Seriat Ekonomisi is published by the Department of Sharia Economics of the Dermawan Cendikiawan Bersatu Foundation to disseminate the results of collaborative research of lecturers, researchers and students in the fields of Sharia Economics, Islamic finance, Islamic Social Finance, Islamic Business and Management, and Sharia Accounting to academics, practitioners, and students as well as interested parties. Seriat Ekonomisi is published every 3 months, namely March, June, September, and December. Seriat Ekonomisi accepts submissions of articles written in Indonesian and English. The determination of articles published in Seriat Ekonomisi goes through a review process by the bestary partners of the Journal of Sharia Economics Theory and Applied by considering, among others: fulfilment of the standard requirements for journal publication, the research methods used, the significance, and contribution of research results to the development of the profession and education in Sharia Economics, contribution or scientific novelty.
The Influence of AI Financial Advisors on Sharia Investment Decisions Among Muslim Investors: The Roles of Trust, Transparency, Perceived Usefulness, and Sharia Compliance
The rapid development of artificial intelligence (AI) technology has significantly transformed the financial industry, including the emergence of AI financial advisors in investment activities. In Islamic finance, AI-based financial advisory systems provide opportunities to improve investment efficiency, accessibility, and personalized financial services. This study aims to analyze the influence of AI financial advisors on Sharia investment decisions among Muslim investors by examining the roles of trust, perceived usefulness, transparency, and perceived Sharia compliance. This study employed a quantitative research approach using survey analysis. Data were collected through questionnaires distributed to Muslim investors and users of Islamic fintech or AI-based investment platforms. The collected data were analyzed using descriptive statistics, validity and reliability tests, and inferential statistical analysis to examine the relationships between variables. The findings reveal that AI financial advisors significantly influence Sharia investment decisions. Respondents who perceived AI financial advisors as reliable, secure, credible, and ethically responsible demonstrated greater confidence in using AI-generated investment recommendations. Perceived usefulness also positively influenced investment decisions, as AI systems were considered capable of improving efficiency, simplifying financial analysis, and providing personalized investment information. Furthermore, transparency and explainability of AI-generated recommendations were found to increase investor confidence and reduce uncertainty (gharar). This study contributes theoretically to Islamic finance literature, AI adoption theory, and fintech studies by integrating Islamic ethical values into the Technology Acceptance Model (TAM). Practically, the findings provide implications for Islamic fintech companies, regulators, investors, and AI developers in developing transparent, ethical, and Sharia-compliant AI financial advisory systems.
Copyright (c) 2026 Iqbal Zaidan Firman (Author) https://creativecommons.org/licenses/by-nc/4.0
Islamic Financial Risk Analysis of Buy Now Pay Later (BNPL) Services in the Digital Economy
The rapid growth of financial technology (fintech) has transformed modern financial systems, particularly through the emergence of the Buy Now Pay Later (BNPL) model as a popular digital financing service. BNPL provides consumers with convenience and flexibility by enabling installment-based purchases without traditional credit cards. However, the increasing use of BNPL services has raised concerns regarding debt accumulation, impulsive buying behavior, financial instability, and ethical issues, especially from the perspective of Islamic Finance. This research aims to analyze the Islamic financial risks associated with BNPL systems, identify Sharia compliance issues, examine consumer vulnerability patterns, and formulate recommendations for Sharia-compliant BNPL innovation. This study employs a qualitative descriptive method using a library research approach. Data were collected from scientific journals, books, fintech reports, regulations, and previous studies published within the last ten years. The data were analyzed using qualitative content analysis by comparing BNPL practices with Islamic economic principles, including the prohibition of riba (interest), gharar (uncertainty), excessive debt, and unethical financial behavior. The study also applies the framework of Maqasid al-Shariah to evaluate the compatibility of BNPL systems with Islamic financial objectives. The findings reveal that many conventional BNPL systems contain interest-like charges, unclear contractual agreements, excessive consumerism, and exploitative financing practices that potentially conflict with Islamic principles. The study also identifies consumer vulnerabilities such as impulsive buying, low financial literacy, over-indebtedness, emotional stress, and financial dependency. This research concludes that Sharia-compliant BNPL systems can be developed through transparent contracts, ethical financing mechanisms, strong Sharia governance, and enhanced consumer financial literacy.
Copyright (c) 2026 Batsnah Labiqa, Nur Mufida, Alvira Alvira (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of Muslim Consumer Trust toward AI-Generated Products in Halal Business
The rapid development of Artificial Intelligence (AI) has significantly transformed modern business practices, including the halal industry. AI technologies such as recommendation systems, chatbot services, automated halal marketing, and AI-generated product information are increasingly integrated into halal business operations to improve efficiency and customer experience. However, the implementation of AI in halal business also raises concerns among Muslim consumers regarding halal authenticity, transparency, ethics, accountability, data privacy, and religious compliance. This study aims to analyze Muslim consumer trust toward AI-generated products and services in halal business and identify the factors influencing trust. The research employs a quantitative approach using a cross-sectional survey design involving 200 Muslim consumers who have interacted with AI-based halal products or services. Data were collected through online questionnaires and analyzed using descriptive statistics and Structural Equation Modeling–Partial Least Squares (SEM-PLS). The findings reveal that Muslim consumers generally show positive attitudes toward AI-generated halal products and services, although trust remains highly dependent on halal assurance, AI transparency, ethical perception, AI reliability, perceived usefulness, and technology familiarity. Among these factors, halal assurance and AI transparency emerged as the strongest determinants of consumer trust. This study contributes to the literature on Islamic business, halal marketing, and AI consumer behavior by integrating technological and religious perspectives into the analysis of consumer trust. Practically, the findings provide important implications for halal businesses, AI developers, and policymakers in designing ethical, transparent, and halal-compliant AI systems to strengthen consumer confidence in the digital halal economy.
