This study explores and synthesises the economic thought of Imam Al-Ghazali through a Systematic Literature Review (SLR) using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) model. A qualitative SLR design was employed, drawing on articles published between 2015 and 2025, collected using the Publish or Perish software. The PRISMA framework guided the data screening and analysis, which is illustrated in a flow diagram. Out of 135 documents initially identified, 30 articles met the eligibility criteria and were included in the review. The results indicate that Al-Ghazali's economic thought is centred on several key themes: justice in economic activities, the intrinsic value of money, ethical consumption and production, and the importance of fair market mechanisms. In addition, Al-Ghazali emphasised the balance between the material and spiritual aspects of economic life and highlighted the state's role in promoting welfare and social justice. These ideas demonstrate enduring relevance for contemporary economic challenges, particularly in encouraging ethical practices and benefit-oriented systems. The findings are expected to provide a conceptual foundation for the development of Islamic economics rooted in moral and spiritual values.
This study examines the relationship between Islamic personality, Sharia financial literacy, and the moderating role of Islamic appraisal on financing eligibility assessment in the Micro and Small Enterprises (MSEs) sector. Research data was collected by distributing questionnaires to Muslim business owners in Makassar City. The research sample consisted of 220 respondents using a purposive sampling method. The data analysis method employed the Structural Equation Model–Partial Least Squares (SEM-PLS) approach using SmartPLS 4.0 as the data analysis tool. The results indicate that Islamic personality and Sharia financial literacy have a positive and significant effect on financing eligibility assessment. Islamic appraisal has a positive but insignificant effect on financing eligibility assessment. Furthermore, Islamic appraisal has a positive and significant moderating effect on the influence of Islamic personality, but not on the influence of Sharia financial literacy, on the assessment of financing eligibility. This research makes a theoretical contribution to the development of the literature by investigating the influence of Islamic personality aspects, Sharia financial literacy, and Islamic appraisal on Islamic financing assessment for Muslim entrepreneurs in the MSEs. The implication is the need for synergy between entrepreneurs and Islamic financial institutions in building trust in partnership relationships.
This study examines the moderating role of Maqashid Sharia in the relationship between economic growth and poverty in selected OIC countries in Asia. It focuses on three dimensions: education (Hifz al-‘Aql), health (Hifz al-Nafs), and distributive justice (Hifz al-Mal). The sample includes Bangladesh, Indonesia, Pakistan, and Uzbekistan over the period 2014–2023. Panel data were analyzed using the Random Effect Model. The findings reveal that economic growth has a negative but statistically insignificant effect on poverty, indicating that growth has not been sufficiently inclusive. Although higher growth is associated with declining poverty, the magnitude of the effect is weak and unevenly distributed among low-income groups. Education, health, and distributive justice significantly reduce poverty directly. However, these variables do not significantly strengthen the impact of growth on poverty reduction. This reflects the limited relevance of education to labor market demands, the predominantly long-term effects of health improvements, and short-term efficiency–equity trade-offs in redistribution policies. The study underscores the need to promote inclusive growth through labor-oriented education reform, strengthened health services, and optimization of zakat and waqf instruments. Limitations include the small country sample, restricted Maqashid dimensions, and limited institutional coverage.
This study aims to examine the effect of the Early Warning System (EWS), solvency, and profitability on the value of Islamic insurance companies listed on the Indonesia Stock Exchange (IDX) during the period 2020–2024. This study employs an associative quantitative method within a positivistic paradigm, using panel data from six companies, totalling 120 observations. The analysis was conducted using the Fixed-Effects Model (FEM) in EViews 12. The results show that liquidity, claim expenses, Risk-Based Capital (RBC), and Return on Assets (ROA) have a significant effect on company value, whereas changes in surplus do not. The simultaneous test (F-test) indicates that all variables collectively affect company value, with an Adjusted R² of 0.517. This study highlights that implementing an effective EWS is a strategic, prudential tool for improving transparency, risk management, and sharia-compliant financial sustainability.
This study aims to analyze the factors that influence Generation Z’s (Gen Z) perception of Indonesian Ulema Council (MUI) Fatwa No. 83 of 2023 regarding the boycott of products affiliated with Israel. Although many Gen Z individuals support the boycott verbally, in reality, many do not implement it through concrete actions. This study employs a field research method with a qualitative descriptive approach. Data collection techniques include interviews and observations. Based on the Theory of Planned Behavior (TPB), this study identifies three main factors that influence Gen Z’s perception: attitudes toward behavior, subjective norms, and perceived behavioral control. A positive attitude toward the boycott, driven by religious beliefs and humanitarian solidarity, is the primary factor in supporting the fatwa. Subjective norms, particularly the influence of social environments such as family, friends, and religious leaders, also shapes the intention to act. However, obstacles such as difficulties in changing consumption habits and doubts about the effectiveness of the fatwa serve as barriers for some Gen Z individuals in joining the boycott. This study provides additional understanding into the behavioral dynamics of Gen Z regarding the boycott fatwa and highlights the importance of a direct approach in increasing support for this fatwa.
