Proceedings of the 5th International Graduate Conference in Islam and Interdisciplinary Studies, IGCIIS 2022, 19-20 October 2022, Mataram, Lombok, Indonesia

Research Article

The Sharia Literacy and Inclusion in the Informal Economy: Food Street Vendors During COVID-19

Download263 downloads
  • @INPROCEEDINGS{10.4108/eai.19-10-2022.2329046,
        author={Nur  Hidayah and Nadhil Novarel Mathari},
        title={The Sharia Literacy and Inclusion in the Informal Economy: Food Street Vendors During COVID-19},
        proceedings={Proceedings of the 5th International Graduate Conference in Islam and Interdisciplinary Studies, IGCIIS 2022, 19-20 October 2022, Mataram, Lombok, Indonesia},
        publisher={EAI},
        proceedings_a={IGCIIS},
        year={2023},
        month={5},
        keywords={islamic financial literacy islamic financial inclusion street vendors},
        doi={10.4108/eai.19-10-2022.2329046}
    }
    
  • Nur Hidayah
    Nadhil Novarel Mathari
    Year: 2023
    The Sharia Literacy and Inclusion in the Informal Economy: Food Street Vendors During COVID-19
    IGCIIS
    EAI
    DOI: 10.4108/eai.19-10-2022.2329046
Nur Hidayah1,*, Nadhil Novarel Mathari1
  • 1: Syarif Hidayatullah State Islamic University Jakarta
*Contact email: nurhidayah@uinjkt.ac.id

Abstract

Islamic finance has been developed in little bit later than the conventional one. This research delved into the Islamic financial literacy and inclusion in the informal economy in Jakarta using the case study of street food vendors in Jabodetabek (Jakarta, Bogor, Depok, Tangerang, and Bekasi) area in Indonesia. This study used a qualitative method orchestrating an interview approach and field observations. This paper found that conventional financial literacy and inclusion are better known by street food vendors compared to Islamic financial literacy and inclusion. This might be attributed by the fact that conventional banking products are more attractive, better known, and more accessible than Islamic finance, particularly Islamic banking. Products in Islamic banking are also less understood and less in demand than conventional banking. The street vendors, in particular, are more attracted to factors such as access, benefits, easy to use, than religion-based products. In this notion, Islamic financial industry should improve its quality in order to be more competitive and win the hearts and minds of food street vendors.