2025, Vol. 8, Issue 2

author(s)
Amina Omar Mohamud and Naima Hussein Ahmed

abstract
This article examines how financial technology (FinTech) and mobile banking are transforming Islamic finance and, thereby, contributing to the sustainable development of the economy in Somalia. Using qualitative methodologies based on a review of the documentation of published academic studies, government reports, international institution reports, and presentations at conferences, this study demonstrates that the incorporation of Shariah-compliant FinTech applications will contribute to the promotion of inclusive finance, to the acceleration of business expansion and to sustainable economic development in Somalia. The study reveals that although FinTech facilitates the enhancement of financial inclusion and transparency in Somalia, there is a challenge to the successful implementation of FinTech due to the absence of an overarching Shariah governance framework and FinTech regulations in Somalia. The article ends with recommendations for the development of an equilibrium FinTech application-based on Islamic finance principles.