ANALYSIS OF OPPORTUNITIES AND CHALLENGES IN THE DEVELOPMENT OF SHARIA FINTECH IN INDONESIA 2020 – 2025
Keywords:
Sharia Fintech, Opportunities, Challenges.Abstract
The development of financial technology ( fintech ) has significantly transformed the global economy, including in Indonesia, the country with the largest Muslim population. This study aims to explore in detail the strategic opportunities and fundamental challenges facing the Islamic fintech sector in Indonesia between 2020 and 2025. The methodology used is descriptive qualitative research with a literature study approach, where data is drawn from various sources such as journals, reports from the Financial Services Authority (OJK), and the Indonesian Islamic Fintech Association (AFSI). The research findings indicate that opportunities for Islamic fintech are driven by the large Muslim population, high internet access, and government support through the Islamic Economic Master Plan. On the other hand, this sector also faces various challenges, including low knowledge of Islamic finance, a gap between IT talent and Islamic principles, and complexities in regulations and Islamic compliance. This study concludes that penta-helix collaboration is needed to accelerate the development of a sustainable Islamic fintech ecosystem
Downloads
References
Afdi, M. (2021). Munich Personal RePEc Archive Financial Technology (Fintech): It's Concept and Implementation in Indonesia.
Agista Hermalia Puteri, Nabila Syarifah, & Azura Septin Arlina. (2025a). Opportunities & Challenges of Digitalization of Sharia Economy in Indonesia in the Digital Economy Era. SANTRI: Journal of Islamic Economics and Finance, 3 (3), 295–310. https://doi.org/10.61132/santri.v3i3.1654
Agustina, R., & Faizah, F.N. (2021). Journal of Islamic Banking and Finance | 61. JoIE : Journal of Islamic Economics and Business P, 3. https://doi.org/10.21154/joie.v2i2.3968
Alim, MN, Supriadi, Marasabessy, RH, & Solihin, R. (2022). Literacy on the Role of Fintech and Sharia Digital Business in Strengthening the People's Economy. I-Com: Indonesian Community Journal, 2 (2), 79–88. https://doi.org/10.33379/icom.v2i2.1296
Atika, N., Alfia, S., & Rohmayanti, A. (2025). PT. Media Akademik Publisher: INNOVATION OF SYARIAH FINTECH PRODUCTS AS A STRATEGY TO INCREASE PUBLIC INTEREST IN SYARIAH FINANCIAL INSTITUTIONS. JMA), 3 (11), 3031–5220. https://doi.org/10.62281
Aziz, FA (2020). Assessing the Sharia Compliance of Islamic Fintech in Indonesia. Al-Manahij: Journal of Islamic Law Studies, 14 (1), 1–18. https://doi.org/10.24090/mnh.v14i1.3567
Billah, Tisoma, & Zainul Hasan Genggong, I. (2021). THE ROLE AND CONSTRAINTS OF SHARIA FINTECH IN MSMEs IN INDONESIA. In Journal of Islamic Management and Finance (Vol. 2, Number 2).
Faizatul Milla, K., & Faisol, A. (2023). E-commerce and Sharia Fintech Business in Indonesia. Attractive: Innovative Education Journal, 5 (1). https://www.attractivejournal.com/index.php/aj/
Karni, AS, Setyowati, fah, Sa, N., & Azharil Adzkia, M. (2025). NAVIGATING FATWA-TO-REGULATION TRANSFORMATION IN ISLAMIC FINANCE: CHALLENGES AND INNOVATIONS POST-OMNIBUS LAW 2023 1*. 10 (2). https://doi.org/10.14710/dilrev.10.2.2025.157-172
Kurniawan, A., Ningsih, NW, Pramasha, RR, & Audia, N. (2023). Determining Factors of Interest in Using Sharia Financial Technology Post-Covid-19. BUSINESS: Journal Islamic Business and Management, 11 (1), 1. https://doi.org/10.21043/bisnis.v11i1.19840
Kusuma, H., Wiwiek, D., & Asmoro, K. (2023). DEVELOPMENT OF FINANCIAL TECHNOLOGY (FINTECH) BASED ON ISLAMIC ECONOMIC PERSPECTIVES.
Masykur Hadi, M., Firdausil Ulum, M., Surya, A., Aprillia, AS, & Vivi, AF (2024). The Fintech Era: Opportunities and Challenges of Sharia (Financial Technology) in Indonesia. 5 (6), 3409.
Salsabila, F., Hasibuan, PM, Harahap, SM, & Silalahi, PR (2023). Analysis of the Use of Sharia Financial Technology (Fintech) from an Islamic Economic Perspective. In the Journal of Economics, Management, and Business Research (JEKOMBIS) (Vol. 2, Number 1).
Citation Suggestion: Rozi, F., Safitri, AR, Khowatim, SW, & Rochayatun, K. (2024). The Role of Sharia Financial Technology (Fintech) in the Indonesian Economy. Scientific Journal of Islamic Economics, 10 (02), 1668–1674. https://doi.org/10.29040/jiei.v10i2.13668
Saripudin, S., Nadya, PS, & Iqbal, M. (2021). Sharia Fintech Efforts to Accelerate MSME Growth in Indonesia. Scientific Journal of Islamic Economics, 7 (1), 41. https://doi.org/10.29040/jiei.v7i1.1449
Serbulova, N. (2021). Fintech as a transformation driver of global financial markets. E3S Web of Conferences, 273. https://doi.org/10.1051/e3sconf/202127308097
Shalwa, N. (2022). IMPLEMENTATION OF SHARIA PRINCIPLES IN SHARIA FINTECH AS A SHARIA ECONOMIC REVOLUTION IN INDONESIA. Journal of Religious Studies and Da'wah, 15 (1). https://doi.org/10.3783/tashdiqv2i9.2461
Yunita, P., Ali, A., Fahminuddin, M., & Hidayatullah, S. (2022). SHARIA FINANCIAL TECHNOLOGY & DIGITAL BANKING: OBSTACLES AND CHALLENGES IN SHARIA FINTECH DEVELOPMENT IN INDONESIA (Vol. 4, Number 2).
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Mardhiyah Gultom, Novien Rialdy (Author)
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