This study examines the relationship between government spending variables, Islamic commercial bank financing, and waqf, focusing on the inclusiveness of economic development, using a quantitative approach to explanatory research. A panel data regression analysis model is used to test the hypotheses. The results of the analysis partially explain that government spending and Islamic commercial bank financing have a significant positive effect on the inclusiveness of economic development. Meanwhile, the waqf variable does not affect the inclusiveness of economic development. This study uses Ibn Khaldun’s hikkamiyah theory to explain economic development. By improving the quality of institutions, such as the government and financial sector, and applying fair principles in conducting economic development in Indonesia, inclusive economic development becomes more realistic.
This study aims to identify sentiments related to digital gold as Islamic investment in social media users. The study used Word cloud analysis, Sankey diagrams and sentiment dominance portion assessment through a natural language processing (NLP) approach. The study processed 1433 user responses from Facebook, Instagram, TikTok, X, and YouTube over the past year. The results show that there is scepticism in understanding Islamic investment through digital gold. Instagram, YouTube, and Tiktok are social media that dominate negative sentiment. Sentiment analysis shows that negative sentiment dominates the perception of social media users with a portion of 64.69%. The implications of the study direct the importance of public education to avoid a decline in investment interest. The limitations of the study include the range of opinions in one country using only five social media.
This study aims to describe the extent to which the safety, convenience, and effectiveness of using BSI Mobile affect the level of customer satisfaction with transactions. A total of 100 customers who actively use the service were selected as research samples with purposive sampling techniques. Primary data obtained through the Likert scale questionnaire were analysed using Partial Least Squares (PLS) to test the research hypothesis. The results showed that there was a positive correlation between the three independent variables and the dependent variables. However, further analysis shows that only the security dimension contributes significantly to the increase in customer satisfaction. This finding has important implications for the bank in an effort to improve the quality of BSI Mobile services.
This study examines the determinants of profitability in Islamic banking across five Association of Southeast Asian Nations (ASEAN) countries, including Indonesia, Malaysia, Brunei Darussalam, the Philippines, and Thailand, from 2018 to 2022. Using panel data regression, the study examines both Return on Assets (ROA) and Return on Equity (ROE) as measures of profitability. The population consists of all Islamic banks operating in the ASEAN region. Through purposive sampling, the study selected 127 data observations from banks with complete and consistent financial data. The models were estimated using Fixed Effect Models (FEM) with robust standard errors to correct for heteroskedasticity. The findings reveal that efficiency, Market Concentration (HHI), and inflation consistently have a positive and significant impact on both ROA and ROE. Financing to Deposit Ratio (FDR) positively affects only ROE, while Gross Domestic Product (GDP) unexpectedly shows a negative relationship with ROE. Other variables such as bank size, market share, and the Sharia Supervisory Board (SSB) are statistically insignificant. These results suggest that internal efficiency and market structure are more critical to Islamic bank profitability than macroeconomic scale or governance mechanisms. This study fills the empirical gap in the literature by offering comparative insight into Islamic bank performance across the ASEAN region.
This study assesses public interest in waqf insurance within Indonesia's Islamic life insurance sector, utilizing the Analytic Network Process (ANP) to evaluate awareness, trust, and perceptions. Qualitative data from interviews and document analysis supplement the ANP findings, offering a comprehensive understanding of public views. The study emphasizes the importance of innovative marketing strategies in promoting waqf insurance products, revealing that limited public awareness and understanding highlight the need for educational initiatives and targeted marketing. Trust and credibility also play a significant role in consumer decision-making in this niche market. The study suggests that improving public understanding, enhancing accessibility, and fostering trust through regulatory transparency are crucial for increasing participation in waqf insurance. Future study should focus on educational campaigns, transparent communication to build trust, and raise awareness of waqf insurance benefits.
