Drivers and barriers to financial inclusion: New insights from Muslim countries

Muhammad Dedat Dingkoroci Akasumbawa; Slamet  Haryono; Chairunnisa

doi:10.20885/JEKI.vol10.iss2.art3

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Abstract

Purpose – This study examines the factors driving and barriers to financial inclusion in Organisation of Islamic Cooperation (OIC) countries.
Methodology – This study employs panel data analysis using fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methods. The sample consists of OIC countries from 2011 to 2021.
Findings – According to the FMOLS model, remittances, bank stability, and government debt are key drivers of long-term financial inclusion, while inflation, trade openness, and economic development act as barriers. Bank competition does not significantly impact financial inclusion. In the DOLS model, remittances and bank stability remain significant drivers, with inflation and economic growth acting as barriers. However, in the long term, financial inclusion is not significantly influenced by government debt or competition.
Implications – This study offers insights for financial institutions and governments. Financial institutions should improve their access to low-income groups and small businesses. Governments should promote financial inclusion and stability through sound macroeconomic policy. Policymakers can use these findings to focus on key factors for a sustainable economy.
Originality – This study fills a gap by exploring the factors affecting financial inclusion in OIC countries, a less-studied topic. It also uses additional indicators to measure the financial inclusion index, leading to more comprehensive results.

Keywords

financial inclusion economic growth Bank stability Bank concentration Remitance

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Akasumbawa, M. D. D., Haryono, S. ., & Chairunnisa. (2024). Drivers and barriers to financial inclusion: New insights from Muslim countries. Jurnal Ekonomi & Keuangan Islam, 10(2), 177–190. https://doi.org/10.20885/JEKI.vol10.iss2.art3

