Mapping islamic financial inclusion literature: Trends, key issues, and future research directions
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Published:
Jun 16, 2025
Keywords:
Digital Inclusion, Financial Literacy, Financial inclusion, Islamic Financial Inclusion, Islamic Finance
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Articles
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Abstract
This study aims to map the development of academic literature on Islamic Financial Inclusion (IFI) from 2020 to 2025 using a bibliometric approach. In the growing need for an inclusive and Shariah-compliant financial system, this study highlights publication trends, author collaboration, contributing institutions, and dominant keywords in the IFI theme. We analyzed the top 15 most-cited articles using VOSviewer software to identify thematic relationships and knowledge networks. The analysis showed that topics such as digital financial inclusion, Islamic microfinance, banking stability, and financial well-being are the primary focus of IFI studies. In addition, there is a dominance of contributions from authors from Southeast Asia, the Middle East, and Africa. The study also found a gap in integrating digital literacy, financial inclusion, and Sharia principles, especially in developing countries such as Indonesia. This research contributes significantly to the intellectual map of IFIs. It serves as a reference for policymakers, academics, and Islamic finance practitioners to develop a more adaptive, equitable, and sustainable financial inclusion strategy under Islamic values.
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How to Cite
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
References
Abdul Razak, A., & Asutay, M. (2022). Financial inclusion and economic well-being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia. Research in International Business and Finance, 59, 101557. https://doi.org/https://doi.org/10.1016/j.ribaf.2021.101557
Abdullahi, A., Othman, A. H. A., & Kassim, S. (2021). Financial inclusion enhancement through the adoption of Islamic microfinance in Nigeria. International Journal of Ethics and Systems, 37(3), 486–505. https://doi.org/10.1108/IJOES-02-2021-0040
Adzimatinur, F., & Manalu, V. G. (2021). The effect of Islamic financial inclusion on economic growth: A case study of Islamic banking in Indonesia. International Research Journal of Business Studies. https://rama.uniku.ac.id
Ahmad, S., Lensink, R., & Mueller, A. (2023). Religion, social desirability bias and financial inclusion: Evidence from a list experiment on Islamic (micro-) finance. Journal of Behavioral and Experimental Finance, 38, 100785. https://doi.org/10.1016/j.jbef.2023.100785
Ahmed, H. (2024). Security tokens, ecosystems and financial inclusion: Islamic perspectives. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-04-2024-0195
Akhtar, M. H., Chaudhry, I. S., & Sheikh, M. R. (2020). Does Islamic banking augment financial inclusion in Pakistan? A reinforcement analysis. Review of Economics and Development Studies, 6(4), 739–758. https://doi.org/10.47067/reads.v6i4.275
Akosile, T. O. I., & Zain, N. R. M. (2023). Deepening financial inclusion in Nigeria through Islamic financial offerings. Dalam B. Alareeni & A. Hamdan (Ed.), Innovation of businesses, and digitalization during Covid-19 pandemic (hlm. 159–174). Springer. https://doi.org/10.1007/978-3-031-08090-6_12
Alaghbari, L. M. A., Othman, A. H. A., & Noor, A. B. M. (2021). Promoting women's economic empowerment through Islamic financial inclusion in lower income economies: Empirical evidence from Yemen. International Conference on Business and Technology (ICBT). https://doi.org/10.1007/978-3-031-08084-5_69
Al-Daraji, L., & Boghazi, W. (2023). The contribution of Islamic banks to enhancing financial inclusion: The case of Jordanian Islamic banks for the period 2014–2020. Journal of Economics and Business Administration, 12(1), 45–62.
Ahmad, R. (2022). Islamic banking stability amidst the COVID-19 pandemic: the role of digital financial inclusion. International Journal of Islamic and Middle Eastern Finance and Management.
Alsaghir, M. (2023). Digital risks and Islamic FinTech: A road map to social justice and financial inclusion. Journal of Islamic Accounting and Business Research, 14(8), 1205–1222. https://doi.org/10.1108/JIABR-10-2022-0262
Ali, M. M., Devi, A., Furqani, H., & Hamzah, H. (2020). Islamic financial inclusion determinants in Indonesia: An ANP approach. Journal of Islamic and Middle Eastern Finance and Management. Emerald Publishing. https://doi.org/10.1108/IMEFM-12-2018-0426
Ali, A. E. S. S. (2022). Islamic microfinance: Moving beyond the financial inclusion. Dalam Financial and Social Inclusion in Africa: An Islamic Perspective. Springer.