This study aims to identify factors influencing customer interest in Sharia Home Ownership Credit (KPRS) in Malang City. The study was conducted on 384 customers from 12 Islamic banks in Malang City who have used KPRS for at least one year. The study employs Exploratory Factor Analysis (EFA) to determine the underlying factors shaping customer interest in KPRS. The analysis revealed seven key factors: Service Quality (including officer performance and information delivery), Price (covering affordability and fees), Brand Image (encompassing professional impression and market coverage), Buying Interest (related to usury-free margins), Digital Media (involving information accessibility), Needs (focusing on product suitability), and Usefulness (including price-benefit alignment). The findings suggest that Islamic banks should enhance their digital presence, maintain competitive pricing, and ensure high service quality to improve their Sharia mortgage products. However, this study is limited by its geographical scope being restricted to Malang City, its focus only on existing customers rather than potential ones, and its timing during post-pandemic recovery, which may have influenced customer perspectives.
This study aims to measure the Halal City Index across Indonesian provinces using four key dimensions from the Global Muslim Travel Index (GMTI): Access, Communication, Environment, and Services (ACES). The research uses a qualitative approach through document analysis and expert judgment from Islamic economics lecturers. Secondary data from literature and documentation were analyzed using the Multi-Stage Weighted Index (MSWI) method. Results indicate that West Nusa Tenggara ranks highest in the Halal City Index, followed by Aceh and East Java—supported by strong infrastructure, halal services, and effective tourism promotion. In contrast, regions like Papua Mountains and South Papua score lowest due to limited facilities and infrastructure. These findings highlight the importance of enhancing infrastructure, services, and promotion to strengthen Muslim-friendly tourism development in Indonesia.
This study investigates the factors influencing customer satisfaction in Indonesian Islamic banks, specifically focusing on Bank Syariah Indonesia (BSI). Employing a quantitative method with multiple regression linier and purposive sampling technique, the study gathered data from 100 respondents who are customers of Bank Syariah Indonesia. Data collection was conducted by directly distributing questionnaires to these customers. The results show that service quality has a significant impact on customer satisfaction, indicating that higher service standards lead to increased satisfaction among customers. Additionally, price perception significantly affects customer satisfaction, suggesting that competitive and fair pricing enhances customer contentment. However, the study finds that convenience does not have a significant influence on customer satisfaction. The findings of this study suggest that Islamic banks should prioritize improving service quality and maintaining competitive pricing to boost customer satisfaction. While convenience is important, it may not be the primary driver of satisfaction for customers of Islamic Banking. These insights can help Islamic banks formulate strategies to enhance customer experiences. This study provides valuable insights into the key drivers of customer satisfaction in the context of Indonesian Islamic banking.
This study aims to identify and analyze the key factors influencing purchase intentions among consumers in halal-certified stores located in a non-Muslim country. A quantitative research design was employed, utilizing a structured closed-ended questionnaire distributed to a sample of 384 consumers who had previously shopped into halal-certified stores. The data were analyzed using an analytical hierarchy process (AHP) framework and statistical methods, including descriptive statistics, to identify the key factors of halal-certified store purchase intentions. The results reveal that the finding reveal that product quality (score = 4.41), halal awareness (score = 4.31), and halal certification (score = 4.27) are the top three factors influencing customer purchase intention for halal-certified stores in non-Muslim countries. This study provides valuable insights for retailers and marketers in non-Muslim countries seeking to enhance the appeal of halal-certified stores. Focusing on improving product quality, halal awareness, and halal certification. businesses can better cater to consumers’ needs and preferences. This study contributes to the existing literature by exploring the dynamics of halal consumption in non-Muslim contexts, highlighting the importance of understanding consumer behavior in multicultural environments.
This study analyzes the impact of IT-based banking services on Islamic and Conventional Commercial Banks in Indonesia. It evaluates their influence on the number of bank branches, Automated Teller Machines (ATM), Operating Costs (BOPO), and Net Income (NI). The research uses secondary data from The Financial Services Authority (OJK), Bank Indonesia, and the Indonesian Payment System Association (ASPI) for the 2018-2023 period. The data analysis employs the ECM (Error Correction Model) method. Results show that e-banking services significantly affect the dependent variables. For the branch model, mobile and internet banking impact branch numbers in the long term, but not in the short term. Mobile and internet banking have a long-term effect on ATMs, while the Quick Response Code Indonesian Standard (QRIS) and e-banking services influence ATMs in the short term. In terms of BOPO, mobile banking and QRIS affect it in the long term, while internet banking and QRIS influence it in the short term. Lastly, mobile banking and QRIS have a long-term effect on Net Interest Margin (NIM), but no significant effect in the short term. Overall, the findings demonstrate that mobile banking, internet banking, and QRIS are important factors influencing various banking metrics over different timeframes.