Copyright (c) 2025 Khatijah Haryati (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Implementation of Circular Economy from an Islamic Economic Perspective
Environmental degradation, climate change, increasing waste production, and excessive exploitation of natural resources have become major global challenges resulting from the conventional linear economic model. In response to these issues, the circular economy has emerged as a sustainable economic approach that emphasizes waste reduction, recycling, reuse of materials, and efficient resource management. This research aims to analyze the implementation of the circular economy from an Islamic economic perspective and examine its compatibility with Islamic values related to sustainability, justice, and environmental responsibility. This study uses a qualitative approach with a descriptive-analytical method through library research. Data were collected from books, scientific journals, research reports, Qur’anic verses, Hadith, and other relevant literature related to circular economy, Islamic economics, and sustainable development. The collected data were analyzed using content analysis techniques to identify the relationship between circular economy principles and Islamic economic teachings. The results show that the circular economy is highly compatible with Islamic economic principles, particularly the values of tauhid, khilafah, maslahah, ‘adl, and tawazun. Islam encourages environmental stewardship, responsible consumption, social justice, and prohibits wastefulness (israf) and excessive consumption (tabdzir), which align closely with circular economy objectives. However, challenges remain, including low public awareness, limited government support, inadequate green technology, and weak policy integration. Despite these obstacles, integrating circular economy principles with Islamic economics can support sustainable development while maintaining environmental balance and ethical values in accordance with Islamic teachings.
Copyright (c) 2025 Arubiyyah Daumaa, Chashida (Author) https://creativecommons.org/licenses/by-nc/4.0
Strategy for Strengthening the Halal Ecosystem through Digitalization of the Sharia Supply Chain
The rapid growth of the global halal industry and advances in digital technology have created major opportunities to strengthen the halal ecosystem through the digitalization of the Sharia supply chain. Despite this potential, the halal industry continues to face several challenges, including lack of transparency, weak traceability systems, fake halal labels, inefficient logistics, and limited stakeholder integration. This research aims to analyze strategies for strengthening the halal ecosystem through digital transformation and to examine the impact of digitalization on halal integrity, operational efficiency, consumer trust, and ecosystem performance. This study employs a mixed-method approach by combining qualitative and quantitative methods. Qualitative data were collected through case studies, in-depth interviews, and document analysis involving halal industry actors, Micro, Small, and Medium Enterprises (MSMEs), halal certification institutions, logistics companies, and Islamic fintech providers. Quantitative data were obtained through questionnaires and analyzed using Structural Equation Modeling–Partial Least Squares (SEM-PLS), regression analysis, and path analysis to evaluate relationships among digitalization, supply chain integration, halal assurance, consumer trust, and operational efficiency. The findings reveal that digitalization significantly improves transparency, traceability, halal assurance systems, and operational efficiency within Sharia supply chains. Technologies such as blockchain, Internet of Things (IoT), artificial intelligence (AI), and digital platforms strengthen halal integrity and increase consumer trust through transparent and verifiable halal information. The study also identifies institutional readiness, regulatory support, digital literacy, stakeholder collaboration, and Sharia governance as critical success factors for sustainable digital halal ecosystems. Therefore, integrating digital technology with Islamic business principles is essential to enhance the competitiveness and sustainability of the global halal industry.
Copyright (c) 2025 Dzulfiqar Hidayat (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Role of Sharia Economics in Supporting the Green Economy in Indonesia
This research aims to analyze the role of Sharia economics in supporting the green economy in Indonesia. The study is motivated by increasing environmental challenges such as climate change, pollution, and natural resource degradation, which require sustainable economic solutions. Sharia economics offers ethical and sustainable principles that align with the objectives of the green economy, including justice, balance, social welfare, and environmental responsibility. This research uses a qualitative descriptive approach with library research and document analysis methods. Data were collected from academic journals, government reports, sustainability reports, Islamic financial institution publications, and relevant literature related to Islamic economics and green economy development in Indonesia. The findings of this study indicate that Sharia economics contributes significantly to the green economy through various Islamic financial instruments such as green sukuk, Islamic banking, zakat, waqf, and sustainable halal industries. Green sukuk has become an important financing instrument for renewable energy projects, sustainable infrastructure, and climate resilience programs. Islamic banking institutions also support environmentally friendly investments and productive economic sectors through Sharia-based financing mechanisms. In addition, Islamic social finance instruments contribute to community empowerment, poverty reduction, and sustainable development initiatives. However, the research also finds several challenges, including limited sustainability literacy, weak institutional coordination, inadequate green financial product diversification, and gaps between theoretical principles and practical implementation. This study concludes that Sharia economics has strong potential to support sustainable and inclusive economic development in Indonesia. Therefore, stronger policy integration, financial innovation, institutional commitment, and public awareness are necessary to optimize the contribution of Islamic economics toward the realization of a sustainable green economy.