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References

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Ajefu, J. B., & Ogebe, J. O. (2019). Migrant remittances and financial inclusion among households in Nigeria. Oxford Development Studies, 47(3), 319–335. https://doi.org/10.1080/13600818.2019.1575349
Anarfo, E. B., Abor, J. Y., Osei, K. A., & Gyeke-Dako, A. (2019). Financial inclusion and financial sector development in Sub-Saharan Africa: A panel VAR approach. International Journal of Managerial Finance, 15(4), 444–463. https://doi.org/10.1108/IJMF-07-2018-0205
Azimi, M. N. (2022). New insights into the impact of financial inclusion on economic growth: A global perspective. PLOS ONE, 17(11), e0277730. https://doi.org/10.1371/journal.pone.0277730
Barnabe, A. Y. (2020). Migrant Remittances and Financial Inclusion in Africa. In Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa (pp. 153–168), IGI Global. https://doi.org/10.4018/978-1-7998-4817-2.ch010
Bashiru, S., Bunyaminu, A., Yakubu, I. N., & Al-Faryan, M. A. S. (2023). Drivers of financial inclusion: Insights from Sub-Saharan Africa. Economies, 11(5), 146. https://doi.org/10.3390/economies11050146
Bekele, W. D. (2023). Determinants of financial inclusion: A comparative study of Kenya and Ethiopia. Journal of African Business, 24(2), 301–319. https://doi.org/10.1080/15228916.2022.2078938
Biswas, G. K. (2023). Financial inclusion and its impact on economic growth: An empirical evidence from South Asian countries. European Journal of Business and Management Research, 8(4), 163–167. https://doi.org/10.24018/ejbmr.2023.8.4.2071
Chatterjee, A. (2020). Financial inclusion, information and communication technology diffusion, and economic growth: a panel data analysis. Information Technology for Development, 26(3), 607–635. https://doi.org/10.1080/02681102.2020.1734770
Chen, Z., Ali, S., Lateef, M., Imran Khan, A., & Khalid Anser, M. (2023). The nexus between asymmetric financial inclusion and economic growth: Evidence from the top 10 financially inclusive economies. Borsa Istanbul Review, 23(2), 368–377. https://doi.org/10.1016/j.bir.2022.11.004
Chikalipah, S. (2017). What determines financial inclusion in Sub-Saharan Africa? African Journal of Economic and Management Studies, 8(1), 8–18. https://doi.org/10.1108/AJEMS-01-2016-0007
Chinoda, T., & Kwenda, F. (2019). Do mobile phones, economic growth, bank competition and stability matter for financial inclusion in Africa? Cogent Economics & Finance, 7(1), 1622180. https://doi.org/10.1080/23322039.2019.1622180
Dangol, J., & Humagain, A. (2021). Determinants of financial inclusion in Namobuddha Municipality, Nepal. International Research Journal of Management Science, 5(1), 60–74. https://doi.org/10.3126/irjms.v5i1.35861
E. Joseph, T., U. Chinyere, N., C. Pauline, O., & A. Gbenga, A. (2021). Monetary policy effectiveness and financial inclusion in Nigeria: FinTech, ‘the disrupter’ or ‘enabler.’ International Journal of Applied Economics, Finance and Accounting, 9(1), 19–27. https://doi.org/10.33094/8.2017.2021.91.19.27
Edeminam, V. B., & Abdullahi, H. (2022). The effects of financial inclusion on external debt in Africa. Journal of Global Economics and Business, 3(9), 75–94. https://doi.org/10.31039/jgeb.v3i9.6
Ezzahid, E., & Elouaourti, Z. (2022). Financial inclusion, financial frictions, and economic growth: Evidence from Africa. Journal of African Business, 23(3), 731–756. https://doi.org/10.1080/15228916.2021.1926856
Gebrehiwot, K. ., & Makina, D. (2019). Macroeconomic determinants of financial inclusion: Evidence using dynamic panel data analysis. In Extending Financial Inclusion in Africa (pp. 167–191). Academic Press. https://doi.org/10.1016/B978-0-12-814164-9.00008-6
Giday, H. G. (2023). Financial inclusion and its demand-side determinants: Evidence from Ethiopia. Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2186031
Grohmann, A., Klühs, T., & Menkhoff, L. (2018). Does financial literacy improve financial inclusion? Cross country evidence. World Development, 111, 84–96. https://doi.org/10.1016/j.worlddev.2018.06.020
Gustriani, Asngari, I., Suhel, & Yulianita, A. (2023). Determinants of financial inclusion for MSMEs: Evidence from Indonesia. Journal of Economics, Business, & Accountancy Ventura, 26(2), 122. https://doi.org/10.14414/jebav.v26i2.3381
Kamalu, K., & Wan Ibrahim, W. H. B. (2021). Islamic banking development and financial inclusion in OIC member countries: The moderating role of institutions. Journal of Islamic Monetary Economics and Finance, 7(3), 527 – 544. https://doi.org/10.21098/jimf.v7i3.1364
Khan, N., Zafar, M., Okunlola, A. F., Zoltan, Z., & Robert, M. (2022). Effects of financial inclusion on economic growth, poverty, sustainability, and financial efficiency: Evidence from the G20 countries. Sustainability, 14(19), 12688. https://doi.org/10.3390/su141912688
Khmous, D. F., & Besim, M. (2020). Impact of Islamic banking share on financial inclusion: Evidence from MENA. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 655–673. https://doi.org/10.1108/IMEFM-07-2019-0279
