Development of FinTech in Islamic Social Finance in Malaysia


  • Muhammad Iqmal Hisham Kamaruddin Universiti Sains Islam Malaysia, Malaysia
  • Mustafa Mohd Hanefah Universiti Sains Islam Malaysia, Malaysia
  • Amir Shaharuddin Universiti Sains Islam Malaysia, Malaysia
  • Abdullah Mohammed Ahmed Ayedh Universiti Sains Islam Malaysia, Malaysia
  • Nur Adilah Othman Universiti Sains Islam Malaysia, Malaysia



FinTech, Islamic social finance, Challenges, Prospects, Impact


This study aims at investigating adoption of FinTech in Islamic social finance especially for zakat and waqf institutions in Malaysia. A focus group discussion (FGD) with 13 zakat and waqf officers and FinTech experts in Malaysia was conducted. For reporting purposes, this study employed a single-case study approach. The FGD was conducted and completed at the end of December 2021 via an online approach through the Zoom platform. The findings highlight the level of FinTech adoption, issues, challenges, and prospects of FinTech adoption as well as impact of FinTech adoption especially on collecting, managing and distributing the Islamic social finance funds (zakat and waqf) to beneficiaries. The study findings and recommendations are useful especially for zakat and waqf institutions as well as the State Islamic Religious Councils (SIRCs) to utilize FinTech in their operation. This study is among the pioneer studies that explore FinTech adoption in Islamic social finance in Malaysia.


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How to Cite

Kamaruddin, M. I. H., Hanefah, M. M., Shaharuddin, A., Ayedh, A. M. A., & Othman, N. A. (2023). Development of FinTech in Islamic Social Finance in Malaysia. International Journal of Economics, Management and Accounting, 31(1), 177–204.