Global economic crises have revealed the structural weaknesses of the conventional financial system, prompting growing interest in more sustainable alternatives. Islamic finance has emerged as a credible and reliable financial framework. Grounded in the principles of Sharia law, it prohibits interest (riba) and promotes risk-sharing among parties, making it a distinctive model in mitigating the effects of economic crises. Islamic indices are not merely financial indicators; they also embody ethical and religious values, encompassing only those companies that comply with Sharia principles. The primary objective of an Islamic index is to achieve lawful (halal) profit while managing risk through ethical means. Islamic indices tend to exhibit greater stability and lower volatility, responding differently to financial shocks compared to conventional indices. This abstract aims to analyze the contribution of Sharia-compliant economic activities to the financial stability of the United Kingdom and to assess the key differences between Islamic and conventional finance, highlighting the potential for a more resilient and sustainable financial system. The study adopts a comparative and analytical approach, employing both qualitative and quantitative methods to examine the role of Islamic finance during periods of economic crisis and to compare its performance with that of conventional finance. Initially, a literature review is conducted, analyzing scholarly studies on both Islamic and conventional financial systems. Moreover, the relationship between the UK stock market index (FTSE) and GDP (2007–2024) is examined to determine whether economic growth exerts a positive influence on the performance of the British financial market. Particular attention is also devoted to assessing the impact of the UK’s GDP on the performance of the FTSE Shariah Index, which represents British enterprises operating in accordance with Islamic financial principles.
This study examines the development of small and medium enterprises (SMEs) in the Western Balkans, the challenges they encounter, and their prospects amid regional economic transformation. Using a systematic literature review of research published between 2018 and 2025, we focus on six countries: Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia. Key findings indicate that SMEs form the economic backbone of the region, yet face persistent barriers including limited access to finance, complex taxation, institutional inefficiencies, and skills shortages. Recent insights suggest that streamlined tax systems and increased institutional trust positively influence SME growth. The paper concludes that policy reforms, particularly in regulatory simplification, financial access, digitalization, and governance, are essential to enhance the resilience and competitiveness of SMEs. These measures are critical not only for inclusive development but also for preparing the SME sector for integration into the European Union.
The faculty of Economics, Business and Management is pleased to invite submissions for our upcoming journal issue focused on “Global Inequality and the Inclusive Economy”. Global inequality remains one of the most pressing challenges of the 21st century, manifesting in uneven access to wealth, opportunities, and resources across nations and within societies. While globalization and technological advancement have stimulated economic growth, they have also deepened disparities in income, education, health, and access to markets. The concept of an inclusive economy has therefore emerged as a critical framework for promoting equitable development. Inequality operates both across and within nations. High-income countries maintain disproportionate access to capital, technology, and global markets, while many low-income countries remain trapped in cycles of debt and underdevelopment. Within societies, divides in income, wealth, and employment opportunities are reinforced by structural barriers such as gender discrimination, unequal education, and weak labor protections. An inclusive economy emphasizes fairness, accessibility, and sustainability. It prioritizes not only efficiency but also equity and environmental responsibility. At its core is the belief that all individuals should be able to participate in, and benefit from, economic activity. This involves reducing barriers to employment, expanding education and healthcare, and designing financial systems that address the needs of vulnerable groups.
Managing a country’s economy while trying to join the European Union is complicated. It’s not easy even for countries that are already members, but it’s even harder for those, like the Western Balkan countries, who want to join. Imagine having to make many people with different styles dance togethe: it’s a bit like trying to make the economies of very different countries work under the same EU rules. This process fundamentally, is about harmonizing diverse economic landscapes under the overarching framework of EU regulations, a task that demands meticulous coordination of fiscal and monetary policies. The core dilemma lies in achieving economic convergence amidst inherent disparities, navigating the constraints of EU fiscal rules, and mitigating the impact of economic shocks within a unified economic sphere. The European Central Bank, while a linchpin in guiding Eurozone monetary policy, grapples with the complexities arising from the varied economic realities of its member states.