Kim, D.-W., Yu, J.-S., & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1–14. https://doi.org/10.1016/j.ribaf.2017.07.178
Lenka, S. K., & Barik, R. (2018). Has expansion of mobile phone and internet use spurred financial inclusion in the SAARC countries? Financial Innovation, 4(1), 5. https://doi.org/10.1186/s40854-018-0089-x
Mani, M. (2016). Financial inclusion in South Asia—Relative standing, challenges and initiatives. South Asian Survey, 23(2), 158–179. https://doi.org/10.1177/0971523118783353
Markjacson, D. A. (2023). Determinants of financial inclusion in selected Sub-Saharan African Countries. Journal of Banking, 11(2), 97–120. https://doi.org/10.18488/journal.aefr.2019.912.1383.1404
Mose, N., & Thomi, J. (2021). The determinants of financial inclusion. Financial Internet Quarterly, 17(2), 51–58. https://doi.org/10.2478/fiqf-2021-0013
Murshed, M., Ahmed, R., Al-Tal, R. M., Kumpamool, C., Vetchagool, W., & Avarado, R. (2023). Determinants of financial inclusion in South Asia: The moderating and mediating roles of internal conflict settlement. Research in International Business and Finance, 64, 101880. https://doi.org/10.1016/j.ribaf.2023.101880
Mustafa, D., Jamilu Baita, A., & Yusuf Usman, A. (2018). Impact analysis of Islamic finance on financial inclusion and economic growth in selected Muslim countries: Lessons for Nigeria. International Journal of Economics, 26(2), 393–414. https://doi.org/https://doi.org/10.31436/ijema.v26i2.512
Ndoricimpa, A. (2017). Threshold effects of inflation on economic growth in Africa: Evidence from a dynamic panel threshold regression approach (Working Paper Series No. 249). African Development Bank, Abidjan, Côte d’Ivoire. https://www.afdb.org/sites/default/files/documents/publications/wps_no_249_threshold_effects_of_inflation_on_economic_growth_in_africa.pdf
Ningsih, S., & Aimon, H. (2021, November). Analysis and determinants of financial inclusion in Indonesia: Panel approach. In Seventh Padang International Conference on Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA 2021) (pp. 104-111). Atlantis Press. https://doi.org/10.2991/aebmr.k.211117.042
Nkuna, O., Banda, M., & Chirwa, E. (2021). Determinants of financial inclusion in Malawi. Malawi Journal of Economics, 2(1), 1–22. https://www.ajol.info/index.php/mje/article/view/228060
Nsiah, A. Y., & Tweneboah, G. (2023). Determinants of financial inclusion in Africa: Is institutional quality relevant? Cogent Social Sciences, 9(1). https://doi.org/10.1080/23311886.2023.2184305
Oanh, T. T. K., Van, L. T. T., & Dinh, L. Q. (2023). Relationship between financial inclusion, monetary policy and financial stability: An analysis in high financial development and low financial development countries. Heliyon, 9(6), e16647. https://doi.org/10.1016/j.heliyon.2023.e16647
Oumarou, I. C., & Celestin, M. (2021). Determinants of financial inclusion in West African economic and monetary union (WAEMU) countries. Theoretical Economics Letters, 11(03), 489–506. https://doi.org/10.4236/tel.2021.113033
Owen, A. L., & Pereira, J. M. (2018). Bank concentration, competition, and financial inclusion. Review of Development Finance, 8(1), 1–17. https://doi.org/10.1016/j.rdf.2018.05.001
Pandey, A., Kiran, R., & Sharma, R. K. (2023). Investigating the determinants of financial inclusion in BRICS economies: Panel data analysis using fixed-effect and cross-section random effect. Sustainability, 15(2), 1603. https://doi.org/10.3390/su15021603
Ramakrishna, S., & Trivedi, P. (2018). What determines the success of financial inclusion? An empirical analysis of demand side factors. Review of Economics and Finance, 14(4), 98–112. http://www.bapress.ca/ref/ref-article/1923-7529-2018-04-98-15.pdf
Sarma, M. (2012). Index of financial inclusion – A measure of financial sector inclusiveness (Working Paper No. 07/2012). Berlin Working Papers on Money, Finance, Trade and Development. https://finance-and-trade.htw-berlin.de/fileadmin/HTW/Forschung/Money_Finance_Trade_Development/working_paper_series/wp_07_2012_Sarma_Index-of-Financial-Inclusion.pdf
Sethi, D., & Acharya, D. (2018). Financial inclusion and economic growth linkage: Some cross country evidence. Journal of Financial Economic Policy, 10(3), 369–385. https://doi.org/10.1108/JFEP-11-2016-0073
Sethy, S. K., & Goyari, P. (2023). Examining financial inclusion-agricultural productivity connection in south asian countries: evidence from FMOLS and DOLS approaches. Rivista Di Economia Agraria, 78(1), 33–48. https://doi.org/10.36253/rea-14079
Sethy, S. K., Mir, T. A., Gopinathan, R., & Joshi, D. P. P. (2023). Exploring the socio-economic attributes of financial inclusion in India: A decomposition analysis. International Journal of Social Economics, 50(7), 941–955. https://doi.org/10.1108/IJSE-08-2021-0451
Sha’ban, M., Girardone, C., & Sarkisyan, A. (2020). Cross-country variation in financial inclusion: A global perspective. European Journal of Finance, 26(4–5), 319–340. https://doi.org/10.1080/1351847X.2019.1686709
Stock, J. H., & Watson, M. W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica, 61(4), 783. https://doi.org/10.2307/2951763
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References