Amuda, Y. J. (2023). Islamic financial surplus for energy and gas investment: Towards financial inclusion for improving living condition of needy and poor in Nigeria. International Journal of Energy Economics and Policy, 13(2), 45–58. https://doi.org/10.32479/ijeep.12345
Ansari, S., & Bahari, Z. B. (2021). The role of micro Takaful industry for the achievement of Islamic financial inclusion in Pakistan. Middle East Journal of Management, 8(3), 245–260. https://doi.org/10.1504/MEJM.2021.113978
Baber, H. (2020). Financial inclusion and FinTech: A comparative study of countries following Islamic finance and conventional finance. Qualitative Research in Financial Markets, 12(4), 413–430. https://doi.org/10.1108/QRFM-11-2019-0124
Baeshen, L., Girardone, C., & Sarkisyan, A. (2023). Financial inclusion and the gender gap across Islamic and non-Islamic countries. Dalam M. La Torre & S. Leo (Ed.), Contemporary issues in sustainable finance (hlm. 259–283). Palgrave Macmillan. https://doi.org/10.1007/978-3-031-23463-7_12
Banna, H., Hassan, M. K., & Ahmad, R. (2022). Islamic banking stability amidst the COVID-19 pandemic: The role of digital financial inclusion. International Journal of Islamic and Middle Eastern Finance and Management. Emerald Publishing.
Banna, H., & Alam, M. R. (2020). Islamic banking efficiency and inclusive sustainable growth: The role of financial inclusion. Journal of Islamic Monetary Economics and Finance (JIMF). http://mail.jimf-bi.org
Banna, H., Hassan, M. K., & Alam, M. R. (2020). Digital financial inclusion, Islamic banking stability and sustainable economic growth. Research for Sustainable Financial System. ResearchGate.
Bashir, B. K. (2020). Evaluating the use of Shariah compliance and the use of Islamic financial products in promoting financial inclusion: A case study of Nigeria [Disertasi doktoral, University of Bolton].
Chaudhry, I. S., Yusop, Z., & Habibullah, M. S. (2024). Dynamic common correlated effects of financial inclusion on economic growth: Empirical evidence from Organization of Islamic Cooperation (OIC) countries. International Journal of Emerging Markets, 19(10), 3088–3110. https://doi.org/10.1108/IJOEM-11-2021-1751
Danang Setiawan, R., Suhardi, S., Astuti, N., & Sri Rejeki, N. (2025). The Role of Fintech in Mediating the Influence of Financial Efficiency and Risk Perception on Investment Decisions in the Capital Market. Golden Ratio of Finance Management, 5(2), 358–371. https://doi.org/10.52970/grfm.v5i2.1185
Elzahi Saaid Ali, A. (2022). Islamic Microfinance: Moving Beyond the Financial Inclusion. In: Empowering the Poor through Financial and Social Inclusion in Africa. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-00925-9_2
Furqani, H. (2021). Factors influencing Islamic financial inclusion in Indonesia: A structural equation modelling approach. Islam and Civilisation Renewal, 12(1), 45–62.
Hamzah, H. (2020). Islamic financial inclusion determinants in Indonesia: an ANP approach. Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-12-2018-0426
Hamida, A., Muhajir, M. N. A., & Sukran, M. P. (2023). Does Islamic financial inclusion matter for household financial well-being. Jurnal Keuangan dan Perbankan. ResearchGate
Jouti, A. T. (2021). Islamic FinTech and financial inclusion. Dalam Islamic FinTech: Insights and solutions (hlm. 195–212). Springer. https://doi.org/10.1007/978-3-030-45827-0_12
Karlan, D., Osman, A., & Shammout, N. (2020). Increasing financial inclusion in the Muslim world: Evidence from an Islamic finance marketing experiment. World Bank Economic Review, 34(3), 620–642. http://hdl.handle.net/10986/40782
Khmous, D. F., & Besim, M. (2020). Impact of Islamic banking share on financial inclusion: Evidence from MENA. International Journal of Islamic and Middle Eastern Finance and Management. Emerald Publishing.
