Synergizing Zakat, Waqf, and Islamic Fintech: A Qualitative Exploration of Women’s Financial Inclusion in Indonesia
Abstract
This study explores how the integration of Islamic fintech with zakat and waqf initiatives advances financial inclusion and women’s economic empowerment in Indonesia. Using a qualitative, descriptive–exploratory design, in-depth interviews were conducted with twelve informants comprising women micro-entrepreneurs, Islamic fintech practitioners, and zakat and waqf institution officers in Yogyakarta. Thematic analysis revealed that Islamic fintech serves as an accessible and trustworthy channel for Sharia-compliant financing, enhancing women’s participation in the formal economy while aligning with religious values. The synergy of fintech and Islamic social-finance instruments—particularly zakat and waqf—was found to foster transparency, accountability, and community trust, transforming social assistance into productive, empowerment-oriented initiatives. Nevertheless, challenges such as limited digital literacy, gendered social norms, and a lack of understanding of Islamic financial principles continue to constrain adoption. The findings extend maqāṣid al-Shariah and financial-inclusion frameworks by demonstrating that meaningful inclusion requires both ethical legitimacy and digital capability. Policy implications highlight the need for coordinated regulation between OJK, BWI, and BAZNAS, gender-sensitive fintech design, and targeted literacy programs. The study contributes original qualitative evidence of how faith-based digital finance can reduce inequality, promote social justice, and redefine inclusion as a moral, social, and economic process within the Indonesian Islamic finance ecosystem.
References
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Cizakca, M. (2019). Cash waqf as alternative to non-bank financial institutions. Islamic Research and Training Institute.
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Guest, G., Bunce, A., & Johnson, L. (2006). How many interviews are enough? Field Methods, 18(1), 59–82. https://doi.org/10.1177/1525822X05279903
Haneef, M. A., Thaker, M. A., & Kadri, N. (2015). Integrated waqf-based {Islamic} microfinance model ({IWIMM}): Concept and applications. ISRA International Journal of Islamic Finance, 7(1), 74–88.
Hassan, A. (2014). The challenge in poverty alleviation: Role of {Islamic} microfinance and social capital. Humanomics, 30(1), 76–90. https://doi.org/10.1108/H-10-2013-0068
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Hudaefi, F., Beik, L. S., Zaenal, M. H., & Choirin, M. (2020). How does zakat institution respond to Fintech? Evidence from BAZNAS, Indonesia. International Jurnal of Zakat and Islamic Philantorphy.
Iqbal, Z., & Mirakhor, A. (2023). Ethical Dimensions of Islamic Finance: Theory and Practice. Palgrave Macmillan.
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Kamali, M. H. (2008). Maqasid al-{Shariah} Made Simple. International Institute of Advanced Islamic Studies ({IAIS}) Malaysia.
Khairisma, K., Muhammad Nur, M., & Mardiaton, N. (2025). Islamic fintech’s role in sustainable finance: Empowering women in {Aceh}. Multidisciplinary Output Research for Actual and International Issue (MORFAI Journal), 4(4), 1377–1394. https://doi.org/10.54443/morfai.v4i4.2385
Lincoln, Y. S., & Guba, E. G. (1985). Naturalistic Inquiry. Sage.
Maulina, R., Dhewanto, W., & Faturohman, T. (2023). The integration of Islamic social and commercial finance (IISCF): Systematic literature review, bibliometric analysis, conceptual framework, and future research opportunities. Heliyon, 9(11), e21612. https://doi.org/10.1016/j.heliyon.2023.e21612
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Muhammedi, S. (2024). A study of micro waqf banks in {Indonesia}. IEFR Journal of Islamic Economics, Finance and Research, 2(1), 45–62.
Otoritas Jasa Keuangan. (2023). Indonesian Islamic Financial Development Report ({LPKSI}) 2023. https://ojk.go.id/en/berita-dan-kegiatan/info-terkini/Pages/Indonesian-Islamic-Financial-Development-Report-LPKSI-2023.aspx
Puspita, A. T., & Kassim, S. F. (2024a). Islamic financial inclusion: A bibliometric analysis and review. Journal of Islamic Economics and Finance, 8(1), 100–120.
