22 Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

Social Impact Of Financial Technology And  Islamic Economics Education 
  

Basrowi 
1University of Bina Bangsa, Banten, Indonesia 

basrowi@binabangsa.ac.id 
   Submit: 1st September 2021, Revised:    September 2021, Accepted:   September 2021 
 

Abstract. The purpose of this study is to test hypotheses about how the impact of 
financial technology (Fintech) and Islamic economic education in improving social 
welfare. Correlational quantitative research was chosen to reveal the social impact of 
the two variables. The research population is all people in Lampung Province, 
Indonesia who are educated in Islamic economics, who at the time of the study were at 
least sitting in the fifth semester undergraduate program. The sample is 308 people or 
10% of the population of 3080 people. Data were collected using a questioner that was 
shared using Google Form. Data analysis was performed using a structural equation 
model (SEM) approach with the Lisrel 8.80 program. The results showed that, the 
social impact of utilizing financial technology and Islamic economic education includes 
two aspects, namely positive and negative impacts which are all related to people's 
economic behavior, economic learning, and psychological and spiritual health. 
Positive impacts dominate more than negative impacts. 

 
Keywords: Social impact, Financial Technology, Economics Education, Sharia 
 

I. INTRODUCTION 
The development of the digital economy has 
entered an era where many opportunities in the 
business world use technology start-ups, which 
can trigger competitiveness and solve socio-
economic challenges. Indonesia is ranked as the 
first fastest growing internet connection in the 
world. Statistics from the InterMedia report state 
that 40% of the very poor category population also 
has a mobile telephone and what's interesting is 
0.1% of the 40% of the very poor category 
population already have a mobile money account. 
Even though the intensity is still small, this figure 
clearly shows that the potential of fintech has 
driven national economic growth is very clear in 
front of the eyes (OJK, 2017). 

It is predicted, the development of the 
digital economy in Indonesia reaches US $ 130 
billion or Rp 1,831 trillion. The main focus of the 
start-up of several years is aimed at breaking 
down the old-fashioned (offline) financial 
circulation. Digital start up has produced 
multiplier effects, especially for Micro and 
Medium Enterprises (MSMEs). At present, the 
Government has launched the Indonesia Golden 
2045 program and is expected to become the 
fourth largest economy in the world in 2045. The 

Government has provided solutions to meet the 
needs of the Indonesian people and create new job 
opportunities through creative economy or 
economic innovation amid the current economic 
turmoil. The problem is, although the number of 
MSME actors is 60 million people, or equal to 
20% of the population, MSMEs are in a porous 
state with a low level of public understanding of 
the digital start-up industry or fintech lending and 
the large number of traders not makers. (Winosa, 
2019) 

On the same side, the digital economy of 
sharia also creates a new view of a digital-based 
financial revolution that is able to improve welfare 
and convenience for the community, especially 
with the presence of Islamic financial technology 
(Fintech), as well as providing Islamic economic 
education to all Muslim communities. This is one 
of the main assets in strengthening sustainable 
national economic growth (Sustanaible 
Development Goals / SDGs) (Barata, 2019; 
Hisnam, M., & Alam, MK., 2019). Even so, the 
presence of the Fintech sharia industry is still in 
its infancy so it needs to be reviewed to what 
extent it has an impact on the socio-economic 
community (Rahim, Bakri, & Yahaya, 2019). 

 Technology can change consumer 
behavior both from mindset and lifestyle. Society 
began to adapt to be able to survive in the path of 
civilization based on digital technology. It cannot 
be denied, the social impact of utilizing financial 
technology and economics education has become 
serious enough to be explored more deeply. 
Fintech is the reason for the emergence of a 
variety of new innovations and encourage 
businesses to start new businesses and bring up 
various benefits in terms of socio-economic 
aspects of society. In the end, it cannot be denied 
that financial technology is naturally spread and 
accepted by the public directly. This is what 
causes the social impact of fintech to be very fast. 

The problem of socio-economic inequality 
in the private sector has caused the urgency of 
MSMEs from the business competition arena 
perfectly. Capital problems are a particular 
obstacle for the sustainability of MSMEs 
(Mangeswuri, 2018). On the other hand, the issue 
of consumer protection for banking and non-
banking financial institutions is a special problem 
that must be addressed immediately. Anticipation 
of cases of cysbercrime and misuse of personal 
data is a special note for the Indonesian 
government. The government must be able to be a 
safeguard for fintech users (OJK, 2017). The 
presence of Fintech Syariah with a peer to peer 
lending system contains maslahah benefits that are 
expected to overcome and respond to social 
inequalities as mentioned above. 

The social impact of fintech and Islamic 
economic education has attracted many 
stakeholders in recent years. This is because the 
potential sources of Islamic principles on the 
quality of financial technology and Islamic 
economic education are part of socioeconomic 
responsibilities. The main pioneers of financial 
technology are to bring technology this finance to 
be closer to the people. Digital connectivity has 
broad social impact. Fintech allows people to 
conduct financial transactions without having to 
face to face even though remotely. This means 
that there is no social interaction between parties 
conducting transactions. All done practically 
without having to do face-to-face which means as 
conventional methods. 

The low access to financial services makes 
the presence of fintech sharia one of the solutions 
to access financial capital and financing for the 
middle to lower classes. Because so far the 
realization of SDGs has been hampered one of 
them because of the low welfare distribution. This 
is due to some sophisticated technologies such as 

artificial intelligence (AI), Blockhain, and Robotic 
which can only be felt by large-investing bank 
customers or macro industry players, and it is very 
unlikely that the poor will be able to obtain the 
same financial services. Therefore, Sharia Fintech 
is here to help unbanked or underbanked people. 

Some non-profit organizations have also 
adopted the advancement of innovative financial 
technologies such as fintech for sustainable socio-
economic development (Mohsin, 2019). One non-
profit organization that applies fintech is a waqf 
institution that consistently provides social 
welfare services in the context of social 
entrepreneurship (Alam et al, 2018; Aliyu, 2019). 
There are also zakat institutions as a place for 
distributing Muslim alms to improve the welfare 
of the poor (mustahik) (Rahman & Salam, 2018; 
Al Azizah & Chorin, 2018; Utami & Julianas, 
2019). 

The results of the research above direct the 
idea that, the Islamic economic model has the 
ability to reduce the growth gap and the 
development of unemployment in developing 
countries. Through Islamic economic education, 
the special dimensions involving three main 
elements such as the prohibition of interest (riba), 
optimization of zakat, and spiritual, moral, and 
intellectual characteristics will be realized 
acceleratively in the future. This is the main goal 
of Islamic economic education to create a fair and 
equitable welfare for the community (Santoso, 
Canon, & Pakaya, 2019). Where human resources 
who have the ability in Islamic economics are 
needed to be able to drive the economic 
development of sharia towards the country's 
development. Preparing productive human 
resources through social entrepreneurship as an 
alternative financial support for Islamic economic 
education institutions (Siahaan, Iswati, & 
Zarkasyi, 2019; Sulaiman, Suswanto, & Masrukin, 
2018) and having a good entitlement are certainly 
one of the keys to success in facing the challenge 
of uncertainty. in the midst of morality and socio-
economic crisis (Wahyudin, Rusdin, & Abdul, 
2017). 

This novel research is trying to get a model 
about the social impact of the use of financial 
technology and Islamic economic education in 
improving social welfare in Muslim communities 
in Indonesia. 

To examine more deeply the social impact 
of utilizing financial technology and Islamic 
economic education, the following is described in 
two parts. First, the study of financial technology. 
Financial technology especially privacy data 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



23Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

Social Impact Of Financial Technology And  Islamic Economics Education 
  

Basrowi 
1University of Bina Bangsa, Banten, Indonesia 

basrowi@binabangsa.ac.id 
   Submit: 1st September 2021, Revised:    September 2021, Accepted:   September 2021 
 

Abstract. The purpose of this study is to test hypotheses about how the impact of 
financial technology (Fintech) and Islamic economic education in improving social 
welfare. Correlational quantitative research was chosen to reveal the social impact of 
the two variables. The research population is all people in Lampung Province, 
Indonesia who are educated in Islamic economics, who at the time of the study were at 
least sitting in the fifth semester undergraduate program. The sample is 308 people or 
10% of the population of 3080 people. Data were collected using a questioner that was 
shared using Google Form. Data analysis was performed using a structural equation 
model (SEM) approach with the Lisrel 8.80 program. The results showed that, the 
social impact of utilizing financial technology and Islamic economic education includes 
two aspects, namely positive and negative impacts which are all related to people's 
economic behavior, economic learning, and psychological and spiritual health. 
Positive impacts dominate more than negative impacts. 

 
Keywords: Social impact, Financial Technology, Economics Education, Sharia 
 

I. INTRODUCTION 
The development of the digital economy has 
entered an era where many opportunities in the 
business world use technology start-ups, which 
can trigger competitiveness and solve socio-
economic challenges. Indonesia is ranked as the 
first fastest growing internet connection in the 
world. Statistics from the InterMedia report state 
that 40% of the very poor category population also 
has a mobile telephone and what's interesting is 
0.1% of the 40% of the very poor category 
population already have a mobile money account. 
Even though the intensity is still small, this figure 
clearly shows that the potential of fintech has 
driven national economic growth is very clear in 
front of the eyes (OJK, 2017). 

It is predicted, the development of the 
digital economy in Indonesia reaches US $ 130 
billion or Rp 1,831 trillion. The main focus of the 
start-up of several years is aimed at breaking 
down the old-fashioned (offline) financial 
circulation. Digital start up has produced 
multiplier effects, especially for Micro and 
Medium Enterprises (MSMEs). At present, the 
Government has launched the Indonesia Golden 
2045 program and is expected to become the 
fourth largest economy in the world in 2045. The 

Government has provided solutions to meet the 
needs of the Indonesian people and create new job 
opportunities through creative economy or 
economic innovation amid the current economic 
turmoil. The problem is, although the number of 
MSME actors is 60 million people, or equal to 
20% of the population, MSMEs are in a porous 
state with a low level of public understanding of 
the digital start-up industry or fintech lending and 
the large number of traders not makers. (Winosa, 
2019) 

On the same side, the digital economy of 
sharia also creates a new view of a digital-based 
financial revolution that is able to improve welfare 
and convenience for the community, especially 
with the presence of Islamic financial technology 
(Fintech), as well as providing Islamic economic 
education to all Muslim communities. This is one 
of the main assets in strengthening sustainable 
national economic growth (Sustanaible 
Development Goals / SDGs) (Barata, 2019; 
Hisnam, M., & Alam, MK., 2019). Even so, the 
presence of the Fintech sharia industry is still in 
its infancy so it needs to be reviewed to what 
extent it has an impact on the socio-economic 
community (Rahim, Bakri, & Yahaya, 2019). 