Abor, J. Y., Dwumfour, R. A., Agbloyor, E. K., & Pan, L. (2024). Foreign direct investment and inclusive finance: Do financial markets and quality of institutions matter? Empirical Economics. https://doi.org/10.1007/s00181-024-02567-2

Ajefu, J. B., & Ogebe, J. O. (2019). Migrant remittances and financial inclusion among households in Nigeria. Oxford Development Studies, 47(3), 319–335. https://doi.org/10.1080/13600818.2019.1575349

Anarfo, E. B., Abor, J. Y., Osei, K. A., & Gyeke-Dako, A. (2019). Financial inclusion and financial sector development in Sub-Saharan Africa: A panel VAR approach. International Journal of Managerial Finance, 15(4), 444–463. https://doi.org/10.1108/IJMF-07-2018-0205

Azimi, M. N. (2022). New insights into the impact of financial inclusion on economic growth: A global perspective. PLOS ONE, 17(11), e0277730. https://doi.org/10.1371/journal.pone.0277730

Barnabe, A. Y. (2020). Migrant Remittances and Financial Inclusion in Africa. In Handbook of Research on Institution Development for Sustainable and Inclusive Economic Growth in Africa (pp. 153–168), IGI Global. https://doi.org/10.4018/978-1-7998-4817-2.ch010

Bashiru, S., Bunyaminu, A., Yakubu, I. N., & Al-Faryan, M. A. S. (2023). Drivers of financial inclusion: Insights from Sub-Saharan Africa. Economies, 11(5), 146. https://doi.org/10.3390/economies11050146

Bekele, W. D. (2023). Determinants of financial inclusion: A comparative study of Kenya and Ethiopia. Journal of African Business, 24(2), 301–319. https://doi.org/10.1080/15228916.2022.2078938

Biswas, G. K. (2023). Financial inclusion and its impact on economic growth: An empirical evidence from South Asian countries. European Journal of Business and Management Research, 8(4), 163–167. https://doi.org/10.24018/ejbmr.2023.8.4.2071

Chatterjee, A. (2020). Financial inclusion, information and communication technology diffusion, and economic growth: a panel data analysis. Information Technology for Development, 26(3), 607–635. https://doi.org/10.1080/02681102.2020.1734770

Chen, Z., Ali, S., Lateef, M., Imran Khan, A., & Khalid Anser, M. (2023). The nexus between asymmetric financial inclusion and economic growth: Evidence from the top 10 financially inclusive economies. Borsa Istanbul Review, 23(2), 368–377. https://doi.org/10.1016/j.bir.2022.11.004

Chikalipah, S. (2017). What determines financial inclusion in Sub-Saharan Africa? African Journal of Economic and Management Studies, 8(1), 8–18. https://doi.org/10.1108/AJEMS-01-2016-0007

Chinoda, T., & Kwenda, F. (2019). Do mobile phones, economic growth, bank competition and stability matter for financial inclusion in Africa? Cogent Economics & Finance, 7(1), 1622180. https://doi.org/10.1080/23322039.2019.1622180

Dangol, J., & Humagain, A. (2021). Determinants of financial inclusion in Namobuddha Municipality, Nepal. International Research Journal of Management Science, 5(1), 60–74. https://doi.org/10.3126/irjms.v5i1.35861

E. Joseph, T., U. Chinyere, N., C. Pauline, O., & A. Gbenga, A. (2021). Monetary policy effectiveness and financial inclusion in Nigeria: FinTech, ‘the disrupter’ or ‘enabler.’ International Journal of Applied Economics, Finance and Accounting, 9(1), 19–27. https://doi.org/10.33094/8.2017.2021.91.19.27

Edeminam, V. B., & Abdullahi, H. (2022). The effects of financial inclusion on external debt in Africa. Journal of Global Economics and Business, 3(9), 75–94. https://doi.org/10.31039/jgeb.v3i9.6

Ezzahid, E., & Elouaourti, Z. (2022). Financial inclusion, financial frictions, and economic growth: Evidence from Africa. Journal of African Business, 23(3), 731–756. https://doi.org/10.1080/15228916.2021.1926856