Puspita, A. T., & Kassim, S. F. (2024b). Islamic financial inclusion: A review and bibliometric analysis. Journal of Islamic Economic Literatures, 5(2), 45–62.
Putnam, R. D. (2000). Bowling Alone: The Collapse and Revival of American Community. Simon \& Schuster.
Rahman, M., & Dean, A. (2013). Women’s economic empowerment in microenterprise: Making markets work for women and men.
Ray, R. K., Chowdhury, F. R., & Hasan, M. R. H. (2024). Blockchain Applications in Retail Cybersecurity: Enhancing Supply Chain Integrity, Secure Transactions, and Data Protection. Journal of Business and Management Studies, 6(1), 206–215. https://doi.org/10.32996/jbms.2024.6.1.13
Rozalinda, Y. A. (2024). Economic empowerment of unbanked women through financial inclusion in {Indonesia}. Cogent Business \& Management, 3(1), 279–296. https://doi.org/10.1080/23311975.2024.1005079
Sahputri, R. A. M. (2024). Financial inclusion in {Indonesia}: An analysis of determinants. EFIN: Economic Forum Indonesia, 70(2), 85–102.
Sarma, M. (2012). Index of financial inclusion---A measure of financial sector inclusiveness (Issue 07/2012).
Suhardi, S. (2025). Mapping {Islamic} financial inclusion literature: Trends, key issues, and future research directions. Indonesia Accounting Research Journal, 12(4), 149–163. https://doi.org/10.35335/iacrj.v12i4.466
Suswanto, R. E., Wahyudi, I., & Rahmawati, R. (2025). Bridging faith and innovation: A systematic literature review of {Islamic} fintech adoption patterns and regulatory frameworks (2020--2024). Al-Muamalat: Jurnal Ekonomi Syariah, 12(1), 59–76.
Sylvia, R., Atma, H., Zulelli, R., & Maiyo, A. (2025). Integration of Waqf and Technology in Islamic Microfinance Institutions ( IMFIs ): A Systematic Review of Social Efficiency , Financial Inclusion , and MSME Empowerment in Developing Countries. Asian Journal of Management Entrepreneurship and Social Science, 05(02), 1128–1147.
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World Bank, W. B. (2022). The State of Economic Inclusion Report 2022: The Potential to Scale. https://openknowledge.worldbank.org/handle/10986/37246
World Medical Association. (2013). Declaration of {Helsinki}: Ethical principles for medical research involving human subjects. JAMA, 310(20), 2191–2194. https://doi.org/10.1001/jama.2013.281053
Alshater, M. M., Atayah, O. F., & Khan, A. (2022). Fintech in Islamic finance literature: A review. Heliyon, 8(9), e10385. https://doi.org/10.1016/j.heliyon.2022.e10385
Amsari, S., & Anggara, W. (2023). Transformation of {Islamic} fintech in enhancing financial inclusion: Digitalization strategy based on maqāṣid sharīʿah. Al-Iqtishād: Journal of Islamic Economics, 15(2), 178–194. https://doi.org/10.15408/aiq.v15i2.30914
Aslan, G. (2022). Enhancing youth and women’s financial inclusion in {South Asia}. Cogent Economics \& Finance, 10(1), 1–16. https://doi.org/10.1080/23322039.2022.2136237
Atina, & Shofawati, M. (2024). The role of {Islamic} fintech in {Indonesia} to improve financial inclusion and resolving {SDGs}. In Digital Transformation in Islamic Finance (pp. 95–118). Emerald Publishing.
Aydin, A. (2023). Digital transformation of {Islamic} finance: The role of fintech in enhancing financial inclusion. International Journal of Islamic Financial Services, 5(2), 45–63.
Azqia, H., Ali, M. M., & Nurhasanah, S. (2024). Islamic financial inclusion index in {Indonesia} and its correlation to women’s quality of life. Ekonomi Islam Indonesia, 6(1), 1–17. https://doi.org/10.58968/eii.v6i1.479
Braun, V., & Clarke, V. (2019). Reflecting on reflexive thematic analysis. Qualitative Research in Sport, Exercise and Health, 11(4), 589–597. https://doi.org/10.1080/2159676X.2019.1628806
Cizakca, M. (2019). Cash waqf as alternative to non-bank financial institutions. Islamic Research and Training Institute.