Purpose: Changes in society demand new skills, especially those related to the internet as one of the most important means of communication in contemporary society. With the rise of new advancements in technologies and information systems, there is a need to understand the digital skills required to make use of and benefit from them. In this context, educational institutions play an important role in preparing students to acquire digital skills and perform accordingly to achieve desired outcomes. Through this study we aim to explore the factors affecting student digital skills and their disparities. Methodology: Eempirical data from a sample of 268 higher education students were collected and analyzed through means of structural equation modelling. The perceived digital skills assessed four main dimensions, respectively: operational skills, internet navigation skills, creative skills and social skills. Findings: The findings suggest that creative skills, social skills and usage frequency are important predictors of students perceived performance. Moreover, the findings confirm that location mediates the relationship between internet navigation skills and usage frequency. Originality: This study expands the understanding of digital skills and disparities among students and provides practical insights to strengthen their acquisition in higher education institutions in Albania. The findings highlight the need for focused educational interventions to close the digital divide among university students and can guide plans and policies to improve training in digital skills, guaranteeing that all students have equal access to and opportunities in the digital age.
Purpose. This paper explores the interlinkages between the Sustainable Development Goals (SDGs) and small and medium enterprise (SME) development in Albania, assessing how national policies and donor-supported initiatives to the business ecosystem contribute to reducing inequality and fostering inclusive growth. Design/methodology/approach. The study adopts a participatory multiple-case design within a mixed-methods framework. It triangulates national and regional policy documents, official SME performance indicators, and longitudinal field evidence collected through more than ten visits, interviews, and direct observations with each of the thirteen SMEs across a six-month period in three neighbouring municipalities of Albania. Findings. Results show partial alignment between SDG priorities and SME policies. Firms demonstrate tangible improvements in workplace organisation, innovation capacity, and gender participation, though systemic constraints limited finance, technological adoption, and rural inclusion persist. Research limitations/implications. The study is based on extensive field engagement, including more than ten visits, interviews, and direct observations for each of the thirteen SMEs over a six-month period, complemented by national policy and statistical analysis. While these longitudinal observations provide rich qualitative depth and triangulated validity, the research does not aim to establish causal relationships or statistical generalisation beyond the observed sample. Practical implications. Strengthening SME access to finance, digitalisation, and capacity development can advance inclusive economic growth. Social implications. Enterprise upgrading contributes to regional cohesion, household income stability, and women’s participation in the labour market. Originality/value. This paper provides field-verified evidence on how Albania’s SMEs operationalise SDG 8 (Decent Work), SDG 9 (Industry and Innovation), and SDG 10 (Reduced Inequalities), offering insight into sustainable industrialisation in a transition economy.
Purpose: This study examines the impact of accounting regulations on small and medium-sized enterprises (SMEs) across Balkan countries, analyzing how regulatory frameworks affect business performance, compliance costs, and operational efficiency. Methodology: Through a mixed-methods approach incorporating quantitative analysis of 1,603 SMEs across eight Balkan countries and qualitative interviews with 115 business owners and accountants, this research reveals significant variations in regulatory burden and its consequences for SME development. Findings The findings indicate that countries with more streamlined, SME-specific accounting standards demonstrate higher rates of business growth and lower compliance costs. This study contributes to the literature on regulatory economics and provides policy recommendations for enhancing SME competitiveness in the Balkan region.
