The Sharia Paradox: Formal Islamic Banking, Financial Exclusion, and the Rise of Digital Usury in Post-Qanun Aceh The Sharia Paradox: Formal Islamic Banking, Financial Exclusion, and the Rise of Digital Usury in Post-Qanun Aceh

The formalization of Islamic finance in Aceh under Qanun No. 11 of 2018 transformed the province’s formal financial system and strengthened the institutionalization of Sharia-compliant financial practices. Yet the extent to which this formalization provides practical financial inclusion for vulnerable groups remains insufficiently understood. This study examines how grassroots communities and micro-enterprises experience access to formal Islamic financing and how these experiences relate to ille...

The formalization of Islamic finance in Aceh under Qanun No. 11 of 2018 transformed the province’s formal financial system and strengthened the institutionalization of Sharia-compliant financial practices. Yet the extent to which this formalization provides practical financial inclusion for vulnerable groups remains insufficiently understood. This study examines how grassroots communities and micro-enterprises experience access to formal Islamic financing and how these experiences relate to ille...