 Technology can change consumer 
behavior both from mindset and lifestyle. Society 
began to adapt to be able to survive in the path of 
civilization based on digital technology. It cannot 
be denied, the social impact of utilizing financial 
technology and economics education has become 
serious enough to be explored more deeply. 
Fintech is the reason for the emergence of a 
variety of new innovations and encourage 
businesses to start new businesses and bring up 
various benefits in terms of socio-economic 
aspects of society. In the end, it cannot be denied 
that financial technology is naturally spread and 
accepted by the public directly. This is what 
causes the social impact of fintech to be very fast. 

The problem of socio-economic inequality 
in the private sector has caused the urgency of 
MSMEs from the business competition arena 
perfectly. Capital problems are a particular 
obstacle for the sustainability of MSMEs 
(Mangeswuri, 2018). On the other hand, the issue 
of consumer protection for banking and non-
banking financial institutions is a special problem 
that must be addressed immediately. Anticipation 
of cases of cysbercrime and misuse of personal 
data is a special note for the Indonesian 
government. The government must be able to be a 
safeguard for fintech users (OJK, 2017). The 
presence of Fintech Syariah with a peer to peer 
lending system contains maslahah benefits that are 
expected to overcome and respond to social 
inequalities as mentioned above. 

The social impact of fintech and Islamic 
economic education has attracted many 
stakeholders in recent years. This is because the 
potential sources of Islamic principles on the 
quality of financial technology and Islamic 
economic education are part of socioeconomic 
responsibilities. The main pioneers of financial 
technology are to bring technology this finance to 
be closer to the people. Digital connectivity has 
broad social impact. Fintech allows people to 
conduct financial transactions without having to 
face to face even though remotely. This means 
that there is no social interaction between parties 
conducting transactions. All done practically 
without having to do face-to-face which means as 
conventional methods. 

The low access to financial services makes 
the presence of fintech sharia one of the solutions 
to access financial capital and financing for the 
middle to lower classes. Because so far the 
realization of SDGs has been hampered one of 
them because of the low welfare distribution. This 
is due to some sophisticated technologies such as 

artificial intelligence (AI), Blockhain, and Robotic 
which can only be felt by large-investing bank 
customers or macro industry players, and it is very 
unlikely that the poor will be able to obtain the 
same financial services. Therefore, Sharia Fintech 
is here to help unbanked or underbanked people. 

Some non-profit organizations have also 
adopted the advancement of innovative financial 
technologies such as fintech for sustainable socio-
economic development (Mohsin, 2019). One non-
profit organization that applies fintech is a waqf 
institution that consistently provides social 
welfare services in the context of social 
entrepreneurship (Alam et al, 2018; Aliyu, 2019). 
There are also zakat institutions as a place for 
distributing Muslim alms to improve the welfare 
of the poor (mustahik) (Rahman & Salam, 2018; 
Al Azizah & Chorin, 2018; Utami & Julianas, 
2019). 

The results of the research above direct the 
idea that, the Islamic economic model has the 
ability to reduce the growth gap and the 
development of unemployment in developing 
countries. Through Islamic economic education, 
the special dimensions involving three main 
elements such as the prohibition of interest (riba), 
optimization of zakat, and spiritual, moral, and 
intellectual characteristics will be realized 
acceleratively in the future. This is the main goal 
of Islamic economic education to create a fair and 
equitable welfare for the community (Santoso, 
Canon, & Pakaya, 2019). Where human resources 
who have the ability in Islamic economics are 
needed to be able to drive the economic 
development of sharia towards the country's 
development. Preparing productive human 
resources through social entrepreneurship as an 
alternative financial support for Islamic economic 
education institutions (Siahaan, Iswati, & 
Zarkasyi, 2019; Sulaiman, Suswanto, & Masrukin, 
2018) and having a good entitlement are certainly 
one of the keys to success in facing the challenge 
of uncertainty. in the midst of morality and socio-
economic crisis (Wahyudin, Rusdin, & Abdul, 
2017). 

This novel research is trying to get a model 
about the social impact of the use of financial 
technology and Islamic economic education in 
improving social welfare in Muslim communities 
in Indonesia. 

To examine more deeply the social impact 
of utilizing financial technology and Islamic 
economic education, the following is described in 
two parts. First, the study of financial technology. 
Financial technology especially privacy data 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



24 Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

security and adequate infrastructure create interest 
in financial services and change people's financial 
behavior using conventional and traditional 
methods of switching to digital (Zimmermen, 
Jamie & Baur, 2016; Gai, 2017). Good financial 
funding turns out to be successful in creating 
dynamic financial strategies for policies in several 
countries in the region so that it indirectly 
influences the business behavior environment of 
the communities in which the policies are applied 
(Leonard, 2011; Buchak, 2018) 

Likewise with regard to Sharia fintech, it 
turned out to be able to open many business 
opportunities and new jobs for the community so 
as to reduce unemployment. Fintech Sharia is able 
to change individual behavior to be more 
productive. The emergence of various new 
innovations in the field of financial technology 
can encourage people to be more creative. 
Through Fintech sharia, social for increasing 
motivation to pay zakat. 

Financial technology is able to provide 
access to financial services, not only in urban 
areas but also in rural areas that are affordable by 
internet access. The advantages provided by 
fintech are able to provide alternative financial 
services that are better. So that in practice fintech 
has not really had a social impact for the 
community especially for micro and medium 
businesses. 

Keep in mind that, fintech sharia does not 
always have a positive social impact. This 
depends on the behavior of the community itself. 
Changes in mindset and lifestyle make some 
consumers more consumptive. On one hand, both 
substitute production, product variants, service 
quality and competitive prices and even cheap 
make fintech increasingly popular. But on the 
other hand, people are far more consumptive 
because they are interested in fintech services that 
are faster, easier and even cheaper. Concern about 
moving away from this welfare goal is a challenge 
for Islamic fintech. 

Several articles examining the social 
impact of financial technology tend to conclude 
the finding of a positive psychological effect 
(Yuen et al., 2013; Hanafizadeh, Ghandchi, & 
Asgarimehr, 2017) and a theoretical study of 
divinity giving spiritual control over individual 
behavior in the direction justified by religious 
teachings such as not wasteful (consumptive), 
paying zakat and giving alms. Previous research 
revealed that the use of financial technology can 
close the gap between society and bring long-term 
social change financially towards a just society 

(Salampasis, 2018; Ozili, 2018; Jagtiani, 2018; 
ADB, 2016; Demirguc-Kunt et al, 2018;) . 

Therefore, Fintech activities require 
innovation (Malaguti, 2015; Milan, 2019), 
especially for youth and middle class people. 
Financial technology can lead to the desire to own 
something that is not a primary need. Entangled 
online loans, directly cause high levels of anxiety, 
depression, and self-control so that it can lead to 
crime and family conflict to social problems. 
Sharia principles that are implemented in financial 
technology are able to minimize the possibility of 
an individual's psychological and spiritual harm. 
So that individuals are able to make the right 
decisions in the use of financial technology. 

Second, the study of Islamic economic 
education. Financial education will be able to 
increase social capital in the field of economic 
competence which will ultimately be able to 
improve social welfare in society (Bongomin, et 
al, 2016). 

Colledge of Islamic economic learning 
shows an increase in learning capacity for a 
lifetime. Previous research shows that Islamic 
economic education enables people to learn in a 
digital environment and recognize the risks and 
financial benefits for the future (Grohman, 2018). 
The learning process obtained from financial 
education will greatly affect social life because it 
is able to increase financial inclusion (Cohen, 
Moneque, & Nelson, 2011). But unfortunately the 
learning process will take a long time to have a 
positive impact on social life (Cordero & 
Marouze, 2016). Good financial education 
contributes to financial decision making which is 
part of the learning process of socioeconomic 
values in society. (Grohman, 2018) 

The learning process to improve financial 
understanding consists of assessing the level of 
awareness, knowledge and business behavior 
skills that must be prepared as early as possible so 
that understanding of Islamic finance in the 
community continues to increase (Antara, 2016). 
Colledge of Islamic education will provide 
benefits for product understanding, investment 
intelligence, intolerance to disposition effects and 
affect the level of community participation in the 
derivatives market (Hsiao, 2017; Bellefatho, 2018; 
Organ & Trinh, 2019). Conversely, low levels of 
financial literacy will affect people's perceptions 
in financial decision making and can have an 
impact on low trust in products, lack of 
willingness to accept financial advice (Anderson, 
2017). Therefore, it is important to strengthen 
economic learning through various trainings on 

how to make the best use of financial technology 
in order to close the financial gap (Shen Hu & 
Hueng, 2018; Koonson, Villano, & Hadley, 2019). 

But on the other hand, the low economic 
education and mastery of financial technology and 
Fintech supervision and regulation cause 
depression (Wyman, 2017), anxiety, and 
psychological well-being especially in an 
unpredictable environment (Dranev, 2019). 
 