Collins, D., Morduch, J., Rutherford, S., & Ruthven, O. (2009). Portfolios of the Poor: How the World’s Poor Live on \$2 a Day. Princeton University Press. https://www.portfoliosofthepoor.com/
Creswell, J. W., & Poth, C. N. (2018). Qualitative inquiry and research design: Choosing among five approaches (4th ed.). SAGE Publications.
Davis, F. (1989). Technology acceptance model: TAM. Al-Suqri, MN, Al-Aufi, AS: Information Seeking Behavior and Technology Adoption, 205(219), 5.
Demirg"uç-Kunt, A., Klapper, L., Singer, D., Ansar, S., & Hoffmann, J. (2022). The global drive to digital financial inclusion: Shifting the narrative from access to usage. https://openknowledge.worldbank.org/handle/10986/37285
Ekaputri, R. A., Sukiyono, K., Yefriza, Y., Febriani, R. E., & Nopiah, R. (2025). Gendered dimensions of poverty in {Indonesia}: A study of financial inclusion and the influence of female-headed households. Economies, 13(8), 240. https://doi.org/10.3390/economies13080240
Geraldes, H. S. A., Gama, A. P. M., & Augusto, M. (2022). Reaching financial inclusion: Necessary and sufficient conditions. Social Indicators Research, 162(2), 599–616. https://doi.org/10.1007/s11205-021-02850-0
Guest, G., Bunce, A., & Johnson, L. (2006). How many interviews are enough? Field Methods, 18(1), 59–82. https://doi.org/10.1177/1525822X05279903
Haneef, M. A., Thaker, M. A., & Kadri, N. (2015). Integrated waqf-based {Islamic} microfinance model ({IWIMM}): Concept and applications. ISRA International Journal of Islamic Finance, 7(1), 74–88.
Hassan, A. (2014). The challenge in poverty alleviation: Role of {Islamic} microfinance and social capital. Humanomics, 30(1), 76–90. https://doi.org/10.1108/H-10-2013-0068
Hidayat, S. E. (2023). Indonesia’s {Islamic} financial inclusion still low. https://feb.ugm.ac.id/en/news/4848/indonesia-s-islamic-financial-inclusion-still-low
Hudaefi, F., Beik, L. S., Zaenal, M. H., & Choirin, M. (2020). How does zakat institution respond to Fintech? Evidence from BAZNAS, Indonesia. International Jurnal of Zakat and Islamic Philantorphy.
Iqbal, Z., & Mirakhor, A. (2023). Ethical Dimensions of Islamic Finance: Theory and Practice. Palgrave Macmillan.
Kabeer, N. (2005). Gender equality and women’s empowerment: A critical analysis of the third millennium development goal 1. Gender \& Development, 13(1), 13–24.
Kamali, M. H. (2008). Maqasid al-{Shariah} Made Simple. International Institute of Advanced Islamic Studies ({IAIS}) Malaysia.
Khairisma, K., Muhammad Nur, M., & Mardiaton, N. (2025). Islamic fintech’s role in sustainable finance: Empowering women in {Aceh}. Multidisciplinary Output Research for Actual and International Issue (MORFAI Journal), 4(4), 1377–1394. https://doi.org/10.54443/morfai.v4i4.2385
Lincoln, Y. S., & Guba, E. G. (1985). Naturalistic Inquiry. Sage.
Maulina, R., Dhewanto, W., & Faturohman, T. (2023). The integration of Islamic social and commercial finance (IISCF): Systematic literature review, bibliometric analysis, conceptual framework, and future research opportunities. Heliyon, 9(11), e21612. https://doi.org/10.1016/j.heliyon.2023.e21612
Maulina, R., Dhewanto, W., & Faturohman, T. (2025). The role of innovation and the entrepreneurship ecosystem in creating sustainable development of {Islamic} endowment (waqf): A systematic review. Indonesian Journal of Business and Entrepreneurship, 11(1), 106–123. https://doi.org/10.17358/ijbe.11.1.106
Muhammedi, S. (2024). A study of micro waqf banks in {Indonesia}. IEFR Journal of Islamic Economics, Finance and Research, 2(1), 45–62.