Khémiri, W., Chafai, A., Attia, E. F., Tobar, R., & Farid Fouad, H. (2024). Trade-off between financial inclusion and Islamic bank stability in five GCC countries: The moderating effect of CSR. Cogent Business & Management, 11(1), 2300524. https://doi.org/10.1080/23311975.2023.2300524
Kismawadi, E. R. (2025). Islamic FinTech: Navigating the regulatory framework and promoting financial inclusion in Gulf Cooperation Council (GCC) countries. Journal of Islamic Marketing, 16(1), 1–20. https://doi.org/10.1108/JIMA-02-2023-0061
Mohamed, H. A., & Otake, T. (2025). The role of Islamic FinTech in digital financial inclusion and sustainable development post COVID-19: 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
Muneeza, A., Mustapha, Z. (2021). Islamic FinTech and Financial Inclusion. In: Billah, M.M. (eds) Islamic FinTech. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-45827-0_10
Ozdemir, M., Savasan, F., & Ulev, S. (2023). Leveraging financial inclusion through Islamic microfinance: A new model proposal for participation banks in Turkiye. Borsa Istanbul Review, 23(3), 709–722. https://doi.org/https://doi.org/10.1016/j.bir.2023.01.011
Razak, A. A., & Asutay, M. (2022). Financial inclusion and economic well-being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia. Research in International Business and Finance, 62, 101707. Elsevier. https://doi.org/10.1016/j.ribaf.2022.101707
Ridho Alamsyah, Suhardi, S., & Effendi Sugianto. (2025). The Influence of Sharia Financial Literacy, Risk Perception, and Social Influence on Sharia Financial Inclusion of Gen Z: The Role of Interest Mediation . AKUA: Jurnal Akuntansi Dan Keuangan, 4(2), 117–128. https://doi.org/10.54259/akua.v4i2.4199
Saifurrahman, A., & Kassim, S. H. J. (2023). Mitigating asymmetric information to enhance MSME Islamic financial inclusion by Islamic banks in Indonesia. Qualitative Research in Financial Markets, 15(3), 453–470. https://doi.org/10.1108/QRFM-12-2021-0202.Shinkafi, A. A., Yahaya, S., & Sani, T. A. (2020). Realising financial inclusion in Islamic finance. Journal of Islamic Marketing, 11(6), 1381–1398. https://doi.org/10.1108/JIMA-12-2018-0246
Saputra, A. A., Suhardi, S., & Akbar, J. (2025). The Effect of Digital Literacy, Trust in Security, and Transaction Costs on Optimizing the Utilization of QRIS in MSMEs with Ease of Use as an Intervening Variable. Economic: Journal Economic and Business, 4(2), 141–149. https://doi.org/10.56495/ejeb.v4i2.1001
Shinkafi, A. A., Yahaya, S., & Sani, T. A. (2020). Realising financial inclusion in Islamic finance. Journal of Islamic Marketing, 11(1), 45–62. https://doi.org/10.1108/JIMA-02-2017-0020
Sukmana, R., & Trianto, B. (2025). The effect of Islamic financial literacy on business performance with emphasis on the role of Islamic financial inclusion: A case study in Indonesia. Journal of Islamic Marketing, 16(1), 1–20. https://doi.org/10.1108/JIMA-07-2022-0197
Umar, U. H. (2020). The business financial inclusion benefits from an Islamic point of view: A qualitative inquiry. Islamic Economic Studies, 28(1), 83–100. https://doi.org/10.1108/IES-09-2019-0030
World Bank Group. (2020). Malaysia: Islamic finance and financial inclusion. World Bank.
Abdullahi, A., Othman, A. H. A., & Kassim, S. (2021). Financial inclusion enhancement through the adoption of Islamic microfinance in Nigeria. International Journal of Ethics and Systems, 37(3), 486–505. https://doi.org/10.1108/IJOES-02-2021-0040
Adzimatinur, F., & Manalu, V. G. (2021). The effect of Islamic financial inclusion on economic growth: A case study of Islamic banking in Indonesia. International Research Journal of Business Studies. https://rama.uniku.ac.id
Ahmad, S., Lensink, R., & Mueller, A. (2023). Religion, social desirability bias and financial inclusion: Evidence from a list experiment on Islamic (micro-) finance. Journal of Behavioral and Experimental Finance, 38, 100785. https://doi.org/10.1016/j.jbef.2023.100785
Ahmed, H. (2024). Security tokens, ecosystems and financial inclusion: Islamic perspectives. International Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-04-2024-0195
Akhtar, M. H., Chaudhry, I. S., & Sheikh, M. R. (2020). Does Islamic banking augment financial inclusion in Pakistan? A reinforcement analysis. Review of Economics and Development Studies, 6(4), 739–758. https://doi.org/10.47067/reads.v6i4.275
Akosile, T. O. I., & Zain, N. R. M. (2023). Deepening financial inclusion in Nigeria through Islamic financial offerings. Dalam B. Alareeni & A. Hamdan (Ed.), Innovation of businesses, and digitalization during Covid-19 pandemic (hlm. 159–174). Springer. https://doi.org/10.1007/978-3-031-08090-6_12
Alaghbari, L. M. A., Othman, A. H. A., & Noor, A. B. M. (2021). Promoting women's economic empowerment through Islamic financial inclusion in lower income economies: Empirical evidence from Yemen. International Conference on Business and Technology (ICBT). https://doi.org/10.1007/978-3-031-08084-5_69
Al-Daraji, L., & Boghazi, W. (2023). The contribution of Islamic banks to enhancing financial inclusion: The case of Jordanian Islamic banks for the period 2014–2020. Journal of Economics and Business Administration, 12(1), 45–62.