Gebrehiwot, K. ., & Makina, D. (2019). Macroeconomic determinants of financial inclusion: Evidence using dynamic panel data analysis. In Extending Financial Inclusion in Africa (pp. 167–191). Academic Press. https://doi.org/10.1016/B978-0-12-814164-9.00008-6

Giday, H. G. (2023). Financial inclusion and its demand-side determinants: Evidence from Ethiopia. Cogent Economics & Finance, 11(1). https://doi.org/10.1080/23322039.2023.2186031

Grohmann, A., Klühs, T., & Menkhoff, L. (2018). Does financial literacy improve financial inclusion? Cross country evidence. World Development, 111, 84–96. https://doi.org/10.1016/j.worlddev.2018.06.020

Gustriani, Asngari, I., Suhel, & Yulianita, A. (2023). Determinants of financial inclusion for MSMEs: Evidence from Indonesia. Journal of Economics, Business, & Accountancy Ventura, 26(2), 122. https://doi.org/10.14414/jebav.v26i2.3381

Kamalu, K., & Wan Ibrahim, W. H. B. (2021). Islamic banking development and financial inclusion in OIC member countries: The moderating role of institutions. Journal of Islamic Monetary Economics and Finance, 7(3), 527 – 544. https://doi.org/10.21098/jimf.v7i3.1364

Khan, N., Zafar, M., Okunlola, A. F., Zoltan, Z., & Robert, M. (2022). Effects of financial inclusion on economic growth, poverty, sustainability, and financial efficiency: Evidence from the G20 countries. Sustainability, 14(19), 12688. https://doi.org/10.3390/su141912688

Khmous, D. F., & Besim, M. (2020). Impact of Islamic banking share on financial inclusion: Evidence from MENA. International Journal of Islamic and Middle Eastern Finance and Management, 13(4), 655–673. https://doi.org/10.1108/IMEFM-07-2019-0279

Kim, D.-W., Yu, J.-S., & Hassan, M. K. (2018). Financial inclusion and economic growth in OIC countries. Research in International Business and Finance, 43, 1–14. https://doi.org/10.1016/j.ribaf.2017.07.178

Lenka, S. K., & Barik, R. (2018). Has expansion of mobile phone and internet use spurred financial inclusion in the SAARC countries? Financial Innovation, 4(1), 5. https://doi.org/10.1186/s40854-018-0089-x

Mani, M. (2016). Financial inclusion in South Asia—Relative standing, challenges and initiatives. South Asian Survey, 23(2), 158–179. https://doi.org/10.1177/0971523118783353

Markjacson, D. A. (2023). Determinants of financial inclusion in selected Sub-Saharan African Countries. Journal of Banking, 11(2), 97–120. https://doi.org/10.18488/journal.aefr.2019.912.1383.1404

Mose, N., & Thomi, J. (2021). The determinants of financial inclusion. Financial Internet Quarterly, 17(2), 51–58. https://doi.org/10.2478/fiqf-2021-0013

Murshed, M., Ahmed, R., Al-Tal, R. M., Kumpamool, C., Vetchagool, W., & Avarado, R. (2023). Determinants of financial inclusion in South Asia: The moderating and mediating roles of internal conflict settlement. Research in International Business and Finance, 64, 101880. https://doi.org/10.1016/j.ribaf.2023.101880

Mustafa, D., Jamilu Baita, A., & Yusuf Usman, A. (2018). Impact analysis of Islamic finance on financial inclusion and economic growth in selected Muslim countries: Lessons for Nigeria. International Journal of Economics, 26(2), 393–414. https://doi.org/https://doi.org/10.31436/ijema.v26i2.512

Ndoricimpa, A. (2017). Threshold effects of inflation on economic growth in Africa: Evidence from a dynamic panel threshold regression approach (Working Paper Series No. 249). African Development Bank, Abidjan, Côte d’Ivoire. https://www.afdb.org/sites/default/files/documents/publications/wps_no_249_threshold_effects_of_inflation_on_economic_growth_in_africa.pdf

Ningsih, S., & Aimon, H. (2021, November). Analysis and determinants of financial inclusion in Indonesia: Panel approach. In Seventh Padang International Conference on Economics Education, Economics, Business and Management, Accounting and Entrepreneurship (PICEEBA 2021) (pp. 104-111). Atlantis Press. https://doi.org/10.2991/aebmr.k.211117.042