This study aims to analyze research trends on the real sector halal industry. This research uses bibliometric analysis which focuses on performance analysis and knowledge mapping. The database used is Scopus with a total of 632 metadata. The main software used for analysis is VOSviewer and Biblioshiny. The results of the analysis stated that research on the real sector halal industry began in 1994 and experienced the highest publication in 2023 with 105 publications. The best collaboration between countries is the collaboration between Malaysia - Indonesia. The influential author in real sector halal industry research is Mohd Helmi Ali and the country that is the leader of real sector halal industry research is Malaysia. The topic that is the main focus of discussion in the real sector halal industry in the global scope is halal food. Topic that has the potential to be developed in future research is the implementation of blockchain, especially in halal tourism.
This research explores the view of financial well-being from the unique perspective of the Muslim millennial generation, considering the economic transitions and technological advancements shaping their financial behaviors to become more consumptive. Through qualitative interviews, the research delves into the subjective perceptions, behavioral patterns, and socio-economic factors that influence the financial well-being of moslem millennials. Furthermore, this research also identifies the key determinants of their financial well-being, including financial literacy, financial behavior, and financial stress. Our findings contribute to a deeper understanding of the complexities surrounding financial well-being in the millennial cohort, providing valuable insights for policymakers, financial institutions, and individuals aimed at enhancing financial health and resilience among Muslim millennials.
This study aims to determine the influence of macro and microeconomic variables on the profitability of Sharia Commercial Banks in Indonesia. The sample determination in this study used purposive sampling techniques and produced seven samples of Sharia Commercial Banks used in this study. The dependent variables used consist of inflation, interest rates, Gross Domestic Product (GDP), Non-Performing Financing (NPF), Financing to Deposit Ratio (FDR), and Operating Expense to Operating Income (OEOI). The data analysis method used is panel data regression with e-views software version 12. The results of this study show that interest rate, GDP, and OEOI variables partially have a significant effect on the profitability of Sharia Commercial Banks, while inflation, NPF, and FDR variables partially do not have a significant effect on the profitability of Sharia Commercial Banks in Indonesia in 2017-2021. Meanwhile, based on the results of simultaneous tests, it was found that the variables of inflation, interest rates, GDP, NPF, FDR, and OEOI had a significant effect on the profitability of Sharia Commercial Banking 2017-2021.
Islamic banking is a company sector that dominates the global Islamic economic industry. To hold it, Islamic banking has to do a lot. One of which is to grow the value of the company. This research aims to identify factors that have an effect on company value in Islamic banking companies in the world. The company value factors studied are profitability (ROE), leverage (DER), company size, and dividend policy (DPR) as moderating variables. To determine the sample, researchers used purposive sampling by selecting 20 Islamic banks registered with the Islamic Financial Service Board (IFSB). Descriptive statistical analysis and moderated regression analysis are used as analysis methods. The results of this research show that profitability and company size have a significant effect on the value of Islamic banking companies. Leverage does not have a significant effect on the price of Islamic banking agencies. Dividend policy as a moderating variable does now not show significant results so it cannot moderate the connection between profitability, leverage and company size on the value of Islamic banking firms. Simultaneously, the variables profitability, leverage, firm size and dividend policy significantly impact the value of Islamic banking companies.
The digitization of the Islamic economy in Indonesia offers opportunities to strengthen economic growth based on Islamic principles. Through the development of sharia e-commerce platforms, technology-based financial services, and sharia-based fintech innovations, this digitization facilitates easier and faster access to Islamic products and services. This research uses three theoretical approaches: digital economy theory, entrepreneurship theory, and Islamic economic theory, with the aim of understanding the contribution and impact of digipreneurship in strengthening the digitalization of the Islamic economy in Indonesia and analyzing the principles of Islamic economics that can be applied in digital business. The research method used is qualitative with a descriptive content analysis approach and phenomenological design. The results highlight the importance of digipreneurship as an effort to strengthen the digitalization of the Islamic economy in Indonesia and integrate the principles of Islamic entrepreneurship into digital businesses. Digitalization of the Islamic economy through digipreneurship opens opportunities for Muslim participation in the digital market, encourages innovation, and promotes inclusive economic growth. The integration of Islamic values and principles into the digital economy is important in the digital era in Indonesia. Digipreneurship serves as a means to harness the potential of digital technology by upholding Islamic values, so that individuals and businesses can play an important role in advancing the digitalization of the Islamic economy, driving economic growth, and creating a prosperous future.