II. RESEARCD METHODOLOGY 
 This study uses a mixed methodology 
which was carried out in two stages, namely a 
survey using closed questioners and structured 
interviews (Iliadis et al. 2019). The first phase is 
a survey using a closed questioner. The 
questionnaire was developed based on 
operational definitions and left-lattice of research 
instruments developed based on the theory used. 
The second stage is structured interviews with 
survey participants, lecturers who teach in the 
Sharia Economics study program, financial 
service authority officials, administrators of the 
Financial technology association, to elaborate on 
the responses to the questioners they have. The 
two stages are discussed in more detail as 
follows. 
 Phase 1: The research survey was a survey 
of a sample of 308 people. The population of this 
research is the people in Lampung Province who 
took the sharia economics undergraduate 
program, and at the time of the study they had sat 
in the fifth semester of 3080 people. The 
sampling technique used to determine the 
number of samples is the purposive sampling 
technique with a sample size of 10%. Responses 
from survey participants can be obtained in a 
timely manner because they use an online survey 
tool, google form, which is used to spread survey 
questionnaires while collecting responses from 
respondents. 
 Survey participants were recruited through 
an approach with lecturers teaching at the Islamic 
Economics study program or UIN Radin Intan, 
Muhammadiyah Lampung University, STEBI 
Lampung, STEBI Tanggamus, IAIN Metro, 
STAI YASBA Kalianda, and STEBIS Nur Ilmi 
Al Isma'iliyun South Lampung, Lampung, 
Indonesia. The approach process is done through 
WhatsApp, then the google form address is 
distributed through WhatsApp groups, so that the 
target number of samples can be met in 
accordance with the specified number and 
sampling techniques. To accelerate the 
fulfillment of the sample size, researchers visited 

all of the tertiary institutions as mentioned above. 
After the researchers get permission from the 
head of the study program or the dean of the 
faculty of economics and business, the researcher 
enters class after class accompanied by a lecturer 
and spreads questions through the WhatsApp 
group class, and students fill out the 
questionnaire through Google forms guided by 
the researcher, so that when they encounter 
problems they can asked directly to researchers. 
In the questionnaire in the Google form there is 
an email address and telephone address of the 
respondent so that when there is data that is 
blank, the researcher can ask the student who 
filled it in again. Although this approach has 
limitations (Westbrook and Saperstein 2015), this 
approach facilitates a fairly representative sample 
in terms of semester (academic level), gender, 
and marital status. 
  The Survey was conducted between 
January-December 2019. During this period, 308 
complete responses were received from male 
respondents (n.137), female respondents (n.167). 
Respondents with bachelor level (n.225) and 
graduate program (n. 20), married (n.73) and not 
married (n.235). 
 To determine the normality of the sample 
compared with the population, researchers 
conducted the Kolmogorov Smirnov Z test. The 
results from the sample normality test showed 
that the sample did not differ significantly from 
the population. Data analysis methods used in 
this study are partial regression analysis, multiple 
regression and structural equation models/SEM 
(Ghozali (2016). Hypothesis testing is done with 
the determination test (R²), t test, and F test 
(Ghozali, 2016). 
 Phase 2: structured interviews were 
conducted with respondents who were part of the 
research sample. Those interviewed were those 
who expressed an interest in participating in the 
follow-up interview. The researcher deliberately 
took interview samples from respondents for 
maximum variation in: (a) their academic level of 
study; (b) gender; and (c) marital status. Through 
this interview insight can be added about the 
main trends and frequencies that appear in the 
survey data on the positive and negative impacts 
of the use of financial technology and Islamic 
economic education. 
  Methodology limitations. There are several 
potential limitations of this research 
methodology. This research methodology is a 
mixed method which is carried out in two stages, 
namely a survey using closed questioners and 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



25Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

security and adequate infrastructure create interest 
in financial services and change people's financial 
behavior using conventional and traditional 
methods of switching to digital (Zimmermen, 
Jamie & Baur, 2016; Gai, 2017). Good financial 
funding turns out to be successful in creating 
dynamic financial strategies for policies in several 
countries in the region so that it indirectly 
influences the business behavior environment of 
the communities in which the policies are applied 
(Leonard, 2011; Buchak, 2018) 

Likewise with regard to Sharia fintech, it 
turned out to be able to open many business 
opportunities and new jobs for the community so 
as to reduce unemployment. Fintech Sharia is able 
to change individual behavior to be more 
productive. The emergence of various new 
innovations in the field of financial technology 
can encourage people to be more creative. 
Through Fintech sharia, social for increasing 
motivation to pay zakat. 

Financial technology is able to provide 
access to financial services, not only in urban 
areas but also in rural areas that are affordable by 
internet access. The advantages provided by 
fintech are able to provide alternative financial 
services that are better. So that in practice fintech 
has not really had a social impact for the 
community especially for micro and medium 
businesses. 

Keep in mind that, fintech sharia does not 
always have a positive social impact. This 
depends on the behavior of the community itself. 
Changes in mindset and lifestyle make some 
consumers more consumptive. On one hand, both 
substitute production, product variants, service 
quality and competitive prices and even cheap 
make fintech increasingly popular. But on the 
other hand, people are far more consumptive 
because they are interested in fintech services that 
are faster, easier and even cheaper. Concern about 
moving away from this welfare goal is a challenge 
for Islamic fintech. 

Several articles examining the social 
impact of financial technology tend to conclude 
the finding of a positive psychological effect 
(Yuen et al., 2013; Hanafizadeh, Ghandchi, & 
Asgarimehr, 2017) and a theoretical study of 
divinity giving spiritual control over individual 
behavior in the direction justified by religious 
teachings such as not wasteful (consumptive), 
paying zakat and giving alms. Previous research 
revealed that the use of financial technology can 
close the gap between society and bring long-term 
social change financially towards a just society 

(Salampasis, 2018; Ozili, 2018; Jagtiani, 2018; 
ADB, 2016; Demirguc-Kunt et al, 2018;) . 

Therefore, Fintech activities require 
innovation (Malaguti, 2015; Milan, 2019), 
especially for youth and middle class people. 
Financial technology can lead to the desire to own 
something that is not a primary need. Entangled 
online loans, directly cause high levels of anxiety, 
depression, and self-control so that it can lead to 
crime and family conflict to social problems. 
Sharia principles that are implemented in financial 
technology are able to minimize the possibility of 
an individual's psychological and spiritual harm. 
So that individuals are able to make the right 
decisions in the use of financial technology. 

Second, the study of Islamic economic 
education. Financial education will be able to 
increase social capital in the field of economic 
competence which will ultimately be able to 
improve social welfare in society (Bongomin, et 
al, 2016). 

Colledge of Islamic economic learning 
shows an increase in learning capacity for a 
lifetime. Previous research shows that Islamic 
economic education enables people to learn in a 
digital environment and recognize the risks and 
financial benefits for the future (Grohman, 2018). 
The learning process obtained from financial 
education will greatly affect social life because it 
is able to increase financial inclusion (Cohen, 
Moneque, & Nelson, 2011). But unfortunately the 
learning process will take a long time to have a 
positive impact on social life (Cordero & 
Marouze, 2016). Good financial education 
contributes to financial decision making which is 
part of the learning process of socioeconomic 
values in society. (Grohman, 2018) 

The learning process to improve financial 
understanding consists of assessing the level of 
awareness, knowledge and business behavior 
skills that must be prepared as early as possible so 
that understanding of Islamic finance in the 
community continues to increase (Antara, 2016). 
Colledge of Islamic education will provide 
benefits for product understanding, investment 
intelligence, intolerance to disposition effects and 
affect the level of community participation in the 
derivatives market (Hsiao, 2017; Bellefatho, 2018; 
Organ & Trinh, 2019). Conversely, low levels of 
financial literacy will affect people's perceptions 
in financial decision making and can have an 
impact on low trust in products, lack of 
willingness to accept financial advice (Anderson, 
2017). Therefore, it is important to strengthen 
economic learning through various trainings on 

how to make the best use of financial technology 
in order to close the financial gap (Shen Hu & 
Hueng, 2018; Koonson, Villano, & Hadley, 2019). 

But on the other hand, the low economic 
education and mastery of financial technology and 
Fintech supervision and regulation cause 
depression (Wyman, 2017), anxiety, and 
psychological well-being especially in an 
unpredictable environment (Dranev, 2019). 
 

II. RESEARCD METHODOLOGY 
 This study uses a mixed methodology 
which was carried out in two stages, namely a 
survey using closed questioners and structured 
interviews (Iliadis et al. 2019). The first phase is 
a survey using a closed questioner. The 
questionnaire was developed based on 
operational definitions and left-lattice of research 
instruments developed based on the theory used. 
The second stage is structured interviews with 
survey participants, lecturers who teach in the 
Sharia Economics study program, financial 
service authority officials, administrators of the 
Financial technology association, to elaborate on 
the responses to the questioners they have. The 
two stages are discussed in more detail as 
follows. 
 Phase 1: The research survey was a survey 
of a sample of 308 people. The population of this 
research is the people in Lampung Province who 
took the sharia economics undergraduate 
program, and at the time of the study they had sat 
in the fifth semester of 3080 people. The 
sampling technique used to determine the 
number of samples is the purposive sampling 
technique with a sample size of 10%. Responses 
from survey participants can be obtained in a 
timely manner because they use an online survey 
tool, google form, which is used to spread survey 
questionnaires while collecting responses from 
respondents. 
 Survey participants were recruited through 
an approach with lecturers teaching at the Islamic 
Economics study program or UIN Radin Intan, 
Muhammadiyah Lampung University, STEBI 
Lampung, STEBI Tanggamus, IAIN Metro, 
STAI YASBA Kalianda, and STEBIS Nur Ilmi 
Al Isma'iliyun South Lampung, Lampung, 
Indonesia. The approach process is done through 
WhatsApp, then the google form address is 
distributed through WhatsApp groups, so that the 
target number of samples can be met in 
accordance with the specified number and 
sampling techniques. To accelerate the 
fulfillment of the sample size, researchers visited 

all of the tertiary institutions as mentioned above. 
After the researchers get permission from the 
head of the study program or the dean of the 
faculty of economics and business, the researcher 
enters class after class accompanied by a lecturer 
and spreads questions through the WhatsApp 
group class, and students fill out the 
questionnaire through Google forms guided by 
the researcher, so that when they encounter 
problems they can asked directly to researchers. 
In the questionnaire in the Google form there is 
an email address and telephone address of the 
respondent so that when there is data that is 
blank, the researcher can ask the student who 
filled it in again. Although this approach has 
limitations (Westbrook and Saperstein 2015), this 
approach facilitates a fairly representative sample 
in terms of semester (academic level), gender, 
and marital status. 
  The Survey was conducted between 
January-December 2019. During this period, 308 
complete responses were received from male 
respondents (n.137), female respondents (n.167). 
Respondents with bachelor level (n.225) and 
graduate program (n. 20), married (n.73) and not 
married (n.235). 
 To determine the normality of the sample 
compared with the population, researchers 
conducted the Kolmogorov Smirnov Z test. The 
results from the sample normality test showed 
that the sample did not differ significantly from 
the population. Data analysis methods used in 
this study are partial regression analysis, multiple 
regression and structural equation models/SEM 
(Ghozali (2016). Hypothesis testing is done with 
the determination test (R²), t test, and F test 
(Ghozali, 2016). 
 Phase 2: structured interviews were 
conducted with respondents who were part of the 
research sample. Those interviewed were those 
who expressed an interest in participating in the 
follow-up interview. The researcher deliberately 
took interview samples from respondents for 
maximum variation in: (a) their academic level of 
study; (b) gender; and (c) marital status. Through 
this interview insight can be added about the 
main trends and frequencies that appear in the 
survey data on the positive and negative impacts 
of the use of financial technology and Islamic 
economic education. 
  Methodology limitations. There are several 
potential limitations of this research 
methodology. This research methodology is a 
mixed method which is carried out in two stages, 
namely a survey using closed questioners and 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



