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All Journal Journal of Innovation in Business and Economics
Muhammad Khoirul Fuddin
Faculty of Economics and Business, Universitas Muhammadiyah Malang, Malang, Indonesia
Economics, Econometrics & Finance

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Constructing a multidimensional indicator for Islamic finance development Idah Zuhroh; Nazaruddin Malik; Muhammad Khoirul Fuddin; Fitri Rusdianasari
Journal of Innovation in Business and Economics Vol. 9 No. 02 B (2025): Journal of Innovation in Business and Economics
Publisher : Faculty of Economics and Business, University of Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jibe.v9i01.42602

Abstract

This study conducts a systematic literature review to evaluate existing indicators used in measuring Islamic finance development and proposes the Islamic Finance Development Indicator Plus (IFDI+), a multidimensional framework that extends beyond asset-based and compliance-oriented metrics. A total of 51 peer-reviewed articles published between 2019 and 2025 were analyzed following PRISMA standards, complemented by bibliometric mapping using VOSviewer. The review identifies five core dimensions essential for assessing Islamic finance development: 1) quantitative development, 2) governance and regulatory quality, 3) innovation and technology adoption, 4) social impact and economic inclusion, and 5) awareness and financial literacy. The IFDI+ framework integrates these dimensions into a cohesive evaluative model aligned with maqasid al-shariah and contemporary sustainability agendas. This study contributes to improving measurement practices and provides guidance for policymakers in strengthening multidimensional reporting, supporting fintech-enabling regulatory environments, and enhancing ESG and financial inclusion initiatives. Future research should operationalize and empirically validate IFDI+ across diverse jurisdictions.
Co-Authors Fitri Rusdianasari Idah Zuhroh Nazaruddin Malik