Copyright (c) 2025 Ubaydillah Fauzi, Rizwan Ammar (Author) https://creativecommons.org/licenses/by-nc/4.0
An Analysis of Sharia Compliance in Peer-to-Peer Lending Platforms within Islamic Finance
This study examines the level of Sharia compliance in peer-to-peer (P2P) lending platforms operating within the framework of Islamic Finance. The rapid growth of fintech has led to the emergence of Sharia-based P2P lending as an alternative to conventional financial systems; however, concerns remain regarding the authenticity of their compliance with core Islamic principles, including the prohibition of riba, gharar, and maysir. This research aims to critically evaluate whether these platforms adhere to Sharia principles in both form and substance. A mixed-method approach is employed, combining qualitative and quantitative techniques. Data are collected from platform documents, including contracts and standard operating procedures, as well as interviews with key stakeholders such as Sharia advisors, users, and regulators. The study applies content analysis and comparative analysis based on standards issued by AAOIFI and DSN-MUI. The findings reveal that Sharia-based P2P lending platforms generally demonstrate moderate (partial) compliance. While they formally adopt Sharia contracts and institutional structures, significant inconsistencies persist in their implementation. These findings indicate a gap between claimed compliance and actual practice, suggesting that compliance is often procedural rather than substantive. The study contributes to the literature by offering a structured and measurable framework for evaluating Sharia compliance in fintech. It also provides practical and policy implications, emphasizing the need for stronger governance, enhanced regulatory oversight, standardized contracts, and the integration of comprehensive Sharia audit systems. Overall, the research highlights that while Sharia P2P lending holds significant potential, achieving full compliance requires more rigorous implementation and continuous supervision to ensure alignment with Islamic financial principles.
Copyright (c) 2025 Jayyidah Fadwah (Author) https://creativecommons.org/licenses/by-nc/4.0
The Impact of Fintech Adoption on Digital Economic Growth in Indonesia
This research investigates the impact of financial technology (fintech) adoption on digital economic growth in Indonesia, focusing on its role in enhancing financial inclusion, supporting micro, small, and medium enterprises (MSMEs), and accelerating digital transactions. Using a mixed-methods approach that combines quantitative data analysis with qualitative insights, the study examines fintech development over the last decade with particular attention to urban–rural differences. The findings reveal that fintech adoption has significantly contributed to Indonesia’s digital economy by reducing barriers to financial access, lowering transaction costs, and fostering broader participation in digital commerce. While urban areas demonstrate faster adoption due to stronger infrastructure and higher digital literacy, rural areas are also increasingly benefiting from fintech solutions, particularly in credit access and mobile-based payments. However, challenges such as limited data availability, the rapidly evolving nature of fintech innovations, and shifting regulatory frameworks present notable constraints. Overall, the study concludes that fintech adoption is a key driver of Indonesia’s digital economic growth, with long-term potential to enhance national competitiveness, provided that policies and business strategies continue to support an inclusive, sustainable, and secure digital financial ecosystem.
Copyright (c) 2025 Danika Estiana, Kian Khalif Rayhan, Nugraha Althaf (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Application of Blockchain Technology in Digital Payment Systems to Enhance Transaction Security
The rapid growth of digital payment systems, such as e-wallets, online banking, and fintech platforms, has transformed financial transactions by offering convenience and efficiency. However, these systems remain vulnerable to fraud, identity theft, double-spending, and data breaches, raising critical concerns about transaction security. This research analyzes the application of blockchain technology in digital payment systems with a focus on improving transaction security. Employing a qualitative approach supported by a review of existing literature, the study examines blockchain’s effectiveness in preventing fraudulent activities, enhancing transparency, and fostering trust among users. The findings indicate that blockchain’s decentralized and immutable ledger, combined with cryptographic mechanisms, provides strong safeguards against unauthorized access while also reducing costs and processing times. Nonetheless, challenges such as scalability issues, high energy consumption, regulatory uncertainty, and integration complexities hinder its widespread adoption. The study concludes that blockchain represents a promising innovation for securing digital payment systems, though its success requires regulatory adaptation, technological improvement, and cross-sector collaboration. The research offers important implications for businesses seeking secure payment solutions, consumers demanding trust and safety, regulators tasked with designing supportive frameworks, and academics contributing to the evolving discourse on digital finance.