This paper examines the ethical dimensions of data use in automated decision-making (ADM) systems and their implications for transparency, fairness, privacy, and accountability. As artificial intelligence (AI) and machine-learning technologies become increasingly integrated into governance and organizational decision processes, the boundaries between human and algorithmic agency are being redefined. The study seeks to analyze how ethical principles can be operationalized to ensure that data-driven automation supports, rather than undermines, human-centered governance. Employing a qualitative, comparative, and interpretive methodology, the research synthesizes theoretical insights from authors such as Floridi (2021), Nissenbaum (2020), Vallor (2022), Eubanks (2018), and Crawford (2021) with institutional frameworks including the OECD Principles on AI (2025), UNESCO Recommendation on AI Ethics (2023), and the European Commission’s AI Act (2025). Empirical and policy analysis demonstrates that while global ethical standards converge around transparency, fairness, and accountability, their implementation remains uneven—particularly in transitional economies such as those of the Western Balkans. The findings reveal that the ethical sustainability of ADM depends not only on legal and technical safeguards but also on institutional culture, moral responsibility, and cross-sectoral collaboration. Embedding ethics in automated decision systems enhances public trust, regulatory compliance, and long-term economic stability. The paper concludes that ethical governance should be treated as a structural component of digital transformation, ensuring that innovation and responsibility evolve in tandem.
This thesis examines the intricate relationship between cognitive biases, risk perception, and market dynamics within the context of investor decision-making. It challenges the traditional notion of rational financial behavior by integrating insights from behavioral finance, highlighting how psychological and emotional factors systematically influence individual and institutional investment choices. Through an analysis of key cognitive biases - including overconfidence, anchoring, and herding—and their impact on risk perception, the study reveals how these biases contribute to suboptimal decisions, market inefficiencies, and systemic risks. The divergence between perceived and objective risk, often driven by emotional responses such as fear and greed, is shown to significantly affect investment behavior and heighten market volatility. A mixed-methods approach is used, combining empirical case studies (e.g., the 2008 financial crisis, COVID-19 shock) with statistical analysis to assess sentiment, volatility, and price dynamics. The findings align strongly with behavioral finance theories, suggesting that sentiment has only a weak and inconsistent influence on objective market indicators, reinforcing the need for deeper psychological modeling. The study also explores the integration of behavioral finance into financial models, regulatory frameworks, and technological tools such as AI and robo-advisors. Ultimately, it argues that incorporating behavioral insights into policy and practice is essential for enhancing market efficiency, improving investordecision-making, and creating a more stable financial ecosystem.
In recent decades, the concept of sustainability has emerged as a critical paradigm in global discourse, intersecting with environmental, economic, and social development goals. Rooted in the Brundtland Commission’s 1987 definition of sustainable development. “Development that meets the needs of the present without compromising the ability of future generations to meet their own needs”, the idea of sustainability has increasingly been integrated into the realm of business operations and corporate strategy (WCED, 19871). This integration has given rise to the notion of “green business practices,” referring to organizational policies and activities aimed at minimizing environmental impact, enhancing energy and resource efficiency, and promoting long-term ecological balance. While sustainability efforts in advanced economies have been well-documented and, in some cases, institutionalized, the role and evolution of green practices in business within developing countries have received comparatively less scholarly attention, despite their profound relevance to global sustainability efforts.
This study investigates the role of tourism as a driver of economic growth and a strategic facilitator of European Union (EU) accession, focusing on the Albanian context. As Albania advances on its path toward EU integration, tourism has become a dynamic sector with the potential to promote sustainable development, support international cooperation, and harmonize national practices with European standards. The research follows a qualitative methodology, drawing exclusively on in-depth, semistructured interviews conducted with ten tourism sector stakeholders. A purposive sampling method was used to capture diverse viewpoints and relevant expertise. Data were examined through thematic analysis, employing Braun and Clarke’s six-phase framework. Key themes include tourism’s impact on economic growth, employment generation, infrastructure expansion, cultural heritage preservation, environmental responsibility, foreign investment attraction, regional development, and modernization of public services. Notably, the results underscore tourism’s role in improving Albania’s international image and supporting its compliance with EU governance, environmental, and socio-economic benchmarks. Stakeholders consistently recognized tourism’s integrative role not only as an economic asset but also as a form of soft power that enhances international relations and institutional legitimacy. The study concludes that tourism should be embedded strategically within Albania’s development and EU accession strategies. Policy suggestions include crafting a national tourism-EU integration plan, investing in sustainable infrastructure, launching capacity-building initiatives, and increasing access to EU financial instruments. These findings offer valuable insights for policymakers, practitioners, and researchers, highlighting tourism’s multifaceted role in advancing national development, economic reform, and alignment with European integration standards through stakeholder perspectives.