26 Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

structured interviews but no triangulation of data 
is done through participatory observation 
methods, so that it is a valuable potential for 
future research. In fact, if participatory 
observation is carried out for a long time, it will 
be able to produce naturalistic data that can 
function not only to complement and strengthen 
the findings of this study, but also to broaden 
understanding of the social impacts that occur 
when all respondents use financial technology 
and follow Islamic economic education. 
 

III. RESULT AND DISCUSSION 
1. Descriptive statistics 

Descriptive statistical tests describe the 
general characteristics of the sample used in this 
study in more detail so that we can know the 
minimum value, maximum value, average value, 
and standard deviation of each variable. 

 
 
 
 

Table 1. Descriptive Statistics 

Aspect 
 

n 
Minim

um 
Maxim

um Mean SD 
Financial 
technology 

 
308 17.00 46,00 28.50 5,67 

Economic 
education of 
Sharia 

 

308 8.00 59.00 37.66 6,75 
Social impact  308 13,00 70,00 51,43 9,34 
Source: Primary data 
 
2. Classic assumption test 

The normality test is done by the 
Kolmogorov-Smornov Z statistical test. From the 
results of the tests conducted in this study, it 
shows that the data used are normally distributed 
can be seen in table 2 is marked by the large value 
of Kolmogorov-Smirnov which shows greater 
than the significance level ≥ 0 .5. 

 
Table2. One-Sample Kolmogrov-Smirnov Test 

 Unstandardized  

 Residual  
Kolmogorov-Smirnov Z Financial 
technology (X1) .578  

Asymp. Sig. (2-tailed) .734  
Kolmogorov-Smirnov Z Economic 
Education of Sharia (X2) .478  

Asymp. Sig. (2-tailed) .654  

Kolmogorov-Smirnov Z Social 
impact (Y) 
Asymp. Sig. (2-tailed) 

 
.645                 
.568 

  

Source: Primary data 
 
Multicollinearity Test 

Table3. Coefficientsª 
(Uji Multikolinieritas) 

  
Collinearity 

Statistics 
Model Tolerance VIF 
1 (Constant)   
 

Total_X1 .621 1.610  
 Total_X2 .621 1.860 
 Total_Y .621 1.650 

Source: Primary data 
All variables have a VIF value greater than 

0.621 so it can be said that there is no mltikolinier. 
This means that each variable is free 
(independent). 
 
Heteroscedasticity Test 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 

Figure 1. Heteroscedasticity Test 
Source: Primary data 
 
From the picture above that the data used 

in this study does not contain heteroscedasticity or 
data spread randomly and spread above or below 
the number 0 (zero) on the Y axis. 

 
3. Full Model Confirmatory Factor Analysis 

The overall model fit results on the whole 
WLS estimation method showed good conditions, 
only p value χ2 which was below the standard that 
was only 0.025 (<0.05) so that it did not yet have 
a good match, but the other aspects including 
RMSEA 0.040 had fulfilled the requirements of a 
good match. RMSEA (<0.080). Goodness of fit 
evaluation results are shown as follows. 

 
 

Table 4. Goodness Of Fit Index (GOFI) Model 1st 
CFA 

GOFI Value 
before 
repair 

Standard 
Values for 

Good Match 

Conclusio
n After 
improve

ment 
p value χ2 0.025 P value > 0.05 Not good 
RMSEA 0.042 RMSEA ≤ 0,08 Good fit 

NFI 0.898 NFI  ≥ 0,90 Marginal 
it 

NNFI 0.963 NNFI  ≥ 0,90 Good fit 
CFI 0.998 CFI  ≥ 0,90 Good fit 
IFI 0.974 IFI  ≥ 0,90 Good fit 
GFI 0.987 GFI  ≥ 0,90 Good fit 

AGFI 0.984 AGFI  ≥ 0,90 Good fit 
Source: primary data, processed with LISREL 
version 8.80. 

Based on the eight model fit parameters 
above, the majority of the model fit indices have 
shown good compatibility (except the chi-square p 
value and NFI which are in marginal fit). Thus, it 
can be concluded that the measurement model 
used is already fit with the data so there is no need 
for further improvement. 

 
Table 5. Constructive Reliability 

constract Indicator SLF 
Reliability 
CR VE 

Financial 
technology 
(FT) 

FT1 0.63 
0.843 0.632 FT 2 0.84 

FT 3 0.66 

Islamic 
Economic 
Education  

EES 1 0.54 
0.792 0.534 EES  2 0.75 

EES 3 0.64 

Social Impact 
(SI) 

SI 1 0.63 
0.854 0.543 SI 2 0.64 

SI 3 0.55 
Source: primary data, processed with LISREL version 8.80. 
Information:CR: coeficien regresi; VE: variance extracted 

 
The table above shows that CR ranges 

from 0.792 to 0.854 and VE ranges from 0.534 to 
0.632. This shows that the measurement model 
has met the reliability requirements or already has 
a good level of reliability. 

 
4. Structural Analysis 

Analysis of the results of data processing 
at the full SEM model stage is carried out by 
conducting the suitability test and statistical test. 
Analysis of structural models using the WLS 
method. The estimation results of the structural 
model with all estimation methods are further 
explained below. 

 
 

Figure 2. Structure Diagram of WLS Method 
(Standardized Solution) Structural Research 

 

 
Picture3. Results of  tTest 

 
Y1 = 454*X1 + 0.253*X2, Errorvar.= 0. 208, R² = 

0. 792 
(0.0786)     (0.0818)              (0.108) 

5.251        3.044                 6.425 
Based on these structural results, an 

explanation of the proposed hypothesis is 
described as follows. 

 
5. The Social Impact of Financial Technology 
and Islamic Economic Education 

First, the effect of financial technology on 
the size of the social impact can be seen through 
the standard coefficient of 0.413 and t arithmetic 
of 5.25. This value meets the requirements for 
accepting Ha1 for the first hypothesis, namely the 
value of t arithmetic greater than t tebel 1.66. Thus 
it can be concluded, the dimensions of the use of 
financial technology have a positive and 
significant impact on the socio-economic impact 
of society. 

The results of this study are consistent 
with the findings of Bongomin, et al, (2016) who 
concluded that the social impact of utilizing 
financial technology is being able to grow many 
business opportunities and new jobs for the 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



27Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

structured interviews but no triangulation of data 
is done through participatory observation 
methods, so that it is a valuable potential for 
future research. In fact, if participatory 
observation is carried out for a long time, it will 
be able to produce naturalistic data that can 
function not only to complement and strengthen 
the findings of this study, but also to broaden 
understanding of the social impacts that occur 
when all respondents use financial technology 
and follow Islamic economic education. 
 

III. RESULT AND DISCUSSION 
1. Descriptive statistics 

Descriptive statistical tests describe the 
general characteristics of the sample used in this 
study in more detail so that we can know the 
minimum value, maximum value, average value, 
and standard deviation of each variable. 

 
 
 
 

Table 1. Descriptive Statistics 

Aspect 
 

n 
Minim

um 
Maxim

um Mean SD 
Financial 
technology 

 
308 17.00 46,00 28.50 5,67 

Economic 
education of 
Sharia 

 

308 8.00 59.00 37.66 6,75 
Social impact  308 13,00 70,00 51,43 9,34 
Source: Primary data 
 
2. Classic assumption test 

The normality test is done by the 
Kolmogorov-Smornov Z statistical test. From the 
results of the tests conducted in this study, it 
shows that the data used are normally distributed 
can be seen in table 2 is marked by the large value 
of Kolmogorov-Smirnov which shows greater 
than the significance level ≥ 0 .5. 

 
Table2. One-Sample Kolmogrov-Smirnov Test 

 Unstandardized  

 Residual  
Kolmogorov-Smirnov Z Financial 
technology (X1) .578  

Asymp. Sig. (2-tailed) .734  
Kolmogorov-Smirnov Z Economic 
Education of Sharia (X2) .478  

Asymp. Sig. (2-tailed) .654  

Kolmogorov-Smirnov Z Social 
impact (Y) 
Asymp. Sig. (2-tailed) 

 
.645                 
.568 

  

Source: Primary data 
 
Multicollinearity Test 

Table3. Coefficientsª 
(Uji Multikolinieritas) 

  
Collinearity 

Statistics 
Model Tolerance VIF 
1 (Constant)   
 

Total_X1 .621 1.610  
 Total_X2 .621 1.860 
 Total_Y .621 1.650 

Source: Primary data 
All variables have a VIF value greater than 

0.621 so it can be said that there is no mltikolinier. 
This means that each variable is free 
(independent). 
 
Heteroscedasticity Test 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 

Figure 1. Heteroscedasticity Test 
Source: Primary data 
 
From the picture above that the data used 

in this study does not contain heteroscedasticity or 
data spread randomly and spread above or below 
the number 0 (zero) on the Y axis. 