Copyright (c) 2025 Rohani Situmorang (Author) https://creativecommons.org/licenses/by-nc/4.0
The Influence of Sharia Corporate Social Responsibility (Sharia CSR) on Corporate Image in the Halal Industry
This study analyzes the influence of Sharia Corporate Social Responsibility (Sharia CSR) on corporate image within the Halal industry. Unlike conventional CSR, which is often voluntary and reputation-driven, Sharia CSR is rooted in Islamic principles such as adl (justice), maslahah (public benefit), khalifah (stewardship), and social welfare mechanisms including zakat, waqf, and community empowerment. By adopting these values, companies not only fulfill their economic and social responsibilities but also demonstrate compliance with religious obligations, thereby gaining stronger trust and loyalty among Halal consumers. The research employs a qualitative-descriptive methodology supported by existing literature, comparative insights, and case-based analysis to explore how Sharia CSR differentiates Halal industry companies from conventional firms. The findings reveal that Sharia CSR contributes significantly to strengthening brand image, consumer confidence, and long-term competitiveness, while companies that neglect its implementation risk being perceived as profit-oriented and inconsistent with Islamic ethics. Nevertheless, challenges such as the absence of standardized frameworks, limited consumer awareness, and cultural variations across Muslim-majority and non-Muslim markets pose limitations to its effectiveness. This study offers practical implications for companies in leveraging Sharia CSR as a strategic asset, guidance for policymakers to develop standardized reporting systems, and theoretical contributions to the literature on Islamic business ethics and CSR. Overall, Sharia CSR emerges as both a moral obligation and a strategic instrument for ensuring sustainability and enhancing corporate reputation in the Halal industry.
Sharia Corporate Social Responsibility (Sharia CSR)
Copyright (c) 2025 Fathian Attirmidzi (Author) https://creativecommons.org/licenses/by-nc/4.0
The Impact of Sharia Green Financing on Sustainable Development in Indonesia
This research investigates the impact of Sharia green financing on sustainable development in Indonesia, with a particular focus on the role of green sukuk as an innovative financial instrument. The study is motivated by the growing global urgency to address climate change, promote renewable energy, and support green economic transitions, as well as Indonesia’s commitment to achieving the Sustainable Development Goals (SDGs). Employing a qualitative approach supported by descriptive and comparative analysis, this research examines policy documents, existing financial reports, and case studies of Sharia-based green projects to assess their contribution to economic growth, environmental preservation, and social equity. The findings reveal that Sharia green financing has successfully mobilized substantial funds for renewable energy, sustainable infrastructure, and other environmentally friendly initiatives, while simultaneously adhering to the ethical and spiritual principles of maqasid al-shariah. This dual alignment highlights the unique position of Islamic finance in bridging faith-based values with global sustainability objectives. However, challenges remain in the limited availability of long-term data, the difficulty of measuring broader socio-economic impacts, and the gap between regulatory frameworks and practical implementation. This study contributes in three main dimensions. Practically, it provides recommendations for policymakers, Islamic banks, and investors to strengthen Sharia green financing mechanisms. Academically, it enriches the literature on the intersection between Islamic finance and sustainable development. Socially, it illustrates how Sharia-based financing can advance the SDGs while upholding the principles of justice, welfare, and environmental stewardship central to Islamic teachings. Overall, the research demonstrates that Sharia green financing holds significant potential to serve as both a religiously grounded and developmentally effective instrument for Indonesia’s sustainable future.
Copyright (c) 2025 Mujiono Fahrozi, Jakoto Jakoto (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of Cash Waqf Management Strategy to Improve the Economy of the Community
This study analyzes the management strategies of cash waqf as an instrument for enhancing community economic welfare. Cash waqf, as a flexible and productive form of Islamic philanthropy, has the potential to support sustainable development when managed effectively. The research aims to identify key factors contributing to the successful management of cash waqf, including institutional governance, transparency, investment mechanisms, and community engagement. Using a qualitative-descriptive approach supported by literature review and case analysis, the study reveals that strategic planning, digital innovation, and productive allocation of waqf funds play a pivotal role in maximizing economic impact. The results show that institutions that apply transparent and accountable practices, along with effective nazhir (waqf managers), are more successful in channeling waqf funds to income-generating activities, such as microfinance, education, and small business support. The study also highlights the importance of government support and regulatory frameworks to optimize the role of cash waqf in national economic development. This research contributes to the discourse on Islamic social finance by offering policy recommendations and practical strategies to enhance the effectiveness of cash waqf in improving the socio-economic conditions of communities.
Copyright (c) 2025 Syahran Syahran, Salwa Alzahira (Author) https://creativecommons.org/licenses/by-nc/4.0
Halal Business Development Strategy for MSMEs: A Sharia Economic Perspective
The rapid growth of the global halal economy presents significant opportunities for Micro, Small, and Medium Enterprises (MSMEs), especially in Muslim-majority countries like Indonesia. This research aims to analyze strategies for developing halal businesses among MSMEs through the lens of the Sharia economic perspective. Using a qualitative-descriptive method supported by literature review, case analysis, and expert interviews, the study explores both the potential and challenges MSMEs face in adopting halal practices. Key findings indicate that many MSMEs still lack awareness, access to halal certification, and integration of Islamic economic principles in their operations. The research proposes a comprehensive model to guide MSMEs in aligning their business practices with Sharia values covering halal certification, ethical finance, social responsibility, and sustainability based on maqasid al-shariah. This study offers practical implications for policymakers, halal authorities, and Islamic financial institutions in providing support and incentives to strengthen halal MSME development. Academically, the research fills a gap by integrating halal business strategy with the foundations of Islamic economics, contributing to a more holistic understanding of the halal sector’s role in empowering MSMEs and promoting ethical entrepreneurship.