This study evaluates the outcomes of Albania’s 2015 Administrative and Territorial Reform (ATR), which aimed to improve public service delivery, enhance local autonomy, and align local governance with European standards. The reform reduced the number of local government units from 373 to 61 municipalities, expanding their responsibilities and territorial coverage. However, nearly a decade later, concerns persist regarding the effectiveness and equity of service provision. Using a structured questionnaire distributed to 248 citizens across five counties— Tirana, Shkodra, Vlora, Elbasan, and Gjirokastra—the study assesses perceptions of municipal service delivery in infrastructure, social services, education and culture, economic development, and security. Results indicate widespread dissatisfaction: 89% of respondents preferred the quality of services before the reform. Key issues include poor infrastructure maintenance, limited access to public transport, inadequate social services, and weak municipal support for local economic activity. In rural areas, 15% of citizens report receiving no infrastructure services at all.The study also highlights persistent gaps in fiscal decentralization, with municipal budgets remaining stagnant at around 1% of GDP, constraining local capacity to implement new functions effectively. Citizens also exhibit low awareness of administrative roles, reflecting a disconnection between local institutions and communities. These findings suggest that the ATR has fallen short of its intended goals, weakening institutional proximity and reducing accountability. The study calls for a reassessment of Albania’s decentralization strategy and territorial organization to better reflect citizen needs and institutional capabilities.
Purpose: The aim of this article is to analyze the impact of economic growth on employment in the agricultural sector. However, it raises a critical question: Is it legitimate to assume that economic growth in agriculture will lead to a corresponding increase in employment in this sector? Historically, the agricultural sector in Albania—despite being regarded as one of the country’s key competitive advantages relative to other countries in the region—continues to face persistent challenges. Consequently, development strategies for this sector have focused primarily on enhancing productivity, with the expectation that such improvements will generate positive effects on employment within agriculture. Methodology: To explore this relationship, the study utilizes annual time series data on GDP and employment in agriculture covering the period from 2000 to 2024. These data are analyzed using regression techniques implemented in the e-views software, through which a “translation” coefficient is estimated. This coefficient serves as a key indicator of the relationship between sectoral economic growth and employment dynamics in agriculture. Findings: Building on the estimated model, a forecast is conducted for the period 2025–2030. Referring to Okun’s Law, the results suggest that economic growth in the agricultural sector may, counterintuitively, be accompanied by a decline in employment within the same sector. Value: These findings offer important insights for policymakers, helping them to better anticipate and address structural issues that may emerge as productivity increases in the agricultural sector.
Purpose: The goal is to find out if in Albania took place an “Industrial Revolution” who led the country economic growth or if economic growth was a consequence of other components. Since 1998, Albania has experienced a significant economic growth. The GDP grew annually until 2024 almost without stops and recessions. Developed countries are recognized by a first economic analysis through what they produce. The base is a mechanized agriculture, and the biggest part of the workforce is employed in the service sector. The most important feature of a developed country is still a modern industrial sector. Industrial sectors symbolize the engine of economic growth and is a guarantee of economic stability in the medium and long term. Methodology: The intention is to analyze whether the Albanian economic growth of the last twenty-seven years, was constant, continuous and healthy. We would like to see the performance of industrial activity in the country through regression analysis, and we will connect the course of Manufacturing, Mining and Construction to GDP product. Findings: We will notice which of the sub-sectors of the industry and who was the most active and who has had the most difficult problems. It will highlight the weight of the industrial sector on the Albanian national economy and the limits. Value: Finally, we will suggest a series of measures and strategies that tend to enhance the degree of organization and integration among the various sectors of industrial activity.