 
3. Full Model Confirmatory Factor Analysis 

The overall model fit results on the whole 
WLS estimation method showed good conditions, 
only p value χ2 which was below the standard that 
was only 0.025 (<0.05) so that it did not yet have 
a good match, but the other aspects including 
RMSEA 0.040 had fulfilled the requirements of a 
good match. RMSEA (<0.080). Goodness of fit 
evaluation results are shown as follows. 

 
 

Table 4. Goodness Of Fit Index (GOFI) Model 1st 
CFA 

GOFI Value 
before 
repair 

Standard 
Values for 

Good Match 

Conclusio
n After 
improve

ment 
p value χ2 0.025 P value > 0.05 Not good 
RMSEA 0.042 RMSEA ≤ 0,08 Good fit 

NFI 0.898 NFI  ≥ 0,90 Marginal 
it 

NNFI 0.963 NNFI  ≥ 0,90 Good fit 
CFI 0.998 CFI  ≥ 0,90 Good fit 
IFI 0.974 IFI  ≥ 0,90 Good fit 
GFI 0.987 GFI  ≥ 0,90 Good fit 

AGFI 0.984 AGFI  ≥ 0,90 Good fit 
Source: primary data, processed with LISREL 
version 8.80. 

Based on the eight model fit parameters 
above, the majority of the model fit indices have 
shown good compatibility (except the chi-square p 
value and NFI which are in marginal fit). Thus, it 
can be concluded that the measurement model 
used is already fit with the data so there is no need 
for further improvement. 

 
Table 5. Constructive Reliability 

constract Indicator SLF 
Reliability 
CR VE 

Financial 
technology 
(FT) 

FT1 0.63 
0.843 0.632 FT 2 0.84 

FT 3 0.66 

Islamic 
Economic 
Education  

EES 1 0.54 
0.792 0.534 EES  2 0.75 

EES 3 0.64 

Social Impact 
(SI) 

SI 1 0.63 
0.854 0.543 SI 2 0.64 

SI 3 0.55 
Source: primary data, processed with LISREL version 8.80. 
Information:CR: coeficien regresi; VE: variance extracted 

 
The table above shows that CR ranges 

from 0.792 to 0.854 and VE ranges from 0.534 to 
0.632. This shows that the measurement model 
has met the reliability requirements or already has 
a good level of reliability. 

 
4. Structural Analysis 

Analysis of the results of data processing 
at the full SEM model stage is carried out by 
conducting the suitability test and statistical test. 
Analysis of structural models using the WLS 
method. The estimation results of the structural 
model with all estimation methods are further 
explained below. 

 
 

Figure 2. Structure Diagram of WLS Method 
(Standardized Solution) Structural Research 

 

 
Picture3. Results of  tTest 

 
Y1 = 454*X1 + 0.253*X2, Errorvar.= 0. 208, R² = 

0. 792 
(0.0786)     (0.0818)              (0.108) 

5.251        3.044                 6.425 
Based on these structural results, an 

explanation of the proposed hypothesis is 
described as follows. 

 
5. The Social Impact of Financial Technology 
and Islamic Economic Education 

First, the effect of financial technology on 
the size of the social impact can be seen through 
the standard coefficient of 0.413 and t arithmetic 
of 5.25. This value meets the requirements for 
accepting Ha1 for the first hypothesis, namely the 
value of t arithmetic greater than t tebel 1.66. Thus 
it can be concluded, the dimensions of the use of 
financial technology have a positive and 
significant impact on the socio-economic impact 
of society. 

The results of this study are consistent 
with the findings of Bongomin, et al, (2016) who 
concluded that the social impact of utilizing 
financial technology is being able to grow many 
business opportunities and new jobs for the 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



28 Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

community, thereby reducing the unemployment 
rate. Utilization of financial technology can also 
increase community innovation so that people are 
more creative in doing business, opening start-ups, 
and consuming. Likewise, micro and medium 
enterprises (MSMEs) make it easier to transact. 
They can also check their income, without having 
to look at their bank book or Giro printouts, but 
only through financial technology applications 
that are already installed on their cellphones. 
People make it easier to make payments when 
shopping. They don‟t have to go to an ATM 
machine, but just operate the judged telephone, 
and the payment process and other transactions 
are done right away. 

This study supports the findings of Mohsin 
(2019) who concluded that, the higher the 
intensity of the use of financial technology, the 
greater the social impact that occurs, and the 
lower the intensity of the use of technology, the 
smaller the social impact that results. Therefore, 
when it wants to increase the socio-economic 
impacts that occur in society, it is necessary to 
increase the use of financial technology, so that 
the social impact both in the field of economic 
behavior, understanding, and social psychology is 
even greater. With the use of financial technology, 
there has been a change in the mindset and 
lifestyle of the people. The negative impact, with 
the existence of financial technology services that 
are fast, easy, and cheaper, people become easier 
to shop when they are more consumptive, because 
they can look for goods that provide a lot of price 
discounts, and provide services of prime quality, 
fast, and can be monitored through the judged 
application. 

Another negative impact, the use of 
financial technology can lead to the desire to have 
something that is not a primary need, entangled in 
online loans, directly causing high levels of 
anxiety, depression, and low self-control so that it 
falls on crime and family conflicts to other social 
problems  

Second, the influence of Islamic economic 
education on the socio-economic impact of society 
can be seen through the standard coefficient of 
0.25 and t arithmetic of 3.04. This value is eligible 
for the acceptance of Ha2 for the second 
hypothesis, namely the value of t arithmetic 
greater than t table of 1.66. Thus it can be 
concluded, the dimensions of Islamic economic 
education have a positive and significant impact 
on the socio-economic impact of society. The 
positive coefficient on the relationship of Islamic 
economic education to social impacts indicates 

that the higher the Islamic economic education, 
the greater the socio-economic impact that occurs 
in society. Conversely, the lower the Islamic 
economic education, the smaller the social impact 
it causes. Grohman, (2018) also concluded that, 
economic education has brought someone to learn 
digital financial technology and to know the 
various risks and benefits of digital finance for the 
future.  

Those who have studied economics will be 
able to make decisions about the use of financial 
technology that they want to choose by 
considering various risks and advantages. This 
ability is a social impact of the internalization of 
the values of economic education they have 
learned. In other words, economic education has 
been able to change social life because it is able to 
increase involvement in financial institutions 
(Cohen, Moneque, & Nelson, 2011).  

However, the social impact of economic 
education is not as fast as other factors. The social 
impact of economic education is long-term, and 
does not appear immediately. The social impact of 
economic education that can be directly seen, 
namely, the ability to make economic decisions 
(Grohman, 2018), the skill of business behavior 
(Antara, 2016), the intelligence of investment 
irreversibility towards the effects of disposition 
and affect the level of community participation in 
the derivatives market (Hsiao, 2017; Bellefatho, 
2018; organ & Trinh, 2019). Economic education 
also has an impact on high trust in product quality, 
and willingness to accept economic advice from 
others. They are able to judge which advice is 
good and not good (Anderson, 2017). Economic 
education is also able to close the financial gap 
because it is able to learn and utilize financial 
technology well (Shen Hu & Hueng, 2018; 
Koonson, Villano, & Hadley, 2019). 

The results of this study support the 
findings (Santoso, Canon, & Pakaya, 2019) which 
conclude that the better the Islamic economic 
education, the higher the socioeconomic impact of 
the community, not only at the level of behavior 
and understanding of the economy, but also on the 
welfare of birth and inner society, including the 
welfare of the religious community. When the 
community has had a good Islamic economic 
education, the religious prosperity in the sense of 
not bearing sin to God is getting better. 

Third, the equation obtained from the 
social impact model of the use of financial 
technology and Islamic economic education can 
be seen simultaneously through the following 
estimated standard values: (Y) = 0.454 * X1 + 

0.253 * X2, error-variance 0.208; R
2 = 0.792. R 

square figure implies that variations in social 
impact can be explained by the simultaneous use 
of financial technology and Islamic economic 
education by 79.2%, and the remaining 20.8% is 
influenced by other factors not examined in the 
model. 

Through calculations the calculated F 
value is 246.34. While the F value of the table 
with the number of independent variables 2, and 
df = n – k – 1, which is n is the number of 
samples, k is the number of independent variables 
so that df = 308 – 1 – 1 = 306, so the F value of 
2.79 is obtained. Because the calculated F value> 
F table (246.34> 2.79), then the Ha3 simultaneous 
model for this 3rd hypothesis is accepted. 
 The results of this study are in accordance 
with the findings of Siahaan, Iswati, & Zarkasyi, 
(2019); Sulaiman, Suswanto, & Masrukin, (2018) 
who concluded that there was a positive and 
significant effect jointly between the use of 
financial technology and economic education on 
the size of social impact. Utilization of good 
financial technology and Islamic economic 
education will be able to provide good social 
implications, especially on the welfare of the 
community. People who have the ability to use 
financial technology and Islamic economic 
education are able to improve their welfare both in 
the economic field and the welfare of their 
religiosity. Both aspects provide control over 
individual behavior so that they do not have a 
consumptive, wasteful lifestyle (Yuen et al, 2013; 
Hanafizadeh, Ghandchi, & Asgarimehr, 2017), 
and lifestyle that is not in accordance with 
religious teachings. With the mastery of financial 
technology and Islamic economic education, the 
social impact on motivation in paying zakat and 
giving alms using existing financial technology 
(Salampasis, 2018; Ozili, 2018; Jagtiani, 2018; 
ADB, 2016; Demirguc-Kunt et al, 2018) 

Thus the social impact of utilizing 
financial technology and understanding of sharia 
economics is able to drive the development of 
sharia economies towards a country that is 
peaceful and prosperous. The next impact, the 
community becomes more productive, both 
through entrepreneurship that uses financial 
technology and the use of values contained in 
Islamic economic education. These two aspects 
are the keys to the success of someone who does 
business, until they are successful and prosperous 
(Wahyudin, Rusdin, & Abdul, 2017). 

The positive and negative social impacts of 
the use of fintech and sharia economic education 
can be tabulated as follows. 

 
Table 6. Social impacts, both positive and 

negative 
Aspect Positive Impact Negative 

impact 
Financial 
Technology 

Open many business 
opportunities and new 
jobs for the community 
so as to reduce 
unemployment. 