MSMEs (Micro, Small, and Medium Enterprises)
Copyright (c) 2025 Firta Sari Panjaitan, Roma Sinta Simbolon, Juliana Batubara (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of Consumer Decisions in Using Sharia-Based Digital Payment Services (Sharia E-Wallet)
This research explores the factors influencing consumer decisions in adopting Sharia-based digital payment services (Sharia e-wallets), a growing segment within the Islamic financial technology (fintech) sector. Amid the increasing digitization of financial services, understanding how Islamic values intersect with consumer behavior is crucial. Using a mixed-method approach, this study combines quantitative surveys and qualitative interviews with Muslim consumers to identify key drivers and barriers in the adoption of Sharia-compliant e-wallets. The results show that religious commitment, perceived trust, usability, and Sharia legitimacy significantly impact consumer choices. Conversely, limited awareness, lack of differentiation from conventional services, and perceived complexity hinder broader acceptance. The study offers practical implications for fintech developers, marketers, and policymakers in promoting inclusive, ethical, and faith-aligned digital financial solutions. Ultimately, this research contributes to the academic discourse on Islamic consumer behavior in the digital economy and supports the advancement of Sharia-based financial innovations.
Copyright (c) 2025 Chayra Qulaibah, Tazkia Shafia, Akhtar Akhtar (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Influence of Islamic Values on the Consumer Culture of Muslim Students
This study explores the influence of Islamic values on the consumer culture of Muslim students in the context of modern challenges such as globalization, digital marketing, and social media. Muslim students are increasingly exposed to diverse consumerist pressures that may conflict with the ethical and spiritual guidelines of Islam. This research aims to investigate how deeply Islamic principles such as moderation (wasatiyyah), halal-consciousness, anti-extravagance (israf), and social responsibility are internalized and reflected in the consumption behaviors of Muslim students. Utilizing a mixed-methods approach, the study combines quantitative survey data from Muslim university students with qualitative insights from focused group discussions. The findings reveal a moderate but significant correlation between students’ understanding of Islamic ethics and their consumer behavior. While many respondents show awareness of Islamic consumption values, their actual practices are often influenced by modern marketing trends and social media culture. The study highlights the need for value-based education, policymaker involvement, and ethical business practices that align with Islamic principles. This research contributes to the academic discourse on Islamic consumer ethics and offers practical implications for educators, marketers, and Muslim communities in fostering responsible and faith-based consumption.
Copyright (c) 2025 Ahmad Ali, Azzam Azzam, Hamdan Khalfan, Rahmawati Rahmawati (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of Business Ethics in Online Buying and Selling Practices from an Islamic Economic Perspective
The rapid growth of e-commerce has transformed conventional trade practices, offering consumers and businesses increased convenience and access. However, this digital shift has also given rise to ethical concerns, including fraud, misinformation, lack of transparency, and manipulation through fake reviews. This study analyzes online buying and selling behavior through the lens of Islamic business ethics (akhlak al-tijarah), which emphasizes honesty, justice, trustworthiness, and mutual consent. Using a qualitative-descriptive methodology, the research compares current marketplace practices with ethical principles outlined in Islamic teachings. Findings reveal significant gaps between prevailing e-commerce behaviors and Islamic ethical standards, particularly in areas of transparency, truthful advertising, and fair pricing. Nonetheless, the study also identifies ethical practices aligned with Islamic values, such as halal product labeling and consumer-friendly return policies. The research concludes by emphasizing the need for greater integration of Islamic ethics into online commerce to ensure transactions are not only efficient and profitable, but also morally and spiritually accountable, especially in Muslim-majority markets.
Copyright (c) 2025 Aaizulrahman Aaizulrahman, Atheer Qazzafi (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Application of Waqf Accounting in the Management of Productive Waqf Assets
This research aims to analyze the application of waqf accounting in the management of productive waqf assets, with a focus on evaluating the implementation of accounting standards such as PSAK 112 and identifying challenges faced by waqf institutions. Using a qualitative descriptive approach, data were collected through interviews with waqf managers and analysis of institutional financial documents. The findings reveal that while the importance of transparent and accountable financial reporting is widely recognized, the actual application of standardized waqf accounting remains inconsistent across institutions. Key challenges include limited human resource capacity, inadequate technological infrastructure, lack of regulatory enforcement, and resistance to organizational change. However, several institutions demonstrate best practices by adopting digital accounting systems and adhering to PSAK 112, resulting in improved asset utilization and stakeholder trust. The study concludes that proper waqf accounting is essential for optimizing the performance of productive waqf assets and aligning waqf management with Islamic ethical principles of amanah, muhasabah, and ‘adl. Strengthening accounting practices is thus crucial for enhancing the effectiveness, transparency, and sustainability of waqf as a tool for socio-economic development.