Otoritas Jasa Keuangan. (2023). Indonesian Islamic Financial Development Report ({LPKSI}) 2023. https://ojk.go.id/en/berita-dan-kegiatan/info-terkini/Pages/Indonesian-Islamic-Financial-Development-Report-LPKSI-2023.aspx
Puspita, A. T., & Kassim, S. F. (2024a). Islamic financial inclusion: A bibliometric analysis and review. Journal of Islamic Economics and Finance, 8(1), 100–120.
Puspita, A. T., & Kassim, S. F. (2024b). Islamic financial inclusion: A review and bibliometric analysis. Journal of Islamic Economic Literatures, 5(2), 45–62.
Putnam, R. D. (2000). Bowling Alone: The Collapse and Revival of American Community. Simon \& Schuster.
Rahman, M., & Dean, A. (2013). Women’s economic empowerment in microenterprise: Making markets work for women and men.
Ray, R. K., Chowdhury, F. R., & Hasan, M. R. H. (2024). Blockchain Applications in Retail Cybersecurity: Enhancing Supply Chain Integrity, Secure Transactions, and Data Protection. Journal of Business and Management Studies, 6(1), 206–215. https://doi.org/10.32996/jbms.2024.6.1.13
Rozalinda, Y. A. (2024). Economic empowerment of unbanked women through financial inclusion in {Indonesia}. Cogent Business \& Management, 3(1), 279–296. https://doi.org/10.1080/23311975.2024.1005079
Sahputri, R. A. M. (2024). Financial inclusion in {Indonesia}: An analysis of determinants. EFIN: Economic Forum Indonesia, 70(2), 85–102.
Sarma, M. (2012). Index of financial inclusion---A measure of financial sector inclusiveness (Issue 07/2012).
Suhardi, S. (2025). Mapping {Islamic} financial inclusion literature: Trends, key issues, and future research directions. Indonesia Accounting Research Journal, 12(4), 149–163. https://doi.org/10.35335/iacrj.v12i4.466
Suswanto, R. E., Wahyudi, I., & Rahmawati, R. (2025). Bridging faith and innovation: A systematic literature review of {Islamic} fintech adoption patterns and regulatory frameworks (2020--2024). Al-Muamalat: Jurnal Ekonomi Syariah, 12(1), 59–76.
Sylvia, R., Atma, H., Zulelli, R., & Maiyo, A. (2025). Integration of Waqf and Technology in Islamic Microfinance Institutions ( IMFIs ): A Systematic Review of Social Efficiency , Financial Inclusion , and MSME Empowerment in Developing Countries. Asian Journal of Management Entrepreneurship and Social Science, 05(02), 1128–1147.
Tay, L. Y., Tai, H. T., & Tan, G. S. (2022). Digital financial inclusion: A gateway to sustainable development. Heliyon, 8(6), e09766. https://doi.org/10.1016/j.heliyon.2022.e09766
World Bank. (2021a). The Global Findex Database 2021: Financial Inclusion, Digital Payments, and Resilience in the Age of {COVID-19}. https://www.worldbank.org/en/publication/globalfindex
World Bank. (2021b). The State of Economic Inclusion Report 2021: The Potential to Scale. World Bank Publications.
World Bank, W. B. (2022). The State of Economic Inclusion Report 2022: The Potential to Scale. https://openknowledge.worldbank.org/handle/10986/37246
World Medical Association. (2013). Declaration of {Helsinki}: Ethical principles for medical research involving human subjects. JAMA, 310(20), 2191–2194. https://doi.org/10.1001/jama.2013.281053
Published
2025-12-01
How to Cite
Kurniawan, H., & Saputra, M. (2025). Synergizing Zakat, Waqf, and Islamic Fintech: A Qualitative Exploration of Women’s Financial Inclusion in Indonesia. Annual International Conference on Islamic Economics and Business (AICIEB), 5(-), 139-156. https://doi.org/https://doi.org/10.18326/aicieb.v5i-.803
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