Lifestyle 
changes 
become more 
extravagant 

Able to change 
individual behavior to 
be more productive. 

Can get 
tangled online 
loans 

Encourage people to be 
more creative, able to 
provide better financial 
service alternatives, and 
be able to increase the 
motivation to pay zakat 

Can cause a 
desire to have 
something that 
is not a 
primary need 

Providing access to 
financial services, not 
only in urban areas but 
also in rural areas that 
are affordable by 
internet access. 

Can directly 
cause high 
levels of 
anxiety, 

Able to close the gap 
between the community 
and bring long-term 
social change 
financially towards a 
just society 

Can lead to 
crime 

Able to provide 
alternative financial 
services that are better 

Can cause 
family conflict 
to social 
problems 

Can close the gap 
between communities 
and bring long-term 
social change 
financially towards a 
just society 

Can cause 
depression in 
an 
unpredictable 
environment 

Islamic 
Economic 
Education  

Able to increase the 
sense of divinity 
spiritually and provide 
control over individual 
behavior in the direction 
that is justified by 
religious teachings such 
as not being wasteful 
(consumptive), paying 
zakat and giving alms 

It takes a long 
time to see the 
results 

Improve financial 
understanding 
Increase understanding 
of the product, investing 
intelligence, 
irresponsibility to the 
effects of disposition 
and affect the level of 
public participation in 
derivatives markets 
Being able to minimize 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



29Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

community, thereby reducing the unemployment 
rate. Utilization of financial technology can also 
increase community innovation so that people are 
more creative in doing business, opening start-ups, 
and consuming. Likewise, micro and medium 
enterprises (MSMEs) make it easier to transact. 
They can also check their income, without having 
to look at their bank book or Giro printouts, but 
only through financial technology applications 
that are already installed on their cellphones. 
People make it easier to make payments when 
shopping. They don‟t have to go to an ATM 
machine, but just operate the judged telephone, 
and the payment process and other transactions 
are done right away. 

This study supports the findings of Mohsin 
(2019) who concluded that, the higher the 
intensity of the use of financial technology, the 
greater the social impact that occurs, and the 
lower the intensity of the use of technology, the 
smaller the social impact that results. Therefore, 
when it wants to increase the socio-economic 
impacts that occur in society, it is necessary to 
increase the use of financial technology, so that 
the social impact both in the field of economic 
behavior, understanding, and social psychology is 
even greater. With the use of financial technology, 
there has been a change in the mindset and 
lifestyle of the people. The negative impact, with 
the existence of financial technology services that 
are fast, easy, and cheaper, people become easier 
to shop when they are more consumptive, because 
they can look for goods that provide a lot of price 
discounts, and provide services of prime quality, 
fast, and can be monitored through the judged 
application. 

Another negative impact, the use of 
financial technology can lead to the desire to have 
something that is not a primary need, entangled in 
online loans, directly causing high levels of 
anxiety, depression, and low self-control so that it 
falls on crime and family conflicts to other social 
problems  

Second, the influence of Islamic economic 
education on the socio-economic impact of society 
can be seen through the standard coefficient of 
0.25 and t arithmetic of 3.04. This value is eligible 
for the acceptance of Ha2 for the second 
hypothesis, namely the value of t arithmetic 
greater than t table of 1.66. Thus it can be 
concluded, the dimensions of Islamic economic 
education have a positive and significant impact 
on the socio-economic impact of society. The 
positive coefficient on the relationship of Islamic 
economic education to social impacts indicates 

that the higher the Islamic economic education, 
the greater the socio-economic impact that occurs 
in society. Conversely, the lower the Islamic 
economic education, the smaller the social impact 
it causes. Grohman, (2018) also concluded that, 
economic education has brought someone to learn 
digital financial technology and to know the 
various risks and benefits of digital finance for the 
future.  

Those who have studied economics will be 
able to make decisions about the use of financial 
technology that they want to choose by 
considering various risks and advantages. This 
ability is a social impact of the internalization of 
the values of economic education they have 
learned. In other words, economic education has 
been able to change social life because it is able to 
increase involvement in financial institutions 
(Cohen, Moneque, & Nelson, 2011).  

However, the social impact of economic 
education is not as fast as other factors. The social 
impact of economic education is long-term, and 
does not appear immediately. The social impact of 
economic education that can be directly seen, 
namely, the ability to make economic decisions 
(Grohman, 2018), the skill of business behavior 
(Antara, 2016), the intelligence of investment 
irreversibility towards the effects of disposition 
and affect the level of community participation in 
the derivatives market (Hsiao, 2017; Bellefatho, 
2018; organ & Trinh, 2019). Economic education 
also has an impact on high trust in product quality, 
and willingness to accept economic advice from 
others. They are able to judge which advice is 
good and not good (Anderson, 2017). Economic 
education is also able to close the financial gap 
because it is able to learn and utilize financial 
technology well (Shen Hu & Hueng, 2018; 
Koonson, Villano, & Hadley, 2019). 

The results of this study support the 
findings (Santoso, Canon, & Pakaya, 2019) which 
conclude that the better the Islamic economic 
education, the higher the socioeconomic impact of 
the community, not only at the level of behavior 
and understanding of the economy, but also on the 
welfare of birth and inner society, including the 
welfare of the religious community. When the 
community has had a good Islamic economic 
education, the religious prosperity in the sense of 
not bearing sin to God is getting better. 

Third, the equation obtained from the 
social impact model of the use of financial 
technology and Islamic economic education can 
be seen simultaneously through the following 
estimated standard values: (Y) = 0.454 * X1 + 

0.253 * X2, error-variance 0.208; R
2 = 0.792. R 

square figure implies that variations in social 
impact can be explained by the simultaneous use 
of financial technology and Islamic economic 
education by 79.2%, and the remaining 20.8% is 
influenced by other factors not examined in the 
model. 

Through calculations the calculated F 
value is 246.34. While the F value of the table 
with the number of independent variables 2, and 
df = n – k – 1, which is n is the number of 
samples, k is the number of independent variables 
so that df = 308 – 1 – 1 = 306, so the F value of 
2.79 is obtained. Because the calculated F value> 
F table (246.34> 2.79), then the Ha3 simultaneous 
model for this 3rd hypothesis is accepted. 
 The results of this study are in accordance 
with the findings of Siahaan, Iswati, & Zarkasyi, 
(2019); Sulaiman, Suswanto, & Masrukin, (2018) 
who concluded that there was a positive and 
significant effect jointly between the use of 
financial technology and economic education on 
the size of social impact. Utilization of good 
financial technology and Islamic economic 
education will be able to provide good social 
implications, especially on the welfare of the 
community. People who have the ability to use 
financial technology and Islamic economic 
education are able to improve their welfare both in 
the economic field and the welfare of their 
religiosity. Both aspects provide control over 
individual behavior so that they do not have a 
consumptive, wasteful lifestyle (Yuen et al, 2013; 
Hanafizadeh, Ghandchi, & Asgarimehr, 2017), 
and lifestyle that is not in accordance with 
religious teachings. With the mastery of financial 
technology and Islamic economic education, the 
social impact on motivation in paying zakat and 
giving alms using existing financial technology 
(Salampasis, 2018; Ozili, 2018; Jagtiani, 2018; 
ADB, 2016; Demirguc-Kunt et al, 2018) 

Thus the social impact of utilizing 
financial technology and understanding of sharia 
economics is able to drive the development of 
sharia economies towards a country that is 
peaceful and prosperous. The next impact, the 
community becomes more productive, both 
through entrepreneurship that uses financial 
technology and the use of values contained in 
Islamic economic education. These two aspects 
are the keys to the success of someone who does 
business, until they are successful and prosperous 
(Wahyudin, Rusdin, & Abdul, 2017). 

The positive and negative social impacts of 
the use of fintech and sharia economic education 
can be tabulated as follows. 

 
Table 6. Social impacts, both positive and 

negative 
Aspect Positive Impact Negative 

impact 
Financial 
Technology 

Open many business 
opportunities and new 
jobs for the community 
so as to reduce 
unemployment. 

Lifestyle 
changes 
become more 
extravagant 

Able to change 
individual behavior to 
be more productive. 

Can get 
tangled online 
loans 

Encourage people to be 
more creative, able to 
provide better financial 
service alternatives, and 
be able to increase the 
motivation to pay zakat 

Can cause a 
desire to have 
something that 
is not a 
primary need 

Providing access to 
financial services, not 
only in urban areas but 
also in rural areas that 
are affordable by 
internet access. 

Can directly 
cause high 
levels of 
anxiety, 

Able to close the gap 
between the community 
and bring long-term 
social change 
financially towards a 
just society 

Can lead to 
crime 

Able to provide 
alternative financial 
services that are better 

Can cause 
family conflict 
to social 
problems 

Can close the gap 
between communities 
and bring long-term 
social change 
financially towards a 
just society 

Can cause 
depression in 
an 
unpredictable 
environment 

Islamic 
Economic 
Education  

Able to increase the 
sense of divinity 
spiritually and provide 
control over individual 
behavior in the direction 
that is justified by 
religious teachings such 
as not being wasteful 
(consumptive), paying 
zakat and giving alms 

It takes a long 
time to see the 
results 

Improve financial 
understanding 
Increase understanding 
of the product, investing 
intelligence, 
irresponsibility to the 
effects of disposition 
and affect the level of 
public participation in 
derivatives markets 
Being able to minimize 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



30 Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

the possibility of bad for 
the psychological and 
spiritual individual 
Able to influence public 
perception in financial 
decision making 
High confidence in the 
product and willingness 
to accept financial 
advice from others. 
Able to increase social 
capital in the field of 
economic competence 
which will ultimately be 
able to improve social 
welfare in society 

Source: Results of data analysis 
 

IV. CONCLUSION 
The social impact of utilizing financial 

technology is being able to grow many business 
opportunities and new jobs for the community 
thereby reducing the number of unemployment. 
Fintech is able to change individual behavior to be 
more productive. Encourage people to be more 
creative, able to provide better financial service 
alternatives, and be able to increase the motivation 
to pay zakat. Fintech is able to provide access to 
financial services, not only in urban areas but also 
in rural areas that are affordable by internet 
access. Financial technology can close the gap 
between societies and bring long-term social 
change financially towards a just society. Fintech 
is able to provide alternative financial services 
that are better; and opening up many business 
opportunities and new jobs for the community to 
reduce unemployment. 

