The Muamalat Newsletter Vol. 1 2024

FEM eNewsletter | June 2024 14 risks. Trust in financial institutions is another important factor that impacts fintech adoption. Individuals who have a lack of trust or negative experiences with traditional financial institutions may be more hesitant to adopt fintech solutions, as they may perceive them as being equally unreliable or untrustworthy. Additionally, understanding the influence of social and peer dynamics on fintech adoption is imperative. Individuals often seek social validation and reassurance from their peers and communities when embracing new technologies, including fintech solutions. Leveraging social networks and community- driven initiatives to promote and advocate for the benefits of fintech can engender a supportive environment for adoption and mitigate apprehensions related to unfamiliar technologies. Inconclusion, unravellingthebehavioural and psychological elements underpinning fintech adoption is integral to tailoring interventions that resonate with individuals’ attitudes, motivations, and concerns. Understanding and addressing these nuanced socio- economic factors is crucial for devising comprehensive strategies to promote financial inclusion and facilitate widespread adoption of fintech solutions. Through an exploration of the complex interactions among these variables, interested parties can create customized strategies that efficiently close the gap between unbanked people and official financial services, thereby promoting financial inclusion and empowering marginalized populations. References Akhter, F., Waqas, M., & Sohaib, S. (2022, June 30). Factors affecting the adoption of fintech services for bank clients. Journal of social sciences & humanities, 61(1), 45-67. https://doi.org/10.46568/jssh.v61i1.597 Allen, F., Demirguc-Kunt, A., Klapper, L., & Peria, M. S. M. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27,1-30. Demirguç-Kunt, A., & Klapper, L. (2013). Measuring financial inclusion: Explaining variation in use of financial services across and within countries. Brookings Papers on Economic Activity, 2013(1), 279e340. G20 Summit. (2013). G20 Leaders’ Declaration. September, St Petersburg, Russia. Available: http://www.g20.utoronto. ca/2013/2013-0906-declaration. html. (Accessed 19 April 2024). Hudaefi, F. (2020). How does Islamic fintech promote the SDGs? Qualitative evidence from Indonesia. https://doi.org/10.1108/ qrfm-05-2019-0058 Ketterer, J. A. (2017). Digital finance: new times, new challenges, new opportunities. March. Available at: https://publications. iadb.org/handle/ 11319/8199. (Accessed 14 November 2017). Ozili, P.K. (2018). Impact of digital finance on financial inclusion and stability, Borsa Istanbul Review, 18(4), 329-340.