DIGITAL FINANCIAL REVOLUTION: SHARIA FINTECH AND ECONOMIC TRANSFORMATION BASED ON SHARIA PRINCIPLES IN INDONESIA
Abstract
This research aims to analyze the development of the Digital Financial Revolution with a focus on the Sharia Fintech industry, as well as economic transformation related to the implementation of Sharia principles in Indonesia. This research methodology uses literature studies sourced from journal articles, market surveys, transactional data analysis, and case studies from various Sharia Fintech platforms. Research findings reveal that the development of the digital financial revolution in Indonesia has experienced rapid progress in recent years, this is marked by the growth and development of the digital financial industry including digital wallets and also P2P landing as well as increasingly mature supporting regulations. Along with the development of the digital financial revolution, the development of Sharia Fintech is growing and developing rapidly, which is marked by increasing awareness of the public and MSMEs in using Sharia Fintech which is free from interest and usury. The digital financial revolution was also followed by an economic transformation based on Sharia principles which experienced positive developments. Economic transformation based on sharia principles in Indonesia is marked by the industrial era of sharia banking and sharia business units in conventional banks. Apart from that, the Sharia capital market in Indonesia is also experiencing rapid development and the Sharia insurance industry is also growing. This research also has limitations, including limited data availability and challenges in accommodating rapid technological and regulatory developments. The implications of this research include policy recommendations for the government as well as financial industry sustainability guidelines.
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