Copyright (c) 2025 Ilham Syubbanul Yaum, Mazhar Asady (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Role of Islamic Business Ethics in Improving Employee Performance
This study aims to analyze the role of Islamic business ethics in improving employee performance within organizations that uphold Islamic values in their operations. Islamic business ethics, grounded in principles such as amanah (trustworthiness), ikhlas (sincerity), ‘adl (justice), sidq (truthfulness), and mas’uliyyah (responsibility), are believed to play a significant role in shaping employee behavior and work outcomes. Using a quantitative approach, data were collected through structured questionnaires distributed to employees in Islamic-based institutions. The results indicate a strong positive correlation between the application of Islamic ethical values and key aspects of employee performance, including discipline, motivation, accountability, and collaboration. Regression analysis further confirms that Islamic ethics contribute significantly to performance improvements, with amanah and ikhlas emerging as the most influential variables. These findings suggest that the integration of Islamic ethical principles into human resource policies and organizational culture can enhance motivation, accountability, and overall productivity. The study provides both theoretical and practical implications for Islamic organizations seeking to align ethical conduct with performance excellence.
Copyright (c) 2025 Nayla Indeela, Shanzey Waleeya (Author) https://creativecommons.org/licenses/by-nc/4.0
The Influence of Financial Performance on the Level of Investment Returns in Sharia Mutual Funds
This study aims to analyze the influence of financial performance on the level of investment returns in Sharia mutual funds. As the demand for Sharia-compliant financial products continues to grow, understanding the key factors that affect fund performance becomes increasingly important for investors, fund managers, and academics. The research adopts a quantitative approach using multiple linear regression analysis to examine the relationship between financial performance indicators namely Net Asset Value (NAV), Return on Assets (ROA), Return on Equity (ROE), Expense Ratio, and Fund Size and investment returns. The study analyzes secondary data from selected Sharia mutual funds registered with the Financial Services Authority (OJK) in Indonesia over a five-year period from 2019 to 2023. The results indicate that NAV and ROA have a positive and statistically significant influence on investment returns, while Expense Ratio has a negative and significant impact. ROE and Fund Size, however, do not show a significant effect on returns. These findings suggest that efficient asset utilization, asset growth, and cost management are critical to maximizing investor returns in Sharia mutual funds. The study contributes to the literature on Islamic finance by providing empirical evidence on fund performance determinants and offers practical insights for investors and fund managers seeking to optimize Sharia-compliant investment strategies.
Copyright (c) 2025 Fuaad Khajeer Qazzafi (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Effectiveness of Zakat Collection Institutions in Managing Islamic Social Funds
This study aims to analyze the effectiveness of zakat collection institutions in managing Islamic social funds, focusing on key aspects such as governance, operational efficiency, fund collection and distribution strategies, and overall impact on beneficiaries. Using a qualitative and quantitative mixed-method approach, the research draws on institutional case studies, interviews, surveys, and document analysis from selected zakat organizations. The findings reveal that institutions with strong governance frameworks, digital innovation, and transparent reporting practices demonstrate higher levels of public trust and fund collection performance. Additionally, institutions that implement productive zakat distribution models such as microenterprise support and educational assistance show greater socio-economic impact compared to those focused solely on consumptive aid. However, challenges remain in the form of limited regulatory coordination, uneven institutional capacity, and public skepticism due to inconsistent transparency. This study contributes to the academic literature on Islamic social finance, offers practical recommendations for institutional improvement, and highlights the role of zakat in promoting sustainable socio-economic development aligned with Islamic principles.
Copyright (c) 2025 Thanos Al-Faruq, Ghaisan Ahmad Hafis, Latheef Rizwan (Author) https://creativecommons.org/licenses/by-nc/4.0
Evaluation Study of Islamic Microfinance Program Based on Islamic Social Funds (Zakat, Waqf, and Sadaqah)
This study evaluates the effectiveness and impact of Islamic microfinance programs that are integrated with Islamic social funds, namely zakat, waqf, and sadaqah, in promoting financial inclusion and alleviating poverty. By adopting a mixed-methods approach, the research combines quantitative data from structured surveys with qualitative insights from interviews and focus group discussions involving beneficiaries, microfinance institutions (MFIs), and Islamic social fund agencies. The findings reveal that the integration of Islamic social funds into microfinance initiatives enhances outreach to the ultra-poor, supports ethical and interest-free financing mechanisms, and promotes socioeconomic empowerment, particularly among women and micro-entrepreneurs. Beneficiaries reported increased income levels, improved financial literacy, and strengthened community trust in Shariah-compliant financial models. However, the study also identifies key challenges, including fragmented institutional coordination, governance inefficiencies, and limited technological adoption. The research concludes that while integrated Islamic social finance programs have significant potential, their success depends on effective policy frameworks, transparent governance, and institutional innovation. This study contributes to both academic discourse and practical efforts to advance inclusive, ethical, and sustainable Islamic financial systems.