The social impact of sharia economic 
education is being able to increase spiritual sense 
of God and provide control over individual 
behavior in a direction that is justified by religious 
teachings such as not being wasteful 
(consumptive), paying zakat and giving alms, 
increasing financial understanding, increasing 
understanding of products, intelligence investing, 
intolerance on the effects of disposition and affect 
the level of public participation in the derivatives 
market. The principles of Islamic economic 
education implemented are able to minimize the 
possibility of psychological and spiritual harm to 
the individual, able to influence people's 
perceptions in financial decision making, able to 
increase trust in the product and willingness to 
receive financial advice from others. Financial 
education will be able to increase social capital in 
the field of economic competence which will 
ultimately be able to improve social welfare in 
society. 

The application of financial technology 
and the values that exist in Islamic economic 
education should always be carried out jointly 
when desiring a large socioeconomic impact on 
society. When the two aspects are jointly carried 
out, they have a greater socioeconomic impact 
than partially. 

The limitations in this study include the 
number of variables consisting of only two 
independent variables and one dependent variable. 
The data used are only data from one Province of 
Lampung, not yet compared to other provinces. 

 
V. ACKNOWLEDGMENT 

We would like to thank the LPPM University of 
Bina Bangsa for funding this study. All parties 
who have participated to this study.  
 

REFERENCES 
ADB. (2016). Accelerating financial inclusion in 

south-east Asia with digital finance. 
Technical report. Asian Development Bank. 
Available at: 
http://www.oliverwyman.com/content/dam/
oliver-
wyman/v2/publications/2017/jan/Accelerati
ng-financial-inclusion-in-south-east-asia.pdf 
. (Accessed 14 November 2017). 

Alam, M. M., Shahriar, S. M., Said, J., Elahi, E., 
& Monzur, M. (2018). Waqf as a tool for 
rendering social welfare services in the 
social entrepreneurship context. Global 
Journal of Al-Thaqafah, 2018, 87-98. 

Al Azizah, U. S., & Choirin, M. (2018). Financial 
innovation on Zakat distribution and 
economic growth. In the International 
Conference of Zakat. Proceedings, 
Yogyakarta: Universitas Gadjah Mada. pp. 
31-42. 
https://doi.org/https://doi.org/10.37706/icon
z 

Aliyu, S. U. (2019). Reflections on the 
Socioecomic Role of Waqf in an Islamic 
Economic System. IJUS | International 
Journal of Umranic Studies Vol.2 Issue 1, 
pp. 32-44. 

Arsyianti, L. D., & Kassim, S. (2018). Financial 
Prudence Through Financial Education: A 
Conceptual Framework for Financial 
Inclusion. Journal of King Abdulaziz 
University: Islamic Economics, 31 (1). 

Ayyub, S., Xuhui, W., Asif, M. and Ayyub, R. 
(2019), "Determinants of intention to use 
Islamic banking: A comparative analysis of 
users and non-users of Islamic banking: 

evidence from Pakistan", International 
Journal of Islamic and Middle Eastern 
Finance and Management, Vol. 13 No. 1, 
pp. 147-163. 
https://doi.org/10.1108/IMEFM-05-2017-
0135  

Al-Abbadi, A. H., & Abdullah, A. (2017). 
Modeling Psychology in Islamic Wealth 
Management. International Journal of 
Economics and Finance, 9 (10), 64-85. 

Anderson, A., Baker, F., & Robinson, D. T. 
(2017). Precautionary savings, retirement 
planning and misperceptions of financial 
literacy. Journal of Financial 
Economics, 126(2), 383-398. 

Antara, P. M., Musa, R., & Hassan, F. (2016). 
Bridging Islamic financial literacy and halal 
literacy: the way forward in halal 
ecosystem. Procedia Economics and 
Finance, 37, 196-202. 

Baqutayan, S. M. S., Mohsin, M. I. A., Mahdzir, 
A. M., & Ariffin, A. S. (2018). The 
psychology of giving behavior in Islam. 
Sociology International Journal, 2 (2), 88-
92. 

Bangash, R., Khattak, Z. Z., & Khan, H. (2019). 
The Development of Islamic Finance and 
Fostering the Influence of Moral Values and 
Personal Factors in Investment Decision. 
Global Social Sciences Review, 4 (1), 49-60. 

Barata, A. (2019). Strengthening National 
Economic Growth And Equitable Income 
Through Sharia Digital Economy In 
Indonesia. Journal of Islamic Monetary 
Economics and Finance, 5(1), 145-168. 

Bakar, O. (2016). Science and technology for 
mankind‟s benefits: Islamic theories and 
practices - past, present, and future. In 
Islamic Perspectives on Science and 
Technology (pp. 17-33). Springer, 
Singapore. 

Bellofatto, Anthony., D'Hondt, Catherine & De 
Winne, Rudy. (2018). 'Subjective Financial 
Literacy and Retail Investors' 'Behavior', 
Journal of Banking and Finance, 168–81. 
https://doi.org/10.1016/j.jbankfin.2018.05.0
04. 

Buchak, G., Matvos, G., Piskorski, T., & Seru, A. 
(2018). Fintech, regulatory arbitrage, and 
the rise of shadow banks. Journal of 
Financial Economics, 130(3), 453-483. 

Bongomin, George O. C., Ntayi,  Joseph 
Mpeera, Munene, John C., Nabeta, Isaac 
Nkote. (2016) "Social capital: mediator of 
financial literacy and financial inclusion 

in rural Uganda", Review of International 
Business and Strategy, Vol. 26 Issue: 2, 
pp.291-312, https://doi.org/10.1108/RIBS-
06-2014-0072 

Cohen, Monique & Nelson, Candace. (2011). 
Financial Literacy : A Step for Clients 
Towards Financial Inclusion. Valladolid : 
Global Microcredit Summit 2011 

Cordero, R.C.H & Marouzé, P.D. (2016). 
Financial Inclusion through Financial 
Education in Mexico: Is Financial Education 
the way to achieve Social and Financial 
Inclusion. Thesis. International Master in 
Microfinance for Entrepreneurship from the 
Universidad Autónoma de Madrid. 
https://www.mastermicrofinance.com/Invest
igacion/WP4_2016-Hernandez_Marouze-
Financial_Inclusion_through_Financial_Edu
cation_in_Mexico_p.pdf 

Demirguc-Kunt, A., Klapper, L., Penyanyi, D., 
Ansar, S., & Hess, J. (2018). Database 
Findex Global 2017. Bank Dunia. 

Dranev, Y., Frolova, K., & Ochirova, E. (2019). 
The impact of fintech M&A on stock 
returns. Research in International Business 
and Finance, 48, 353-364. 

Elasrag, H. (2019). Blockchains for Islamic 
finance: Obstacles & challenges, pp. 1-39. 
https://mpra.ub.uni-
muenchen.de/en/eprint/92676 

Gai, K., Qiu, M., & Sun, X. (2018). A survey on 
FinTech. Journal of Network and Computer 
Applications, 103, 262-273. 

Ghozali, I., 2016. Aplikasi Analisis Multivariete 
Dengan Program IBM SPSS 23 Edisi 
Kedelapan [Multivariate Analysis 
Application with the IBM SPSS 23 Program 
Eighth Edition]. Semarang: Press Unitof 
Universitas Diponegoro. 

Grohmann, A., Klühs, T., & Menkhoff, L. (2018). 
Does financial literacy improve financial 
inclusion? Cross country evidence. World 
Development, 111, 84-96. 

Hanafizadeh, P., Ghandchi, S., & Asgarimehr, M. 
(2017). Impact of Information Technology 
on Lifestyle: A Literature Review and 
Classification. International Journal of 
Virtual Communities and Social Networking 
(IJVCSN), 9(2), 1-23. 

Hisnam, M., & Alam,, MK. (2019). Digitalization, 
Innovation and Sustanaible Development 
and Evidence of Islamic Finance 
Perspective. International Journal of Asian 
Social Science, 9(12), 651-656 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



31Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

the possibility of bad for 
the psychological and 
spiritual individual 
Able to influence public 
perception in financial 
decision making 
High confidence in the 
product and willingness 
to accept financial 
advice from others. 
Able to increase social 
capital in the field of 
economic competence 
which will ultimately be 
able to improve social 
welfare in society 

Source: Results of data analysis 
 

IV. CONCLUSION 
The social impact of utilizing financial 

technology is being able to grow many business 
opportunities and new jobs for the community 
thereby reducing the number of unemployment. 
Fintech is able to change individual behavior to be 
more productive. Encourage people to be more 
creative, able to provide better financial service 
alternatives, and be able to increase the motivation 
to pay zakat. Fintech is able to provide access to 
financial services, not only in urban areas but also 
in rural areas that are affordable by internet 
access. Financial technology can close the gap 
between societies and bring long-term social 
change financially towards a just society. Fintech 
is able to provide alternative financial services 
that are better; and opening up many business 
opportunities and new jobs for the community to 
reduce unemployment. 

The social impact of sharia economic 
education is being able to increase spiritual sense 
of God and provide control over individual 
behavior in a direction that is justified by religious 
teachings such as not being wasteful 
(consumptive), paying zakat and giving alms, 
increasing financial understanding, increasing 
understanding of products, intelligence investing, 
intolerance on the effects of disposition and affect 
the level of public participation in the derivatives 
market. The principles of Islamic economic 
education implemented are able to minimize the 
possibility of psychological and spiritual harm to 
the individual, able to influence people's 
perceptions in financial decision making, able to 
increase trust in the product and willingness to 
receive financial advice from others. Financial 
education will be able to increase social capital in 
the field of economic competence which will 
ultimately be able to improve social welfare in 
society. 

The application of financial technology 
and the values that exist in Islamic economic 
education should always be carried out jointly 
when desiring a large socioeconomic impact on 
society. When the two aspects are jointly carried 
out, they have a greater socioeconomic impact 
than partially. 