Nkuna, O., Banda, M., & Chirwa, E. (2021). Determinants of financial inclusion in Malawi. Malawi Journal of Economics, 2(1), 1–22. https://www.ajol.info/index.php/mje/article/view/228060

Nsiah, A. Y., & Tweneboah, G. (2023). Determinants of financial inclusion in Africa: Is institutional quality relevant? Cogent Social Sciences, 9(1). https://doi.org/10.1080/23311886.2023.2184305

Oanh, T. T. K., Van, L. T. T., & Dinh, L. Q. (2023). Relationship between financial inclusion, monetary policy and financial stability: An analysis in high financial development and low financial development countries. Heliyon, 9(6), e16647. https://doi.org/10.1016/j.heliyon.2023.e16647

Oumarou, I. C., & Celestin, M. (2021). Determinants of financial inclusion in West African economic and monetary union (WAEMU) countries. Theoretical Economics Letters, 11(03), 489–506. https://doi.org/10.4236/tel.2021.113033

Owen, A. L., & Pereira, J. M. (2018). Bank concentration, competition, and financial inclusion. Review of Development Finance, 8(1), 1–17. https://doi.org/10.1016/j.rdf.2018.05.001

Pandey, A., Kiran, R., & Sharma, R. K. (2023). Investigating the determinants of financial inclusion in BRICS economies: Panel data analysis using fixed-effect and cross-section random effect. Sustainability, 15(2), 1603. https://doi.org/10.3390/su15021603

Ramakrishna, S., & Trivedi, P. (2018). What determines the success of financial inclusion? An empirical analysis of demand side factors. Review of Economics and Finance, 14(4), 98–112. http://www.bapress.ca/ref/ref-article/1923-7529-2018-04-98-15.pdf

Sarma, M. (2012). Index of financial inclusion – A measure of financial sector inclusiveness (Working Paper No. 07/2012). Berlin Working Papers on Money, Finance, Trade and Development. https://finance-and-trade.htw-berlin.de/fileadmin/HTW/Forschung/Money_Finance_Trade_Development/working_paper_series/wp_07_2012_Sarma_Index-of-Financial-Inclusion.pdf

Sethi, D., & Acharya, D. (2018). Financial inclusion and economic growth linkage: Some cross country evidence. Journal of Financial Economic Policy, 10(3), 369–385. https://doi.org/10.1108/JFEP-11-2016-0073

Sethy, S. K., & Goyari, P. (2023). Examining financial inclusion-agricultural productivity connection in south asian countries: evidence from FMOLS and DOLS approaches. Rivista Di Economia Agraria, 78(1), 33–48. https://doi.org/10.36253/rea-14079

Sethy, S. K., Mir, T. A., Gopinathan, R., & Joshi, D. P. P. (2023). Exploring the socio-economic attributes of financial inclusion in India: A decomposition analysis. International Journal of Social Economics, 50(7), 941–955. https://doi.org/10.1108/IJSE-08-2021-0451

Sha’ban, M., Girardone, C., & Sarkisyan, A. (2020). Cross-country variation in financial inclusion: A global perspective. European Journal of Finance, 26(4–5), 319–340. https://doi.org/10.1080/1351847X.2019.1686709

Stock, J. H., & Watson, M. W. (1993). A simple estimator of cointegrating vectors in higher order integrated systems. Econometrica, 61(4), 783. https://doi.org/10.2307/2951763

Suseno, P., & Fitriyani, Y. (2018). Role of the development of Islamic finance to financial inclusion: Empirical study in Islamic banking countries. Jurnal Ekononomi & Keuangan Islam, 4(1), 1–8. https://doi.org/10.20885/JEKI.vol4.iss1.art1

Tram, T. X. H., Lai, T. D., & Nguyen, T. T. H. (2023). Constructing a composite financial inclusion index for developing economies. The Quarterly Review of Economics and Finance, 87, 257–265. https://doi.org/10.1016/j.qref.2021.01.003

Tran, H. S., Nguyen, T. D., & Nguyen, T. L. (2023). Market structure, institutional quality and bank stability: evidence from emerging and developing countries. Competitiveness Review: An International Business Journal, 33(6), 1046–1068. https://doi.org/10.1108/CR-02-2022-0016

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Drivers and barriers to financial inclusion: New insights from Muslim countries

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