Ahmad, R. (2022). Islamic banking stability amidst the COVID-19 pandemic: the role of digital financial inclusion. International Journal of Islamic and Middle Eastern Finance and Management.
Alsaghir, M. (2023). Digital risks and Islamic FinTech: A road map to social justice and financial inclusion. Journal of Islamic Accounting and Business Research, 14(8), 1205–1222. https://doi.org/10.1108/JIABR-10-2022-0262
Ali, M. M., Devi, A., Furqani, H., & Hamzah, H. (2020). Islamic financial inclusion determinants in Indonesia: An ANP approach. Journal of Islamic and Middle Eastern Finance and Management. Emerald Publishing. https://doi.org/10.1108/IMEFM-12-2018-0426
Ali, A. E. S. S. (2022). Islamic microfinance: Moving beyond the financial inclusion. Dalam Financial and Social Inclusion in Africa: An Islamic Perspective. Springer.
Amuda, Y. J. (2023). Islamic financial surplus for energy and gas investment: Towards financial inclusion for improving living condition of needy and poor in Nigeria. International Journal of Energy Economics and Policy, 13(2), 45–58. https://doi.org/10.32479/ijeep.12345
Ansari, S., & Bahari, Z. B. (2021). The role of micro Takaful industry for the achievement of Islamic financial inclusion in Pakistan. Middle East Journal of Management, 8(3), 245–260. https://doi.org/10.1504/MEJM.2021.113978
Baber, H. (2020). Financial inclusion and FinTech: A comparative study of countries following Islamic finance and conventional finance. Qualitative Research in Financial Markets, 12(4), 413–430. https://doi.org/10.1108/QRFM-11-2019-0124
Baeshen, L., Girardone, C., & Sarkisyan, A. (2023). Financial inclusion and the gender gap across Islamic and non-Islamic countries. Dalam M. La Torre & S. Leo (Ed.), Contemporary issues in sustainable finance (hlm. 259–283). Palgrave Macmillan. https://doi.org/10.1007/978-3-031-23463-7_12
Banna, H., Hassan, M. K., & Ahmad, R. (2022). Islamic banking stability amidst the COVID-19 pandemic: The role of digital financial inclusion. International Journal of Islamic and Middle Eastern Finance and Management. Emerald Publishing.
Banna, H., & Alam, M. R. (2020). Islamic banking efficiency and inclusive sustainable growth: The role of financial inclusion. Journal of Islamic Monetary Economics and Finance (JIMF). http://mail.jimf-bi.org
Banna, H., Hassan, M. K., & Alam, M. R. (2020). Digital financial inclusion, Islamic banking stability and sustainable economic growth. Research for Sustainable Financial System. ResearchGate.
Bashir, B. K. (2020). Evaluating the use of Shariah compliance and the use of Islamic financial products in promoting financial inclusion: A case study of Nigeria [Disertasi doktoral, University of Bolton].
Chaudhry, I. S., Yusop, Z., & Habibullah, M. S. (2024). Dynamic common correlated effects of financial inclusion on economic growth: Empirical evidence from Organization of Islamic Cooperation (OIC) countries. International Journal of Emerging Markets, 19(10), 3088–3110. https://doi.org/10.1108/IJOEM-11-2021-1751
Danang Setiawan, R., Suhardi, S., Astuti, N., & Sri Rejeki, N. (2025). The Role of Fintech in Mediating the Influence of Financial Efficiency and Risk Perception on Investment Decisions in the Capital Market. Golden Ratio of Finance Management, 5(2), 358–371. https://doi.org/10.52970/grfm.v5i2.1185
Elzahi Saaid Ali, A. (2022). Islamic Microfinance: Moving Beyond the Financial Inclusion. In: Empowering the Poor through Financial and Social Inclusion in Africa. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-00925-9_2
Furqani, H. (2021). Factors influencing Islamic financial inclusion in Indonesia: A structural equation modelling approach. Islam and Civilisation Renewal, 12(1), 45–62.
