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All Journal Journal of Islamic Monetary Economics and Finance
Mohamed Ariff
Universiti Malaya, Malaysia
Economics, Econometrics & Finance

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Determinants of Financial Inclusion in the OIC and OECD Countries: Are They Different? Tengku Roziana; Mohamed Eskandar Shah; Mohamed Ariff; Mohammed Umar
Journal of Islamic Monetary Economics and Finance Vol. 12 No. 3 (2026)
Publisher : Bank Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21098/jimf.v12i3.2582

Abstract

Financial inclusion is a pivotal policy tool to help integrate the underprivilege segments of society into the formal financial system. The issue is particularly important within predominantly Muslim nations, where poverty and inequality remain persistent challenges, and where a significant proportion of the populace remains excluded from financial services. This seems to be paradoxical, especially given the substantial expansion of Islamic finance over the previous decade. Therefore, this research aims to investigate the factors that determine financial inclusion within Organisation of Islamic Cooperation (OIC) member states. To put our findings into perspective, we compare our analysis with Organisation of Economic Co-operation and Development (OECD) countries. We used a least squares dummy variable (LSDV) estimator across 35 OIC and OECD countries over the period 2005 to 2021. It was found that in OIC countries income per capita, tertiary education attainment, institutional quality, internet accessibility, population and age dependency have an influence on financial inclusion. Unlike OECD ones, OIC countries need to make significant investment in digital infrastructures, youth and female empowerment, and boosting income levels. Lessons are also drawn for Islamic banking in these countries.
Co-Authors Mohamed Eskandar Shah Mohammed Umar Tengku Roziana