The limitations in this study include the 
number of variables consisting of only two 
independent variables and one dependent variable. 
The data used are only data from one Province of 
Lampung, not yet compared to other provinces. 

 
V. ACKNOWLEDGMENT 

We would like to thank the LPPM University of 
Bina Bangsa for funding this study. All parties 
who have participated to this study.  
 

REFERENCES 
ADB. (2016). Accelerating financial inclusion in 

south-east Asia with digital finance. 
Technical report. Asian Development Bank. 
Available at: 
http://www.oliverwyman.com/content/dam/
oliver-
wyman/v2/publications/2017/jan/Accelerati
ng-financial-inclusion-in-south-east-asia.pdf 
. (Accessed 14 November 2017). 

Alam, M. M., Shahriar, S. M., Said, J., Elahi, E., 
& Monzur, M. (2018). Waqf as a tool for 
rendering social welfare services in the 
social entrepreneurship context. Global 
Journal of Al-Thaqafah, 2018, 87-98. 

Al Azizah, U. S., & Choirin, M. (2018). Financial 
innovation on Zakat distribution and 
economic growth. In the International 
Conference of Zakat. Proceedings, 
Yogyakarta: Universitas Gadjah Mada. pp. 
31-42. 
https://doi.org/https://doi.org/10.37706/icon
z 

Aliyu, S. U. (2019). Reflections on the 
Socioecomic Role of Waqf in an Islamic 
Economic System. IJUS | International 
Journal of Umranic Studies Vol.2 Issue 1, 
pp. 32-44. 

Arsyianti, L. D., & Kassim, S. (2018). Financial 
Prudence Through Financial Education: A 
Conceptual Framework for Financial 
Inclusion. Journal of King Abdulaziz 
University: Islamic Economics, 31 (1). 

Ayyub, S., Xuhui, W., Asif, M. and Ayyub, R. 
(2019), "Determinants of intention to use 
Islamic banking: A comparative analysis of 
users and non-users of Islamic banking: 

evidence from Pakistan", International 
Journal of Islamic and Middle Eastern 
Finance and Management, Vol. 13 No. 1, 
pp. 147-163. 
https://doi.org/10.1108/IMEFM-05-2017-
0135  

Al-Abbadi, A. H., & Abdullah, A. (2017). 
Modeling Psychology in Islamic Wealth 
Management. International Journal of 
Economics and Finance, 9 (10), 64-85. 

Anderson, A., Baker, F., & Robinson, D. T. 
(2017). Precautionary savings, retirement 
planning and misperceptions of financial 
literacy. Journal of Financial 
Economics, 126(2), 383-398. 

Antara, P. M., Musa, R., & Hassan, F. (2016). 
Bridging Islamic financial literacy and halal 
literacy: the way forward in halal 
ecosystem. Procedia Economics and 
Finance, 37, 196-202. 

Baqutayan, S. M. S., Mohsin, M. I. A., Mahdzir, 
A. M., & Ariffin, A. S. (2018). The 
psychology of giving behavior in Islam. 
Sociology International Journal, 2 (2), 88-
92. 

Bangash, R., Khattak, Z. Z., & Khan, H. (2019). 
The Development of Islamic Finance and 
Fostering the Influence of Moral Values and 
Personal Factors in Investment Decision. 
Global Social Sciences Review, 4 (1), 49-60. 

Barata, A. (2019). Strengthening National 
Economic Growth And Equitable Income 
Through Sharia Digital Economy In 
Indonesia. Journal of Islamic Monetary 
Economics and Finance, 5(1), 145-168. 

Bakar, O. (2016). Science and technology for 
mankind‟s benefits: Islamic theories and 
practices - past, present, and future. In 
Islamic Perspectives on Science and 
Technology (pp. 17-33). Springer, 
Singapore. 

Bellofatto, Anthony., D'Hondt, Catherine & De 
Winne, Rudy. (2018). 'Subjective Financial 
Literacy and Retail Investors' 'Behavior', 
Journal of Banking and Finance, 168–81. 
https://doi.org/10.1016/j.jbankfin.2018.05.0
04. 

Buchak, G., Matvos, G., Piskorski, T., & Seru, A. 
(2018). Fintech, regulatory arbitrage, and 
the rise of shadow banks. Journal of 
Financial Economics, 130(3), 453-483. 

Bongomin, George O. C., Ntayi,  Joseph 
Mpeera, Munene, John C., Nabeta, Isaac 
Nkote. (2016) "Social capital: mediator of 
financial literacy and financial inclusion 

in rural Uganda", Review of International 
Business and Strategy, Vol. 26 Issue: 2, 
pp.291-312, https://doi.org/10.1108/RIBS-
06-2014-0072 

Cohen, Monique & Nelson, Candace. (2011). 
Financial Literacy : A Step for Clients 
Towards Financial Inclusion. Valladolid : 
Global Microcredit Summit 2011 

Cordero, R.C.H & Marouzé, P.D. (2016). 
Financial Inclusion through Financial 
Education in Mexico: Is Financial Education 
the way to achieve Social and Financial 
Inclusion. Thesis. International Master in 
Microfinance for Entrepreneurship from the 
Universidad Autónoma de Madrid. 
https://www.mastermicrofinance.com/Invest
igacion/WP4_2016-Hernandez_Marouze-
Financial_Inclusion_through_Financial_Edu
cation_in_Mexico_p.pdf 

Demirguc-Kunt, A., Klapper, L., Penyanyi, D., 
Ansar, S., & Hess, J. (2018). Database 
Findex Global 2017. Bank Dunia. 

Dranev, Y., Frolova, K., & Ochirova, E. (2019). 
The impact of fintech M&A on stock 
returns. Research in International Business 
and Finance, 48, 353-364. 

Elasrag, H. (2019). Blockchains for Islamic 
finance: Obstacles & challenges, pp. 1-39. 
https://mpra.ub.uni-
muenchen.de/en/eprint/92676 

Gai, K., Qiu, M., & Sun, X. (2018). A survey on 
FinTech. Journal of Network and Computer 
Applications, 103, 262-273. 

Ghozali, I., 2016. Aplikasi Analisis Multivariete 
Dengan Program IBM SPSS 23 Edisi 
Kedelapan [Multivariate Analysis 
Application with the IBM SPSS 23 Program 
Eighth Edition]. Semarang: Press Unitof 
Universitas Diponegoro. 

Grohmann, A., Klühs, T., & Menkhoff, L. (2018). 
Does financial literacy improve financial 
inclusion? Cross country evidence. World 
Development, 111, 84-96. 

Hanafizadeh, P., Ghandchi, S., & Asgarimehr, M. 
(2017). Impact of Information Technology 
on Lifestyle: A Literature Review and 
Classification. International Journal of 
Virtual Communities and Social Networking 
(IJVCSN), 9(2), 1-23. 

Hisnam, M., & Alam,, MK. (2019). Digitalization, 
Innovation and Sustanaible Development 
and Evidence of Islamic Finance 
Perspective. International Journal of Asian 
Social Science, 9(12), 651-656 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021



32 Basrowi
Social Impact Of Financial Technology And Islamic Economics Education

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Financial Support For Educational 

Institutions. International Journal of 
Economics and Financial Issues, 9 (3), 1. 

Setiawati, R., Nidar, S. R., Anwar, M., & Masyita, 
D. (2018). Islamic Financial Literacy: 
Construct Process and Validity. Academy of 
Strategic Management Journal Vol 17 Issue 
4, pp. 1-12. 
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c-financial-literacy-construct-process-1939-
6104-17-4-242.pdf 

Sulaiman, A. I., Suswanto, B., & Masrukin, M. 
(2018). Economic Empowerment of Islamic 
Student Throught Optional Course Learning 
in Boarding Schools for Harmonization and 
Preventing Negative Stigma. International 
Educational Research, 1 (2), p26-p26. 

Shen, Yan., Hu, Wenxiu & Hueng, C. James, 
2018, The Effects of Financial Litercy, 
Digital poduct Usage and Internet Usage on 
Finacial Incluson in China. MATEC Web of 
Conferences 228: pp.1-6. DOI: 
10.1051/matecconf/201822805012 

Uddin, M. N., Bhar, S., Al Mahmud, A., & Islam, 
F. M. A. (2017). Psychological distress and 
quality of life: rationale and protocol of a 
prospective cohort study in a rural district in 
Bangaladesh. BMJ open access, 7 (9), 
e016745. 

Utami, P., & Julianas, D. (2019). Management of 
Zakat Payment Based on Fintech for the 
Good Corporate Governance Improvement. 
Eastern Journal of Economics and Finance, 
4 (2), 41-50. 

Westbrook L and Saperstein A (2015) New 
categories are not enough: Rethinking the 
measurement of sex and gender in social 
surveys. Gender & Society 29(4): 534–560. 
https://doi.org/10.1177%2F08912432155847
58   

Wyman, O. (2017). Accelerating Financial 
Inclusion in South-East Asia with Digital 
Finance. Asian Development Bank. 
https://www.adb.org/sites/default/files/publi
cation/222061/financial-inclusion-se-
asia.pdf 

Winosa, Yosi. Fintech Pecahkan Tantangan Sosial 
Ekonomi Indonesia di masa Depan [Fintech 
Solves Indonesia's Future Socio-Economic 
Challenges]. Ed. Khomairoh. (September 
13, 2019). 
Wartaekonomi.co.id.https://www.wartaekon
omi.co.id/read246506/fintech-pecahkan-
tantangan-sosial-ekonomi-indonesia-di-
masa-depan 

Yuen, E. K., Hernbert, J. D., Forman, E. M., 
Goetter, E. M., Comer, R., & Bradley, J. C. 
(2013). Treatment Social Anxiety Disorders 
Using Online Virtual Environments in 
Second Life. Behavior Therapy, 44 (1), 51-
61. doi: 10.1016 / j.beth.2012.06.001 PMID: 
23312426 

Zimmerman, J. M., & Baur, S. (2016). 
Understanding how consumer risks in 
digital social payments can erode their 
financial inclusion potential. World Bank 
Other Operational Studies 24568, The 
World Bank. 

 SINERGI : Jurnal Ilmiah Ilmu Manajemen, Volume 11 Number 2 September 2021