Islamic Quadruple Helix: Social Finance Partnership for Developing Digital Financial Inclusion in Maghreb Region

Islamic Quadruple Helix: Social Finance Partnership for Developing Digital Financial Inclusion in Maghreb Region

Khairunnisa Musari, Fatima Sayah
Copyright: © 2023 |Pages: 16
DOI: 10.4018/978-1-6684-7519-5.ch005
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Abstract

Rooted in sharia values, Islamic finance should have the eligibility to lead microfinance in contributing to financial inclusion in Islamic countries in the Maghreb region. However, Islamic microfinance in this region has not been going well. At least when compared to the Southeast Asian region, Islamic microfinance in this region is still lagging behind. Through a literature study, this conceptual chapter promotes the Islamic Quadruple Helix approach, which integrates the Islamic social finance partnership model and digitalization to accelerate financial inclusion in this region. Therefore, this chapter focuses on three issues: (1) Describe the facts and figures of Islamic finance in the Maghreb region; (2) Explain the role of Islamic social finance partnership and digitalization in fulfilling the lack of Islamic microfinance in this region; and (3) Map the digital financial inclusion ecosystem in this region by illustrating the role of involvement from a number of parties.
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Method

This study is qualitative research with an explanation approach to exploring the integration of Islamic social finance as well as information and communications technology (ICT) or technologies toward Islamic Quadruple Helix to create the ecosystem of digital financial inclusion. Specifically, this study promotes Islamic nanofinance and picofinance to fill the lack of Islamic microfinance with digitally supported to accelerate financial inclusion in the Maghreb region.

This study also can be categorized as a Conceptual Paper with Models research design as a methodological approach. By focusing to propose a digital financial inclusion ecosystem model with an Islamic Quadruple Helix approach as a new insight, then developing a logical argument about this association rather than testing it empirically, the objective of this study is indeed to develop the rationality of the proposed ecosystem model. Model research design in Conceptual Paper offers a significant improvement in constructing valid theories in their scientific field. This method leads naturally to synthesizing previous research thus serving as an external validity check of research findings. This is critical to the sturdiness of academic fields, whether it is manifest in solely conceptual papers or in conceptual–empirical mixtures (Meredith, 1993; MacInnis, 2011).

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