Copyright (c) 2025 Amran Tabarik, Chairil Alfarezel (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of Halal Marketing Strategy for Food Products in Sharia-Based MSMEs
This research examines the implementation of halal marketing strategies in Sharia-based Micro, Small, and Medium Enterprises (MSMEs) engaged in the food sector. With the growing consumer awareness of halal certification and Islamic values, halal marketing has become a crucial component for businesses aiming to align with religious ethics while remaining competitive in the marketplace. This study employs a qualitative approach through interviews and observations of selected MSMEs to explore how Islamic marketing principles are understood and applied in practice. The findings reveal that while most MSMEs demonstrate a strong commitment to offering halal products, their marketing practices often fall short of fully aligning with Sharia principles, particularly in promotional ethics, transparency, and distribution channels. Factors such as limited knowledge, lack of formal training, and challenges in accessing halal certification contribute to these inconsistencies. Despite these limitations, MSMEs show high potential to strengthen their halal positioning through ethical marketing strategies and digital engagement. This study contributes to the academic literature by highlighting the intersection of Islamic marketing theory and MSME development, offering practical insights for entrepreneurs, policymakers, and Islamic economic institutions. It recommends the need for capacity building, financial support, and policy reform to foster a more inclusive and sustainable halal business ecosystem.
Copyright (c) 2024 Syahril Syahril, Mujianto Nugroho (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of Sharia Compliance in the Presentation of Islamic Bank Financial Reports
This study explores the level of Sharia compliance in the financial reporting practices of Islamic banks, with a focus on the presentation, transparency, and ethical accountability reflected in their annual financial statements. Using a qualitative content analysis approach, the research examines selected Islamic banks across various jurisdictions, evaluating their adherence to Sharia principles based on disclosures related to zakat, prohibited income, Islamic financial contracts, and the roles of Sharia Supervisory Boards (SSBs). The findings indicate a wide disparity in compliance levels, with institutions in countries that enforce Sharia-based accounting standards such as those issued by AAOIFI demonstrating stronger compliance than those in dual or conventional regulatory environments. Common strengths include the recognition of Sharia contracts and the existence of SSBs, while weaknesses are often found in the insufficient reporting of zakat, purification of non-halal income, and lack of ethical and social disclosures. The study identifies key influencing factors such as governance quality, regulatory enforcement, institutional commitment, and the application of standardized accounting frameworks. It concludes that enhancing Sharia compliance in financial reporting is essential for strengthening stakeholder trust, ensuring religious legitimacy, and advancing the credibility of the Islamic finance industry.
Copyright (c) 2024 Rayyan Nashit, Nadia Tasnim (Author) https://creativecommons.org/licenses/by-nc/4.0
The Impact of the Implementation of Sharia Accounting on the Financial Transparency of Zakat Institutions
This study aims to analyze the impact of the implementation of Sharia accounting on the financial transparency of zakat institutions. As zakat plays a crucial role in promoting social welfare and economic justice in Islamic societies, the integrity and accountability of its management are essential. Using a mixed-methods approach, the research involves both quantitative analysis of financial reports from selected zakat institutions and qualitative interviews with institutional managers and auditors. The results reveal that zakat institutions that consistently apply Sharia accounting standards such as PSAK Syariah and AAOIFI guidelines demonstrate significantly higher levels of financial transparency. These institutions produce more structured, timely, and publicly accessible reports, strengthening stakeholder trust, particularly among donors and regulatory authorities. The study also identifies challenges such as limited accounting expertise and uneven adoption of standards across institutions. Based on the findings, the research recommends standardizing Sharia accounting practices, strengthening Sharia supervisory functions, and investing in training and digital financial systems. Ultimately, the implementation of Sharia accounting enhances the credibility, accountability, and effectiveness of zakat institutions in fulfilling their religious and social mandates.
Copyright (c) 2024 Nazira Fadillah, Muji Prasetyo (Author) https://creativecommons.org/licenses/by-nc/4.0
The Influence of the Implementation of the Maqashid Syariah Principles in Family Economic Management
This research explores the influence of the implementation of Maqashid Syariah principles on family economic management within Muslim households. Maqashid Syariah, which encompasses the preservation of religion, life, intellect, lineage, and wealth, provides a comprehensive ethical framework for managing financial activities. Using a qualitative descriptive approach supported by empirical data, the study examines how Islamic values shape economic behaviors such as prioritizing needs over wants, ethical investment, debt avoidance, saving, and charitable giving. The findings indicate a strong positive correlation between the application of these principles and improved financial stability, discipline, and harmony in the household. Additionally, the research identifies challenges including limited financial literacy, structural barriers in accessing Shariah-compliant financial tools, and socio-economic constraints. Based on these insights, the study recommends integrating Islamic financial education into family life and increasing institutional support to encourage the application of Maqashid Syariah in everyday financial decisions. This research contributes to the broader discourse on Islamic economic ethics and offers practical implications for building resilient, value-driven Muslim families.
Copyright (c) 2024 Fauziyah Fauziyah, Aziz Qosiim, Naadhira Naadhira (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Influence of Sharia Economic Literacy on Investment Decisions of Muslim Society
This research aims to analyze the influence of Sharia economic literacy on the investment decisions of the Muslim community. As Islamic financial systems grow in prominence, understanding how literacy in Sharia economic principles shapes individual financial behavior is crucial. The study adopts a quantitative approach using survey data collected from Muslim investors to assess their knowledge of Islamic financial concepts such as the prohibition of riba (interest), gharar (uncertainty), and maysir (gambling), as well as their awareness of Sharia-compliant investment options. The results indicate a positive and significant relationship between higher Sharia economic literacy and the tendency to make Sharia-compliant investment decisions. Respondents with greater knowledge were more likely to choose ethical investment instruments aligned with Islamic law, such as Islamic mutual funds, sukuk, and profit-sharing contracts. Conversely, those with lower levels of literacy often lacked the awareness to distinguish between conventional and Islamic financial products. The study concludes that enhancing Sharia economic literacy is vital for encouraging ethical and informed investment behavior in Muslim societies. It recommends that policymakers, financial educators, and Islamic financial institutions intensify efforts to promote financial literacy through accessible education, outreach programs, and transparent product information. This research contributes to the broader understanding of financial behavior within the context of faith-based economic systems and supports the development of a more inclusive and Sharia-compliant investment environment.
