijazbaznas.com/index.php/journal/article/view/696
Islamic Financial Services Board. (2024). Islamic Financial Services Industry Stability Report 2024. https://www.ifsb.org/wp-content/uploads/2024/09/IFSB-Stability-Report-2024-8.pdf
Kasri, R. A., & Yuniar, A. M. (2021). Determinants of digital zakat payments: Lessons from Indonesian experience. Journal of Islamic Accounting and Business Research, 12(3), 362–379. https://doi.org/10.1108/JIABR-08-2020-0258
Kementerian PPN/Bappenas. (2019). Masterplan Ekonomi Syariah Indonesia 2019–2024. https://www.shariaknowledgecentre.id/id/.galleries/pdf/research-publication/bappenas-2019-indonesia-islamic-economic-masterplan.pdf
Klapper, L., Ansar, S., & Singer, D. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID‑19. World Bank. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099833507072223098
Mahtum, R., & Hudaefi, F. A. (2024). Critical assessment on cash waqf‑linked sukuk in Indonesia. Qualitative Research in Financial Markets, 17(4), 849–868. https://doi.org/10.1108/QRFM-11-2023-0291
Mauludin, M. R., & Herianingrum, S. (2022). Pengaruh digital zakat terhadap penghimpunan zakat dan kinerja lembaga amil zakat. Jurnal Ekonomi Syariah Teori dan Terapan, 9(1), 47–58.
Ma’wa, M. A. F., Indarningsih, N., & Waliyuddinssyah, M. N. (2023). Zakat, infaq, shadaqah, and waqf using financial technology: Millennial generation perspective. Review of Islamic Social Finance and Entrepreneurship, 2(1), 13–28. https://doi.org/10.20885/RISFE.vol2.iss1.art2
M.Zidny Nafi’ Hasbi. (2021). Analisis Pengaruh Rasio Profitabilitas Terhadap Tingkat Kemampuan Pengeluaran Zakat Pada BUSN Devisa. 1(2), 89–102.
Mahardika, S. G., & Tanweer, A. (2025). Environmentally Friendly Waqf Model : A Response to Sustainable Economic Development and the Presence of a Circular Economy. JIESBI: Journal of Islamic Economics and Business Ethics, 2(1), 68–93. https://doi.org/10.24235/jiesbiv1i3
Nasution, Y. S. J. (2024). Peran Islamic social finance di Indonesia menuju Sustainable Development Goals (SDGs). Jurnal Ekonomi Syariah dan Inklusif, [volume(issue)], [page–page].
OECD. (2020). OECD/INFE 2020 International Survey of Adult Financial Literacy. https://www.oecd.org/en/publications/oecd-infe-2020-international-survey-of-adult-financial-literacy_145f5607-en.html
Otoritas Jasa Keuangan. (2025). Statistik Fintech (LPBBTI & P2P Lending). https://ojk.go.id/id/kanal/iknb/data-dan-statistik/Fintech/default.aspx
Pranata, Y., & Siregar, N. (2024). The effect of financial inclusion and financial literacy on sharia fintech adoption among SMEs. EAI Proceedings. https://doi.org/10.4108/eai.24-10-2023.2342369
PUSKAS BAZNAS. (2024). Laporan Pengelolaan Zakat Nasional 2023–2024. https://baznas.go.id/laporan-zakat-nasional
PUSKAS BAZNAS. (2024). Outlook Zakat Indonesia 2024. https://www.puskas.baznas.go.id.puskasbaznas.com/publications/books/1857-buku-outlook-zakat-indonesia-2024
Rahman, M. M., & Saiti, B. (2023). Expanding financial inclusion in Indonesia through takaful: Opportunities, challenges and policy implications. Journal of Financial Reporting and Accounting. https://doi.org/10.1108/JFRA-05-2023-0256
Ramdhani, T., & Mulyani, S. (2023). Takaful funeral: An innovation for Islamic insurance product. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-04-2022-0157
Sari, E. (2025). Transforming Islamic finance: Innovation opportunities, global challenges, and the role of artificial intelligence in Islamic financial management. Al-Mudayanah: Journal of Islamic Economics and Finance, 1(1), 34–48.
Wahyudi, R., & Pambudi, D. S. (2022). Digital zakat payment: User experience of Islamic bank in Indonesia. At-Taqaddum, 14(2), 61–84.
Wahyudi, R., & Pambudi, D. S. (2022). Digital zakat payment: User experience of Islamic bank in Indonesia. At‑Taqaddum, 14(2), 61–84. https://doi.org/10.21580/at.v14i2.14252
Warjiyo, P. (2024). Accelerating digitalization in the sharia economy and finance for inclusive and sustainable growth in the post‑pandemic recovery. Journal of Islamic Monetary Economics and Finance, 10(1), 5–34.
Yumna, A., Masrifah, A. R., Muljawan, D., Noor, F., & Marta, J. (2024). The impacts of cash waqf linked sukuk empowerment programs: Empirical evidence from Indonesia. Journal of Islamic Monetary Economics and Finance, 10(1), 35–92.
Zidny, M., Hasbi, N. ’, & Widayanti, I. (2022). Zakah Contribution for Community Economic Development with Analytical Networking Process Method. Bulletin of Islamic Economics, 1(1), 39–49. https://doi.org/10.14421/bie.2022.011-04
Downloads
Published
Issue
Section
License
Copyright (c) 2025 Muhammad Yusuf Bahtiar (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