Hamzah, H. (2020). Islamic financial inclusion determinants in Indonesia: an ANP approach. Journal of Islamic and Middle Eastern Finance and Management. https://doi.org/10.1108/IMEFM-12-2018-0426
Hamida, A., Muhajir, M. N. A., & Sukran, M. P. (2023). Does Islamic financial inclusion matter for household financial well-being. Jurnal Keuangan dan Perbankan. ResearchGate
Jouti, A. T. (2021). Islamic FinTech and financial inclusion. Dalam Islamic FinTech: Insights and solutions (hlm. 195–212). Springer. https://doi.org/10.1007/978-3-030-45827-0_12
Karlan, D., Osman, A., & Shammout, N. (2020). Increasing financial inclusion in the Muslim world: Evidence from an Islamic finance marketing experiment. World Bank Economic Review, 34(3), 620–642. http://hdl.handle.net/10986/40782
Khmous, D. F., & Besim, M. (2020). Impact of Islamic banking share on financial inclusion: Evidence from MENA. International Journal of Islamic and Middle Eastern Finance and Management. Emerald Publishing.
Khémiri, W., Chafai, A., Attia, E. F., Tobar, R., & Farid Fouad, H. (2024). Trade-off between financial inclusion and Islamic bank stability in five GCC countries: The moderating effect of CSR. Cogent Business & Management, 11(1), 2300524. https://doi.org/10.1080/23311975.2023.2300524
Kismawadi, E. R. (2025). Islamic FinTech: Navigating the regulatory framework and promoting financial inclusion in Gulf Cooperation Council (GCC) countries. Journal of Islamic Marketing, 16(1), 1–20. https://doi.org/10.1108/JIMA-02-2023-0061
Mohamed, H. A., & Otake, T. (2025). The role of Islamic FinTech in digital financial inclusion and sustainable development post COVID-19: 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
Muneeza, A., Mustapha, Z. (2021). Islamic FinTech and Financial Inclusion. In: Billah, M.M. (eds) Islamic FinTech. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-45827-0_10
Ozdemir, M., Savasan, F., & Ulev, S. (2023). Leveraging financial inclusion through Islamic microfinance: A new model proposal for participation banks in Turkiye. Borsa Istanbul Review, 23(3), 709–722. https://doi.org/https://doi.org/10.1016/j.bir.2023.01.011
Razak, A. A., & Asutay, M. (2022). Financial inclusion and economic well-being: Evidence from Islamic Pawnbroking (Ar-Rahn) in Malaysia. Research in International Business and Finance, 62, 101707. Elsevier. https://doi.org/10.1016/j.ribaf.2022.101707
Ridho Alamsyah, Suhardi, S., & Effendi Sugianto. (2025). The Influence of Sharia Financial Literacy, Risk Perception, and Social Influence on Sharia Financial Inclusion of Gen Z: The Role of Interest Mediation . AKUA: Jurnal Akuntansi Dan Keuangan, 4(2), 117–128. https://doi.org/10.54259/akua.v4i2.4199
Saifurrahman, A., & Kassim, S. H. J. (2023). Mitigating asymmetric information to enhance MSME Islamic financial inclusion by Islamic banks in Indonesia. Qualitative Research in Financial Markets, 15(3), 453–470. https://doi.org/10.1108/QRFM-12-2021-0202.Shinkafi, A. A., Yahaya, S., & Sani, T. A. (2020). Realising financial inclusion in Islamic finance. Journal of Islamic Marketing, 11(6), 1381–1398. https://doi.org/10.1108/JIMA-12-2018-0246
Saputra, A. A., Suhardi, S., & Akbar, J. (2025). The Effect of Digital Literacy, Trust in Security, and Transaction Costs on Optimizing the Utilization of QRIS in MSMEs with Ease of Use as an Intervening Variable. Economic: Journal Economic and Business, 4(2), 141–149. https://doi.org/10.56495/ejeb.v4i2.1001
Shinkafi, A. A., Yahaya, S., & Sani, T. A. (2020). Realising financial inclusion in Islamic finance. Journal of Islamic Marketing, 11(1), 45–62. https://doi.org/10.1108/JIMA-02-2017-0020
Sukmana, R., & Trianto, B. (2025). The effect of Islamic financial literacy on business performance with emphasis on the role of Islamic financial inclusion: A case study in Indonesia. Journal of Islamic Marketing, 16(1), 1–20. https://doi.org/10.1108/JIMA-07-2022-0197
Umar, U. H. (2020). The business financial inclusion benefits from an Islamic point of view: A qualitative inquiry. Islamic Economic Studies, 28(1), 83–100. https://doi.org/10.1108/IES-09-2019-0030
World Bank Group. (2020). Malaysia: Islamic finance and financial inclusion. World Bank.
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