Copyright (c) 2024 Firta Panjaitan, Roma Sinta, Juliana Batubara (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of Investor Preferences for Sharia Investment Products: A Study on Sukuk and Islamic Shares
This research explores investor preferences for Sharia-compliant investment products, specifically focusing on sukuk (Islamic bonds) and Islamic shares. With the rapid global growth of Islamic finance, understanding the motivations, behaviors, and decision-making factors of investors in this sector has become increasingly important. The study aims to identify key determinants influencing investment choices, such as religiosity, risk perception, return expectations, financial literacy, and demographic variables. A mixed-methods approach was employed, combining quantitative survey data with qualitative insights to provide a comprehensive view of investor behavior. The findings reveal that Sharia compliance is a significant factor in investment decisions, often driven by ethical and religious considerations in addition to financial performance. The study also identifies barriers to wider participation, including limited awareness, lack of standardized regulations, and insufficient product diversity. Based on these insights, the research proposes recommendations for policy makers and financial institutions to enhance public education, encourage innovation in Islamic investment products, and strengthen regulatory frameworks. This research contributes to a deeper understanding of Islamic investor behavior and supports the development of a more inclusive and ethical financial system.
Copyright (c) 2024 Fawwas Ghazali, Luqman Mahadi (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of Consumer Loyalty to Muslim Fashion Products Based on Islamic Values
This study explores the influence of Islamic values on consumer loyalty to Muslim fashion products, a sector experiencing significant growth both globally and locally. As Muslim consumers increasingly seek products that align with their religious and ethical beliefs, understanding the role of faith-based values in shaping brand loyalty has become crucial. The research employs a quantitative approach through structured questionnaires distributed to Muslim fashion consumers, focusing on key variables such as religiosity, brand trust, product conformity with Islamic principles, and consumer satisfaction. The findings indicate that Islamic values particularly modesty, honesty, halal assurance, and ethical business practices positively affect consumer loyalty. Consumers are more inclined to remain loyal to brands that reflect and uphold their spiritual and cultural identities. The study contributes to existing literature by filling a gap in faith-based consumer behavior research and offers practical insights for entrepreneurs in the Islamic fashion industry. It also promotes ethical and value-based consumption models aligned with the principles of Islamic teachings. Despite certain limitations in geographic scope and data collection methods, the research provides a solid foundation for future studies on value-driven brand loyalty in religious markets.
Copyright (c) 2024 Aliza Fithriya Tsabita, Chayra Cordelia, Bobby Ibtisam (Author) https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Role of Islamic Philanthropy in Urban Poverty Alleviation
This research examines the role of Islamic philanthropy in alleviating urban poverty, focusing on key instruments such as zakat, waqf, and sadaqah. Urban poverty presents complex challenges, including unemployment, inadequate housing, and limited access to social services, which require multifaceted interventions. Islamic philanthropy, grounded in religious obligations, mobilizes substantial resources that address both immediate needs and long-term empowerment of vulnerable populations. Through qualitative analysis of institutional practices, program outcomes, and stakeholder perspectives, this study identifies strengths in community engagement and resource mobilization, alongside challenges such as limited coordination and impact measurement. The research also offers policy recommendations to enhance transparency, foster collaboration among philanthropic organizations, and promote sustainable poverty alleviation programs. By integrating Islamic philanthropy with broader social welfare frameworks and leveraging digital innovations, its effectiveness in urban poverty reduction can be significantly increased. This study contributes to understanding how faith-based philanthropy can play a transformative role in promoting social equity and economic inclusion in urban settings.
Copyright (c) 2024 Barack Ibrahim, Musthapa Kollin (Author) https://creativecommons.org/licenses/by-nc/4.0
Impact Of Shariah Audits On Financial Stability And Risk Management
This paper explores the role of Shariah audits in enhancing financial stability and mitigating risks within Islamic financial institutions. Shariah audits are essential in ensuring compliance with Islamic financial principles which prohibit activities such as interest, speculation, and investment in unethical sectors. This study analyzes the impact of Shariah audits on the operational and financial health of Islamic banks by examining audit processes, compliance levels and their correlation with financial stability and risk management outcomes. the research uses a mixed-methods approach to draw on existing literatures, financial data and expert interviews to provide a comprehensive understanding of how Shariah audits contribute to a more stable and resilient financial system. The findings highlight the importance of robust Shariah governance in ensuring trust and sustainability in Islamic finance.
SHARIAH AUDIT, FINANCIAL STABILITY RISK MANAGMENT
Copyright (c) 2025 Abdulkabir Olaitan (Author) https://creativecommons.org/licenses/by-nc/4.0