Setiap perusahaan memiliki kebutuhan untuk memiliki sistem yang dapat mendukung proses bisnisnya, seperti Kantor Jasa Penilai Publik (KJPP) yang berperan penting dalam menentukan nilai ekonomis sebuah properti. Proses penilaian yang dilakukan oleh Perusahaan KJPP selama ini dilakukan dengan manual di nilai kurang efisien. Pembuatan aplikasi sistem pengendalian mutu berbasis website bertujuan untuk mempermudah dalam proses penilaian serta memenuhi kewajiban standar peraturan yang berlaku. Prototype ini bertujuan untuk merancang dan mengimplentasikan Aplikasi Sistem Pengendalian Mutu pada perusahaan KJPP agar proses penilaian menjadi lebih efektif. Prototype ini menghasilkan Aplikasi Sistem Pengendalian Mutu pada KJPP menggunakan Sistem Enterprise Resource Planning (ERP) berbasis website dengan metode Double Diamond. Dalam double diamond, terdapat empat tahapan utama, yaitu: Discover (menemukan), Define (mendefinisikan), Develop (mengembangkan), Deliver (mengantarkan solusi yang optimal). Hasil dari prototype ini sampai dengan tahap evaluasi menunjukkan bahwa aplikasi sistem pengendalian mutu ini sangat efektif untuk meningkatkan operasional KJPP dibuktikan dengan hasil evaluasi responden menggunakan skala likert 4 point dengan nilai kepuasan 3,8 dari 4 (94%).
Maraknya usaha laundry saat ini menuntut pengusaha laundry untuk selalu mencari strategi dalam bertahan. Tidak hanya faktor dari jumlahnya pesaing, tapi masalah internal pun seperti masalah operasional menyebabkan banyaknya laundry yang bertahan hanya satu tahun. Dalam upaya untuk meningkatkan efisiensi, akurasi dan kualitas layanan laundry, banyak bisnis laundry mulai mengadopsi teknologi Point of Sales (POS) sebagai solusi untuk mengatasi masalah operasional. Penelitian ini untuk menganalisis perbedaan pendapatan sebelum dan sesudah penerapan sistem Point of Sales (POS) di laundry tersebut. Metode pengambilan sampel menggunakan teknik purpose sampling dengan kriteria tertentu, di mana laundry yang memenuhi kriteria adalah Akucuci Laundry. Pengumpulan data dilakukan melalui data primer dan sekunder, sedangkan analisis data menggunakan uji normalitas dan uji paired sample t-test. Hasil penelitian menunjukkan adanya peningkatan signifikan pendapatan setelah penerapan POS di Akucuci Laundry. Implikasi praktisnya, penerapan teknologi seperti POS dapat meningkatkan efisiensi operasional dan profitabilitas usaha laundry. Kesimpulannya, penggunaan POS memiliki dampak positif pada pendapatan Akucuci Laundry, yang memberikan dorongan bagi pengusaha laundry untuk mempertimbangkan integrasi teknologi dalam operasional mereka.
Peningkatan kesadaran konsumen terhadap isu lingkungan mendorong perusahaan untuk menerapkan pemasaran digital yang berorientasi pada keberlanjutan. Permasalahan dalam penelitian ini adalah bagaimana perusahaan memanfaatkan strategi digital untuk membangun merek yang ramah lingkungan. Tujuan kajian ini adalah mengeksplorasi pemilihan saluran digital, pembuatan konten yang mendukung nilai keberlanjutan, serta pengukuran dampak kampanye terhadap citra merek. Manfaat dari penelitian ini adalah memberikan wawasan bagi perusahaan dalam mengembangkan strategi pemasaran yang tidak hanya efektif secara bisnis, tetapi juga bertanggung jawab secara lingkungan. Hasil kajian menunjukkan bahwa pemasaran digital berkelanjutan, jika dijalankan secara autentik dan terukur, mampu meningkatkan keterlibatan konsumen dan memperkuat posisi merek di pasar yang semakin peduli terhadap keberlanjutan.
Penelitian ini bertujuan untuk mengevaluasi sejauh mana ekspor minyak kelapa sawit berkontribusi terhadap pertumbuhan ekonomi nasional dalam periode 2014-2023 serta mengidentifikasi faktor-faktor yang mempengaruhi hubungan tersebut. Dalam analisisnya, penulis menggunakan metode regresi sederhana untuk menguji hubungan antara ekspor minyak kelapa sawit dan pertumbuhan ekonomi. Pengujian mencakup analisis pengaruh baik secara parsial maupun simultan. Seluruh proses pengolahan data dilakukan menggunakan perangkat lunak SPSS versi 25, yang membantu memastikan keakuratan serta validitas hasil penelitian. diketahui bahwa variabel ekspor minyak kelapa sawit terhadap pertumbuhan ekonomi memiliki nilai Fhitung 5,485 Ftabel 0,188, dan nilai signifikan 0,047 0,05, maka dapat ditarik kesimpulan bahwa terdapat pengaruh secara simutan antara variabel ekspor minyak kelapa sawit terhadap pertumbuhan ekonomi. Pada hasil uji t didapat bahwa nilai t hitung (2,342) t tabel (1,85955) dengan sig 0,034 0,05. Maka Ho ditolak atau H1 diterima. Ekspor minyak kelapa sawit memiliki pengaruh positif dan signifikan. ketika ekspor minyak kelapa sawit meningkat maka pertumbuhan ekonomi juga akan mengalami peningkatan.
Penelitian ini merupakan jenis penelitian kuantitatif, yaitu penelitian yang menggunakan data berupa angka yang dianalisis dengan analisis statistik. Penelitian ini bertujuan untuk mengetahui pengaruh Gratis Ongkos Kirim, Live Streaming, dan Affiliate terhadap Keputusan Pembelian di e-commerce Shopee di Kabupaten Bogor. Variabel Gratis Ongkos Kirim, Live Streaming, dan Affiliate terhadap Keputusan Pembelian menghasilkan nilai F hitung sebesar 21,724 dengan nilai F tabel sebesar 2,14. Oleh karena itu, 21,724 ≥ 2,14 dan nilai signifikansi 0,000 ≤ 0,1. Koefisien determinasi menunjukkan sejauh mana peran atau kontribusi variabel independen, yaitu Gratis Ongkos Kirim, Live Streaming, dan Affiliate, dalam menjelaskan variabel dependen, yaitu Keputusan Pembelian, sebesar 38,6%. Sisa 61,4% dijelaskan oleh variabel lain yang tidak diteliti dalam penelitian ini.
Penelitian ini bertujuan untuk mengetahui, menganalisis, dan menjelaskan inovasi layanan, modal usaha, dan kinerja UMKM serta pengaruh keduanya terhadap kinerja usaha. Dengan menggunakan rumus Taro Yamane pada tingkat keyakinan 5%, diperoleh sampel sebanyak 114 UMKM dari 159 UMKM. Penelitian kuantitatif ini menggunakan metode analisis regresi berganda dengan bantuan aplikasi Excel dan SPSS23 untuk analisis deskriptif dan verifikatif. Hasil penelitian menunjukkan adanya pengaruh parsial dan simultan antara inovasi layanan (X1), modal usaha (X2), dan kinerja usaha (Y). Inovasi layanan memiliki nilai rata-rata 339 (cukup setuju), menunjukkan bahwa UMKM di Desa Sukaharja sebagian sudah cukup memahami pentingnya inovasi dalam meningkatkan kualitas layanan. Modal usaha memiliki nilai rata-rata 320 (cukup setuju), mengindikasikan pemahaman pentingnya cukup modal untuk menjalankan usaha. Kinerja usaha juga berada pada kriteria (cukup setuju) dengan nilai rata-rata 325, menunjukkan bahwa UMKM di desa ini sebagian sudah cukup mencapai kesuksesan dengan varian yang berbeda. Secara umum, mereka menunjukkan peningkatan kinerja yang signifikan, meskipun masih ada potensi perbaikan.
